BATIDERO, Argentina, Feb 9 (Reuters) - High in the Andes Mountains, more than 4,200 meters above sea level on the Argentina–Chile border, mining company Vicuña Corp. aims to double its investment this year in one of the world’s biggest copper bets, a company executive said.
Vicuña Corp., formed by Australia’s BHP and Canada’s Lundin Mining, could invest about $800 million 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 $400 million 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 Vicuña District, one of the world’s largest undeveloped copper, gold and silver deposits, according to the company. Vicuña estimates total investment at $5 billion, though local officials and industry sources put the figure as high as $15 billion.
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 Vicuña 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 traveling 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 vicuñas.
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.
A STRATEGIC BET
Argentina’s flagship copper development is advancing as President Javier Milei seeks to attract foreign capital through sweeping incentives for the mining sector. Vicuña has applied to join the government’s Large Investment Incentive Regime (RIGI), which offers tax and legal benefits to major export projects.
Together, the deposits contain 13 million metric tons of measured copper and 25 million inferred, along with substantial gold and silver resources, according to the company.
Still, building roads and power lines in the high Andes remains a challenge, with debate over whether the burden should fall on the state or private companies.
For Juan Arrieta, Vicuña’s geology manager, the district’s value lies in what remains to be proven.
“The Filo del Sol area is four times larger than that of Josemaría,” Arrieta said, adding that the district “has been described as the greatest discovery of the last 30 years worldwide in terms of resources."
(Reporting by Lucila Sigal; editing by Cassandra Garrison and David Gregorio)
