President Javier Milei received at Casa Rosada the CEO of Vicuña Corp., Ron Hochstein, and Country Director José Morea, after the announcement of what was presented as the largest foreign direct investment in the country's history.
The meeting was also attended by the General Secretary of the Presidency, Karina Milei, and Foreign Minister Pablo Quirno, in a working meeting focused on the details of the disbursement and the strategic impact of the project.
US$ 18 billion in ten years
The company is planning an estimated investment of US$ 18 billion during the first ten years of development of the Josemaría and Filo del Sol projects, linked to the exploitation of copper, gold, and silver.
Of that total, US$ 7 billion is expected until the first copper concentrate is obtained, scheduled for 2030. The magnitude of the disbursement positions the undertaking as one of the most ambitious in the mining sector at a global level.
Vicuña Corp., whose main shareholders are BHP and Lundin Mining, projects that Argentina will rank among the five largest global operations of copper, gold, and silver once the projects reach full production capacity.
The role of RIGI and the investment climate
During the meeting, company executives emphasized that the decision to move forward with the investment is based on the framework of predictability, stability, and legal certainty offered by the Incentive Regime for Large Investments (RIGI), promoted by the national government.
According to what they indicated, without this regulatory instrument, a development of this magnitude wouldn't have been viable in Argentina. The regime seeks to guarantee stable fiscal and regulatory conditions for long-term strategic projects, especially in sectors such as mining, energy, and infrastructure.
The government stresses that this type of announcement consolidates a new stage aimed at attracting international capital, strengthening exports, and expanding the generation of foreign currency.
Strategic impact
The development of Josemaría and Filo del Sol not only entails a record volume of investment, but it could also redefine Argentina's positioning in the global market for critical minerals, in a context of growing demand for copper for the energy transition and electrification.
The meeting at Casa Rosada thus symbolizes the political backing for the project and the official intention to turn mining into one of the pillars of economic growth in the coming years.
