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Copper Project Led by BHP and Lundin Mining in San Juan Bets on Billion-Dollar Investment, Argentinian Infrastructure and Production Potential to Compete for a Position Among the Largest Global Mines
Vicuña Argentina SA submitted its application to the Argentinian Large Investment Incentive Regime, known as RIGI, to enable a copper project in the province of San Juan, near Chile, which expects at least US$ 2 billion between 2026 and 2028, with potential to become the largest foreign investment in Argentinian history.
Application for RIGI and Financial Commitment
The proposal was submitted in the category of Long-Term Strategic Export Projects and involves the Australian miner BHP and the Canadian Lundin Mining, which committed to disburse at least US$ 2 billion for production infrastructure.
The request to RIGI aims to support a phased and multi-year investment, expected to contribute to economic development, job creation, and strengthening the mining value chain, especially in the province of San Juan, according to the company.
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Location and Binational Structure of the Project
The Vicuña project encompasses the copper deposits Josemaría and Filo del Sol, located in the Andes Mountains, in the province of San Juan, a few kilometers from the border with Chile, in a consolidated mining region.
Although the so-called Vicuña District is binational, with mines on both sides of the border, the new developing deposits will use Argentinian infrastructure to access ports and carry out mineral production exports.
Scale of Investment and Executive Statements
In August, the senior director of the company in Argentina and Chile, José Luis Morea, stated that this is the largest foreign investment in the country’s history, estimating a value around US$ 15 billion, without official confirmation.
Ron Hochstein, CEO of Vicuña, declared that the application for RIGI reflects the scale of investment needed and the company’s confidence in Argentina as a long-term partner, highlighting the importance of regulatory stability.
Global Demand for Copper and Regional Opportunity
The president of BHP for the Americas, Brandon Craig, stated that the world needs to develop an additional 10 million tons of copper in the next 10 years, assessing that Argentina seeks to secure a significant share of this global opportunity of US$ 250 billion.
According to Craig, Vicuña and Lundin Mining consider the project one of the best copper resource discoveries in the last 30 years, with quality that creates a significant long-term investment opportunity.
Incentives and Guarantees of the Investment Regime
RIGI offers incentives to accelerate large-scale investments, including long-term fiscal stability, reduced income and withholding tax rates, exemption from import duties, and an enhanced VAT regime.
The model also provides regulatory stability for 40 years from the start of operations and access to international arbitration in case of disputes, composing a competitive framework for large-scale export projects.
Technical Studies, Legal Framework, and Projections
Vicuña is advancing in engineering and technical studies, aiming to publish an integrated technical report in the first quarter of 2026, consolidating operational and economic data of the undertaking.
The consortium is confident that the National Congress will amend the Glacier Law, allowing provinces, such as San Juan, to protect aquatic areas and attract investments with appropriate environmental protection, a topic still under discussion.
The total investment amount has not been confirmed by executives, but there is a possibility circulating among national and provincial authorities of up to US$ 17 billion, debated in sector conferences, while the mine has the potential to rank among the top 10 of copper, gold, and silver in the world, according to recent evaluations.
With information from the newspaper Clarin.
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