BHP's Vicuña could double investment in Argentina copper project to $800 million in 2026, executive says

BATIDERO, Argentina, Feb 9 (Reuters) - High successful the Andes Mountains, much than 4,200 meters supra oversea level connected the Argentina–Chile border, mining institution Vicuña Corp. aims to treble its concern this twelvemonth successful ​one of the world’s biggest copper bets, a institution enforcement said.

Vicuña Corp., formed by Australia’s BHP and ‌Canada’s Lundin Mining, could put astir $800 cardinal this twelvemonth successful the Filo del Sol and Josemaría mines, according to communications manager Caterina Dzugala. The 2 ‌projects could crook retired to beryllium among the astir consequential copper developments globally.

"In 2025, astir $400 cardinal was invested... and we aspire to treble that fig this year," Dzugala said during a sojourn to the Batidero camp, the project’s operational basal successful San Juan province.

The projects signifier the Vicuña District, 1 of the world’s largest undeveloped copper, golden and metallic deposits, according to ⁠the company. Vicuña estimates full concern astatine $5 ‌billion, though section officials and manufacture sources enactment the fig arsenic precocious arsenic $15 billion.

The institution declined to corroborate a last full up of an integrated method study owed aboriginal successful ‍the archetypal quarter.

Argentina has not produced copper since the Alumbrera excavation closed successful 2018. It is seeking to re‑enter the planetary marketplace arsenic governments and automakers pass of looming shortages of the metallic captious to electrification.

On a February afternoon, midsummer prima settles implicit the Vicuña ​projects, wherever bladed aerial and abrupt upwind shifts are portion of regular operations. At that altitude, oxygen levels ‌drop sharply. Visitors are required to acquisition aesculapian screenings earlier traveling to the site.

Geologists benignant freshly extracted samples arsenic crews beforehand on unsmooth upland roads toward the self‑contained Batidero camp, built to location much than 1,000 workers connected a stark scenery of foxes and roaming vicuñas.

The task is expected to statesman accumulation successful 2030, with some mines processing ore astatine a cardinal works successful Josemaría, which has an estimated lifespan of 25 years.

A STRATEGIC BET

Argentina’s flagship copper improvement is advancing ⁠as President Javier Milei seeks to pull overseas superior done sweeping ​incentives for the mining sector. Vicuña has applied to articulation the government’s ​Large Investment Incentive Regime (RIGI), which offers taxation and ineligible benefits to large export projects.

Together, the deposits incorporate 13 cardinal metric tons of measured copper and 25 cardinal inferred, on with important golden and ‍silver resources, according to the ⁠company.