Argentina is beginning to capitalize, with concrete facts, on the change in economic direction driven by President Javier Milei. In a forceful sign of international confidence, the mining company Vicuña has made official a total investment of USD 18 billion for the development of copper, gold, and silver projects in the province of San Juan, a figure that has no recent precedent in the sector and that confirms the direct impact of the Incentive Regime for Large Investments (RIGI).
The announcement was publicly celebrated by the Economy Minister, Luis Caputo, who stressed on his X account that the project "would not exist without RIGI" and highlighted the magnitude of the capital inflow: "Lundin Mining officially announces its investment of 18 billion dollars over the next 9 years".
The initiative corresponds to Vicuña, a company made up of Australian BHP and Canadian Lundin Mining, and it was formally presented through its Preliminary Economic Assessment (PEA). Although these were already known projects, this stage marked the definitive formalization and even exceeded the initial projections, which estimated an investment close to USD 15 billion.
According to the released details, Vicuña's total estimated investment amounts to USD 18 billion, with operations projected over more than 70 years of mine life. Of that total, USD 7 billion will be disbursed between now and the obtaining of the first copper concentrate, scheduled for 2030. In particular, the company specified that the initial investment in the Josemaría and Filo del Sol projects, both in San Juan, will be carried out between 2027 and 2030.
In productive terms, the figures place the undertaking among the most relevant on the planet. During the first 25 full years, the project is expected to achieve an average annual production of 395,000 tons of copper, 711,000 ounces of gold, and 22.2 million ounces of silver. In the first 10 years of production, the project plans to deliver approximately 2.5 million tons of copper, 5.5 million ounces of gold, and 214 million ounces of silver, which would place Vicuña in the global top 5 in all three minerals.
The announcement was also backed by the Foreign Ministry. Foreign Minister Pablo Quirno stated on X: "Thanks to the structural reforms driven by President Milei, especially RIGI, unprecedented foreign direct investments are moving forward. Argentina will have one of the largest copper, gold, and silver mines in the world (top 5 worldwide). More investment, more exports, and much more employment for Argentines. We created the conditions for this to happen, we will continue moving forward".
