BHP Billiton (BHP) has revealed plans to double its investment this year in a major global copper project located at over 4,200 meters above sea level in the Andes mountains on the Argentina-Chile border. According to Caterina Dzugala, Communications Director of Vicuña Corp.—a joint venture between Australian BHP Billiton and Canada's Lundin Mining—the company may invest approximately $800 million in the Filo del Sol and Josemaría deposits this year. These two projects are expected to rank among the world's most significant copper mining developments.
During a visit to the Batidero camp, the project's operational base in San Juan Province, Dzugala stated, "Our investment in 2025 approached $400 million, and we plan to double that figure this year." The company noted that Filo del Sol and Josemaría together form the Vicuña property, which hosts one of the world's largest undeveloped copper, gold, and silver polymetallic deposits. Vicuña estimates total investment in the property at around $5 billion, though Argentine officials and industry experts suggest the figure could reach as high as $15 billion. A final investment amount has not yet been confirmed and will be disclosed in a comprehensive technical report expected by the end of the first quarter of this year.
Argentina has had no copper production since the closure of the Alumbrera copper mine in 2018. As governments and automakers worldwide warn of a looming copper supply shortage—a key material for electrification—Argentina is seizing the opportunity to re-enter the global copper market. The copper project is expected to begin production in 2030, with ore from both mines to be processed at a central concentrator in Josemaría. The overall mine life is projected to be 25 years.
Strategic Commitment Argentine President Javier Milei is attracting foreign investment by introducing a series of major incentives for the mining sector. The Vicuña copper project, a flagship development for Argentina, is now entering a critical phase. Vicuña has applied to join the Argentine government's "Large Investment Incentive Regime," which offers tax and legal benefits for major export-oriented projects.
According to company data, the Vicuña property contains proven copper reserves of 13 million tons and inferred copper resources of 25 million tons, along with significant gold and silver resources. However, challenges remain in constructing roads and power transmission lines in the high-altitude Andes region, and debate continues over whether the government or private companies should bear the costs and responsibilities for this infrastructure.
Juan Arrieta, Vicuña's Geology Manager, believes the core value of the property lies in its yet-to-be-discovered resource potential. "The Filo del Sol area is four times larger than Josemaría," Arrieta noted, adding that the deposit is regarded by the industry as "the most substantial mineral discovery in terms of resource scale globally over the past 30 years."