Vicuña Corp., a mining entity involving BHP Group, plans to significantly increase investment in its copper exploration project located in the Andes mountains on the Argentina-Chile border, an executive for the project stated. The investment in the Vicuña project could reach $800 million by 2026, pending the results of ongoing exploration activities.
The announcement was made by Fernando Saenz, the project manager for Josemaría, a component of the larger Vicuña district. Speaking at a recent industry event, Saenz detailed the investment strategy for the high-altitude mining prospect, which sits more than 4,200 meters (13,780 feet) above sea level in Argentina’s San Juan province.
The Vicuña project is a collaboration that integrates several adjacent mineral deposits, including Josemaría, which is operated by Lundin Mining, and BHP’s Filo del Sol and Los Helados sites. The consolidation aims to explore and potentially develop what is considered a significant copper, gold, and silver district.
According to Saenz, the current phase involves extensive drilling and analysis to better define the mineral resources across the combined area. The planned increase in funding is designated for advancing these exploration efforts, which include geological mapping, drilling additional test holes, and conducting environmental and technical studies required for future development stages.
“We are in an integration stage,” Saenz said, outlining the process of combining the data and operations of the three distinct but geographically connected projects. He confirmed that the investment figures are contingent on the outcomes of this exploratory work.
The project is situated within a region known for its rich mineral deposits. The integration of the three sites under the Vicuña framework allows the companies to coordinate their activities and share infrastructure, which is a common practice for large-scale mining developments in remote areas.
The development occurs as Argentina’s government seeks to attract foreign investment into its natural resources sector, particularly in mining. Officials have expressed intentions to create a more favorable regulatory environment for international companies operating in the country. The Vicuña project represents one of the largest-scale exploration efforts currently underway in Argentina’s mining industry.
BHP, one of the world’s largest mining companies, and its partners are focused on the initial exploration and pre-feasibility phases. A final decision on constructing a mine has not been made and would depend on the successful completion of current and future studies, as well as securing the necessary permits and financing.
