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BHP-Lundin joint venture will invest over US$400 million in Argentina's copper mining project.
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Release time：2025-09-19
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The joint venture is currently conducting preliminary construction activities at the Josemaria deposit.
According to reports, Vicuña, the joint venture between BHP and Lundin Mining, will invest more than US$400 million (CAD 551.16 million) in Argentina as it prepares to secure approval for a multi-billion-dollar mining project. Bloomberg reports that the initiative is expected to position the region as a major hub for copper production.
Jose Luis Morea, Senior Country Manager for Argentina and Chile at Vicuña, stated that the joint venture is currently conducting preliminary construction activities at the Josemaria deposit in a remote area of San Juan Province. Vicuña plans to submit a comprehensive report to its board by the end of March next year, detailing the project's progress and outlining the processing methods that will be employed. Additionally, the joint venture is preparing to apply for tax, tariff, and currency exchange benefits offered under the country’s Investment Incentive Program, known in Spanish as Rigi. According to reports, thanks to its robust budget, Vicuña has become one of the largest overseas investors in the country this year. Meanwhile, the company continues to assess the total development costs of the project, which also includes the Filo del Sol deposit. Argentina had previously been viewed with skepticism due to government intervention, but thanks to President Javier Milei’s efforts to safeguard investments from foreign companies, the country is gradually regaining the confidence of international businesses. "Rigi is absolutely critical," said Morea. "It creates a level playing field, making this project far more competitive in terms of taxation compared to other jurisdictions across Latin America—and even globally." The Rigi program, set to take effect in October, requires a minimum investment of $2 billion and will remain valid until July 2026, with the possibility of a one-year extension. While Morea did not provide specific estimates for capital expenditures or production levels, he noted that once the project becomes operational in the 2030s, it is expected to rank among the world’s leading copper, gold, and silver mines. He added: "We now have an integrated project that combines two deposits and a processing facility, creating synergies that will unlock even greater value. All options are on the table, and we’re actively optimizing every available pathway."
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