BUENOS AIRES, Argentina – Vicuna Corp, a mining company controlled by Australia's BHP and Canada's Lundin Mining, has informed Reuters that its two copper projects in Argentina are expected to commence production in 2030. Argentina has not produced copper since 2018, but it currently boasts a significant pipeline of projects that could elevate it to the ranks of the world's top 10 producers, drawing considerable attention from the international mining industry.

The Revival of Argentina's Copper Industry

Argentina was once a copper producer but ceased production after 2018. However, recent increases in global copper demand and the growing importance of resource security have brought Argentina's rich copper deposits back into the spotlight. Vicuna Corp's Josemaria and Filo del Sol mines are reported to hold measured copper reserves of 13 million metric tons and inferred copper reserves of 25 million metric tons. This suggests that Argentina could play a significant role in the global copper market in the future.

Jose Morea, Vicuna Corp's Argentina representative, stated in an interview at ArMinera, a major mining event in Buenos Aires, that "the construction period for these types of projects will be approximately three years for each deposit, perhaps a little more." He added that construction initiation would have to await approval after the submission of technical reports. Morea reconfirmed the estimated production timeline, stating, "It would not be reasonable to think that we can accelerate it before 2030, even if the technical reports are submitted and approved sometime after that."

Technical Report Submission by H1 2026, Accelerating Investment Attraction

Vicuna Corp plans to submit technical reports to its board of directors in the first half of 2026. The board will then determine the precise start date of production and the effective life of the projects. Additionally, Vicuna Corp intends to apply for participation in the Regime for Large Investment (RIGI), a scheme being promoted by the Javier Milei government to attract investment. This scheme aims to attract foreign capital by offering various incentives, such as tax benefits and legal stability guarantees, for large-scale investments in specific sectors including energy, mining, and technology. Vicuna Corp's strategy is to secure the necessary financial support and stability for its projects through this regime.

Morea stated that the company plans to invest $400 million in Argentina this year, with the total estimated investment for the projects reaching $5 billion.

Josemaria and Filo del Sol: The Future of Argentine Mining

The Josemaria mine is an advanced copper deposit currently in the pre-construction phase, while the Filo del Sol mine, a gold, copper, and silver deposit located 11 km from Josemaria and adjacent to the Chilean border, is currently in the exploration phase.

Josemaria Mine: Located in the San Juan Province of Argentina, this is one of the major copper projects expected to see accelerated development from the mid-2020s. It is a polymetallic mine containing significant amounts of gold and silver in addition to rich copper reserves. Filo del Sol Mine: Also located in San Juan Province, its geographical proximity to the Josemaria mine suggests potential synergies. Despite being in the early exploration stage, it shows significant potential for gold, copper, and silver deposits, making it highly prospective. Argentina boasts world-class copper reserves, with many promising deposits concentrated in the Andes mountain range. Development has historically been slow due to a lack of infrastructure and political instability. However, recent pro-market policies and investment attraction efforts by the Milei government have renewed interest in the mining sector. These projects by BHP and Lundin Mining are expected to form the cornerstone for Argentina to reclaim its status as a copper producer and play a significant role in the global mineral market.

[Copyright (c) Global Economic Times. All Rights Reserved.]