During the Argentina Copper 2025 event, held in the province of San Juan, José Luis Morea, senior director of Vicuña Corp. for Argentina and Chile, surprised the audience by announcing that the next project they will present under the Large Investment Incentive Regime (RIGI) of the Government of Javier Milei could represent a historic figure for the country.
This is an initiative of between 15,000 and 17,000 million dollars, which would make it the largest foreign direct investment ever recorded in Argentina's history.
The announcement was made in the Grazia hall, in Pocito, during a session attended by governors, mining sector leaders, businesspeople, and union representatives. "The Vicuña project has the potential to be the largest foreign direct investment in Argentine history," Morea stated emphatically, both in his presentation and in informal conversations.
Javier Milei y Luis Caputo.
According to what the executive revealed, the amount they will propose to enter the RIGI could equal the combined total of the 15 projects that have already been submitted under this regime, whose sum exceeds 17,000 million dollars. Vicuña's proposal includes the unification of the Josemaría and Filo del Sol deposits, both located in San Juan, within a single Unique Project Vehicle (UPV).
When asked about the planned scheme for hiring suppliers, José Luis Morea clarified that, although local firms will be given preference, the procedures must comply with international standards of competitiveness and transparency. "I'm convinced that most suppliers will be from San Juan, but under clear bidding processes," he assured.
In this context, Morea discouraged the implementation of a law requiring the hiring of local suppliers, arguing that it could harm the solid image the province has built in the international mining sector. "It would be counterproductive for San Juan. This province has earned an excellent reputation and shouldn't put its ability to attract international investment at risk," he warned.
Javier Milei, presidente de Argentina.
Additionally, the executive anticipated that the official presentation of the project under the RIGI would take place in the short term, possibly before October, although some aspects still need to be adjusted together with provincial and national authorities.
The goal is for permits and investment commitments to be properly coordinated, in order to ensure that the initiative meets the requirements of the regime, which not only demands minimum investments but also production aimed at export in the short term.
