Vicuña presented its phased development plan
With an estimated initial investment of USD 7 billion, Vicuña is expected to become the largest foreign direct investment in Argentina and one of the most significant mining developments in the country, with long-term impacts on exports, infrastructure, and employment.
February 16, 2026. Vicuña Corp. presented the results of its Preliminary Economic Assessment (PEA), which for the first time integrates a unified technical vision of the Josemaría and Filo del Sol deposits under the Vicuña project.
The project is structured in stages in Argentina and Chile, aligned with the maturity of each asset and the infrastructure necessary for its development. The total investment over time is estimated at USD 18 billion.
- The first stage focuses on the Josemaría deposit, with the development of an open pit mine and a concentrator plant designed for future expansion, with the aim of accelerating initial production and generating early operating cash flow.
- The second stage involves developing the oxide resources at Filo del Sol and building a plant to recover copper, gold, and silver, thereby expanding the project's production capacity and removing the oxide layer covering the sulfides at Filo del Sol.
- The third stage involves expanding the concentrator plant and developing the Filo del Sol sulfide deposit to increase production levels to approximately 293,000 tons per day. This stage incorporates strategic infrastructure, under an outsourcing scheme, including a water desalination plant, a concentrate transport system, and the installation of a concentrate treatment plant.
Vicuña is expected to rank among the top five copper, gold, and silver operations in the world, with average annual production during the first 25 full years of approximately 395,000 tons of copper, 711,000 ounces of gold, and 22.2 million ounces of silver.
During the first 10 years of production, the project is expected to deliver approximately 2.5 million metric tons (Mt) of copper, 5.5 million ounces (Moz) of gold, and 214 million ounces (Moz) of silver.
Ron Hochstein, CEO of Vicuña, commented: “The Vicuña Project is a transformational opportunity for Argentina. As one of the world’s most significant undeveloped copper districts, it has the potential to drive long-term economic growth through foreign investment, employment, and increased export revenues. We are committed to advancing Vicuña responsibly and in collaboration with governments and communities to generate sustainable value for the country.”
The Preliminary Economic Assessment represents a key milestone that positions the project for a sanction decision towards the end of the year, after which the planned capex of USD 7 billion for Stage 1 would be deployed, from 2027 until first production, scheduled for 2030. During 2026, the project will continue to advance in design and detailed engineering, along with initial equipment procurement and earthworks to support development, as well as improvements to the access road and camp expansion.
An investment of this magnitude is expected to generate long-term economic benefits, strengthening exports, productive infrastructure, and job creation. From a territorial perspective, the operation prioritizes the participation of regional suppliers and the hiring of local labor, while the phased development approach allows for progressive investment management, reducing technical risks and supporting the project's growth in a predictable manner.
Vicuña integrates operations and infrastructure in Argentina and Chile, advancing through technical studies, regulatory processes, and investment decisions required at each stage. In this context, the Preliminary Economic Assessment provides a framework for evaluating development scenarios, investment levels, and the construction sequence throughout the district.
About Vicuña
Vicuña Corp. is a joint venture between BHP and Lundin Mining formed to develop the Josemaría deposit, an advanced copper project located in the province of San Juan, Argentina, and the Filo del Sol copper-gold-silver deposit, located in San Juan, Argentina, and the adjacent Atacama Region in Chile.
More information at:www.vicuna.com
Press Contact: Caterina Dzugala
Director of Communications, Vicuña Corp.