The Argentine government approved the Vicuña Project’s application to join the Large Investment Incentive Regime (RIGI) under the category of Long-Term Strategic Export Project (PEELP). With this decision, Vicuña becomes the only copper project in Argentina to obtain this classification within the regime.
By Panorama Minero
The Vicuña Project submitted its application in December 2025, and its approval incorporates the project into the framework of benefits established for large-scale investments, providing a long-term regulatory framework for future development stages.
The project’s inclusion in the RIGI comes amid a series of technical and administrative milestones achieved during 2025 and the first half of 2026. Among them is the Preliminary Economic Assessment (PEA), released on February 16, which outlines an integrated development plan for the Josemaría and Filo Del Sol deposits through three stages and describes the project’s production and export potential.
Regarding the approval, Vicuña CEO Ron Hochstein stated that joining the regime allows the company to continue planning a large-scale capital investment under a framework that offers greater long-term predictability.
The project currently supports more than 2,600 jobs, including direct and indirect employment, and continues advancing a range of activities related to its development process. These include detailed engineering studies, technical planning, and preparatory fieldwork, all of which form part of the stages preceding a potential construction decision.
Due to its scale and characteristics, Vicuña is considered one of the most significant copper projects currently under development in Argentina and one of the ventures with the potential to generate substantial productive and infrastructure investment in the coming years.
Vicuña Project Profile
Vicuña combines the Josemaría and Filo Del Sol deposits under a joint operation between BHP and Lundin Mining.
The project’s economic scale is also unprecedented for Argentina’s mining industry. During Expo San Juan Minera 2026, organized by Panorama Minero, Ron Hochstein stated that the first construction phase is expected to require an estimated investment of US$18.1 billion, including more than US$1.4 billion allocated to infrastructure. This is in addition to the US$800 million already invested in engineering, technical studies, and road improvements.
