BHP and Lundin Mining invest $400M to build Argentina’s next copper hub

BHP and Lundin Mining’s joint venture Vicuña Corp is investing $400M in Argentina to develop the Josemaría and Filo del Sol projects, aiming to restart copper production by 2030 and position the country among the world’s top producers.

Mining giants BHP (ASX, NYSE: BHP) and Lundin Mining (TSX: LUN) are investing more than $400 million in Argentina through their joint venture Vicuña Corp., aiming to develop a copper project that could become one of the country’s largest production hubs in the coming decade.

Located near the Chilean border, the initiative ranks among the most significant foreign investment commitments in Argentina in 2025.

Vicuña Corp: strategic copper assets

The joint venture was formed in January following the acquisition of Filo Corp. and now controls both the Filo del Sol deposit, straddling the Argentina-Chile border, and the Josemaría project, located in San Juan province.

Since the acquisition, Vicuña has advanced technical studies and pre-construction works at Josemaría, with plans to secure environmental and regulatory approvals to begin production by 2030.
Key milestones include extending the mine’s life of operations from 19 to 25 years after confirming higher-than-expected resources, and setting ore processing capacity at 175,000 tonnes per day.

Backed by Argentina’s RIGI incentives

The company is also preparing to apply for benefits under Argentina’s Investment Incentives Program (RIGI), which provides tax, customs, and foreign exchange advantages for large-scale projects.
“RIGI is critical. It levels the playing field and ensures the project remains competitive in tax terms compared to other jurisdictions across Latin America and worldwide,” said Morea, Vicuña’s senior country manager for Argentina and Chile, in an interview with Bloomberg.

New leadership at the helm

To lead the next stage of development, Vicuña appointed Ron Hochstein as chief executive officer. Hochstein, a mining veteran with over 30 years of experience and former Chair and CEO of Lundin Gold, will assume his new role on November 7.

Argentina’s copper future

Although Argentina has not produced copper since 2018, its growing project pipeline could soon position the country among the world’s top 10 copper producers.
The $400 million commitment by BHP and Lundin Mining through Vicuña Corp underscores Argentina’s potential to emerge as a new copper hub in South America, essential to the global energy transition and rising demand for critical minerals.