A senior executive of BHP Group Ltd revealed that Vicuña Corp., a subsidiary, plans to double the investment in its globally significant copper mining project located at an altitude of over 4,200 meters in the Andes on the border between Argentina and Chile this year.
According to Zhitong Finance, a senior executive of BHP Group Ltd (BHP.US) revealed that Vicuña Corp., a subsidiary, plans to double the investment in its globally significant copper mine project located over 4,200 meters above sea level in the Andes on the border between Argentina and Chile this year.
Caterina Dzugala, Communications Director of Vicuña, disclosed that the company, jointly established by Australia's BHP Group Ltd and Canada's Lundin Mining, may invest approximately US$800 million in the Filo del Sol and Josemaría mines this year. These two projects are expected to rank among the most influential copper mining developments globally.
Dzugala stated during a visit to the Batidero camp, the operational base of the project in San Juan Province: 'Our investment was close to US$400 million in 2025, and we plan to double that figure this year.'
According to the company, Filo del Sol and Josemaría together form the Vicuña mining area, which is one of the largest undeveloped copper, gold, and silver polymetallic deposits globally. Vicuña estimates the overall investment in the mining area at approximately US$5 billion, while local officials and industry insiders in Argentina believe the total investment could reach as high as US$15 billion.
The company has not yet confirmed the final total investment, and the relevant data will be disclosed in an integrated technical report to be released at the end of the first quarter of this year.
Following the closure of the Alumbrera copper mine in 2018, Argentina ceased copper production entirely. Amid global warnings from governments and automakers about an impending shortage of copper—a key material for electrification—Argentina is seizing the opportunity to re-enter the global copper market.
The copper mine project is expected to commence operations in 2030, with ore extracted from the two mines being transported to Josemaría's central processing plant for concentrate production. The estimated operational lifespan of the project is 25 years.
Strategic Investment
Argentine President Javier Milei is attracting foreign investment through a series of major incentives for the mining sector, and Vicuña Copper Mine, Argentina's flagship copper development project, is now entering a critical phase. Vicuña has applied to join Argentina's 'Large-Scale Investment Incentive Regime,' which provides multiple tax and legal benefits for large-scale export-oriented projects.
According to company data, the Vicuña mining area has proven copper reserves of 13 million tons and inferred copper reserves of 25 million tons, along with abundant associated gold and silver mineral resources.
However, constructing roads and erecting power transmission lines in the extremely high-altitude Andes region remains a significant challenge for project advancement. Additionally, there is ongoing debate regarding whether the costs and responsibilities associated with related infrastructure development should be borne by the government or private enterprises.
Juan Arrieta, Geological Manager of Vicuña, believes that the core value of this mining area lies precisely in its yet-to-be-explored resource potential.
"The Filo del Sol area is four times the size of Josemaría," Arrieta stated, adding that this mining site has been hailed by industry experts as "the most substantial mineral discovery in terms of resource reserves globally over the past 30 years."
