Vicuña Argentina S.A., the company’s local subsidiary, has formally submitted its application to join the Incentive Regime for Large Investments (RIGI) under the PEELP category, which covers Long-Term Strategic Export Projects. The company seeks to include the Josemaría and Filo del Sol deposits under this framework as the integrated “Vicuña Project”, a large-scale copper development in the province of San Juan.
By Panorama Minero
This marks the first copper project in Argentina to initiate the process under the PEELP category, a framework designed for extended, multi-stage investment cycles. The company projects a 25-year operational horizon for Josemaría, outlining a roadmap aimed at sustaining long-term capital deployment while deepening the economic, labor and productive contribution of San Juan’s mining sector.
Ron Hochstein, CEO of Vicuña, noted that the filing “reflects both the scale of the investment required for the Vicuña Project and our confidence in Argentina as a long-term partner”. He also highlighted the value of ongoing collaboration with federal and provincial authorities, and said the RIGI “provides a stable framework that supports responsible development and shared economic benefits”.
The RIGI offers a suite of incentives intended to attract large-scale investment, including long-term fiscal stability, reduced income-tax and export-duty rates, exemptions on import duties, an enhanced VAT framework and 40 years of regulatory predictability from the start of operations, as well as access to international arbitration.
The Vicuña Project comprises a copper, gold and silver asset located in the Andes mountains. It integrates the Josemaría and Filo del Sol deposits in an area bordering Chile, although all investments under the RIGI are executed within Argentina. The company is advancing engineering and technical studies, with plans to publish an integrated technical report in the first quarter of 2026.
Recent Background: A Landmark Investment Announcement in San Juan
At the “International Conference: Argentina Copper”, organized by Panorama Minero, the Minister of Mining of San Juan and Vicuña projected in August an investment exceeding US$15 billion for the integrated development of the Josemaría and Filo del Sol deposits, with potential to reach US$17 billion. The announcement was delivered by Juan Pablo Perea and José Morea.
The company, created through the combination of BHP and Lundin Mining, stated at the time that the initiative could become one of the largest foreign direct investments in Argentina’s history. Executives underscored that the size of the Vicuña district and the synergies between both deposits enable a multigenerational copper, gold and silver development with long-term productive and fiscal impact.
Vicuña was designed to operate both deposits within the same Andean cluster. BHP entered Argentina’s mining sector through its partnership with Lundin, establishing a joint development model for Filo del Sol and Josemaría. Jack Lundin, president and CEO of Lundin Mining, highlighted the geological importance of the district, regarded as one of the largest undeveloped copper deposits in the world.
These moves, driven by major global mining players, reinforce the renewed positioning of copper within Argentina’s mining agenda. The energy transition and a more receptive international and domestic policy environment have strengthened momentum to accelerate the development of this world-class deposit, whose output aligns with strong present and future demand. In this context, Vicuña stands out as one of the projects expected to shape the next copper cycle in Argentina.
