The national government announced the entry into the Large Investment Incentive Regime (RIGI) of what could become the largest foreign direct mining investment in Argentine history. This is the Vicuña project, promoted by the companies BHP and Lundin Mining. These companies formally requested their incorporation into the regime to exploit the copper, gold, and silver deposits Josemaría and Filo del Sol in the province of San Juan.
The announcement was made by the Minister of Economy, Luis Caputo, who highlighted the magnitude of the capital inflow. "BHP and Lundin Mining have just applied to RIGI for their Vicuña project," announced the head of the ministry. "Vicuña is a gigantic copper, gold, and silver project in the province of San Juan, potentially the largest foreign direct mining investment in the history of our country," he added.
Caputo also specified that the project contemplates "accelerated investments of at least 2 billion dollars in the first 2 years from its approval." This is in line with the official strategy of promoting large export projects and attracting long-term investments.
A strategic project with extended benefits
Unlike other initiatives, the companies requested to enter under the category of Long-Term Strategic Export Projects (PEELP) of RIGI. This scheme expands the benefits of the regime, extending the term to 40 years—compared to 30 in the conventional format. In addition, it allows for the acceleration of repatriation of income and access to export duty exemptions.
Lundin Mining stated that the submission represents "a key milestone to advance a district-scale, multi-decade copper, gold, and silver development project in Argentina." The company clarified that the technical details will be included in an integrated report to be presented in the first quarter of 2026.
