Vicuña Corp. released the results of its Preliminary Economic Assessment, PEA, integrating for the first time a unified technical vision of the Josemaría and Filo del Sol deposits. The study outlines an initial capital expenditure of US$7.000 millones for Phase 1 and estimates total investment of US$18.000 millones over the life of the project.
By Panorama Minero
The PEA establishes a staged development sequence across Argentina and Chile, aligned with asset maturity and infrastructure requirements in each jurisdiction.
Phased Development and Timeline
Phase 1 focuses on the Josemaría deposit, including the development of an open-pit mine and a concentrator plant designed for future expansion. Following a potential investment decision expected toward year-end, the planned US$7.000 millones capex would be deployed from 2027 through first production, targeted for 2030.
Phase 2 includes the development of Filo del Sol oxide resources and the construction of a plant to recover copper, gold and silver. This phase would expand productive capacity and remove the oxide layer above the sulfide resources.
Phase 3 contemplates an expansion of the concentrator and the development of the Filo del Sol sulfide deposit, increasing processing rates to approximately 293,000 tonnes per day. This stage incorporates strategic infrastructure under outsourcing schemes, including a desalination plant, a concentrate transport system and a concentrate treatment facility.
During 2026, the project will continue advancing detailed engineering, initial equipment procurement, earthworks, access road upgrades and camp expansion.
Production Profile and Global Scale
According to the PEA, Vicuña would rank among the five largest copper-gold-silver operations globally. Average annual production over the first 25 full years is projected at approximately 395,000 tonnes of copper, 711,000 ounces of gold and 22.2 million ounces of silver.
During the first ten years of production, the project is expected to deliver approximately 2.5 million tonnes of copper, 5.5 million ounces of gold and 214 million ounces of silver.
Binational Structure and Ownership
Vicuña integrates operations and infrastructure across Argentina and Chile, advancing technical studies, regulatory processes and investment decisions in parallel within both jurisdictions.
Vicuña Corp. is a joint venture between BHP and Lundin Mining, established to develop the Josemaría copper project in San Juan province, Argentina, and the Filo del Sol copper-gold-silver deposit, located in San Juan and the adjacent Atacama Region in Chile.
The Preliminary Economic Assessment defines investment parameters, construction sequencing and development scenarios for the district and provides the economic framework for a potential sanction decision later this year.
