BUENOS AIRES: High in the Andes Mountains, more than 4,200 m above sea level on the Argentina-Chile border, mining company Vicuna Corp aims to double its investment this year in one of the world’s biggest copper bets, a company executive says.
Vicuna Corp, formed by Australia’s BHP and Canada’s Lundin Mining, could invest about US$800mil this year in the Filo del Sol and Josemaría mines, according to communications director Caterina Dzugala.
The two projects could turn out to be among the most consequential copper developments globally.
“In 2025, almost US$400mil was invested and we aspire to double that figure this year,” Dzugala said during a visit to the Batidero camp, the project’s operational base in San Juan province.
The projects form the Vicuna District, one of the world’s largest undeveloped copper, gold and silver deposits, according to the company.
Vicuna estimates total investment at US$5bil, though local officials and industry sources put the figure as high as US$15bil.
The company declined to confirm a final total ahead of an integrated technical report due later in the first quarter.
Argentina has not produced copper since the Alumbrera mine closed in 2018.
It is seeking to re-enter the global market as governments and automakers warn of looming shortages of the metal critical to electrification.
On a February afternoon, midsummer sun settles over the Vicuna projects, where thin air and sudden weather shifts are part of daily operations. At that altitude, oxygen levels drop sharply.
Visitors are required to undergo medical screenings before travelling to the site.
Geologists sort freshly extracted samples as crews advance along rough mountain roads toward the self-contained Batidero camp, built to house more than 1,000 workers on a stark landscape of foxes and roaming vicunas.
The project is expected to begin production in 2030, with both mines processing concentrate at a central plant in Josemaría, which has an estimated lifespan of 25 years.
Argentina’s flagship copper development is advancing as President Javier Milei seeks to attract foreign capital through sweeping incentives for the mining sector. — Reuters
