Vicuña Corp. has announced its phased development plan for a mining project in Argentina with a total investment of $18 billion. The project is expected to become the largest foreign direct investment in the country and one of its most significant mining developments. In the long term, it will generate positive economic impacts through increased exports, infrastructure development, and job creation. The project will be developed in three stages. Vicuña Corp. stated its commitment to advancing the Vicuña project responsibly and in collaboration with governments and communities to generate sustainable value for the country. During 2026, the project will continue to advance in detailed design and engineering, along with the initial acquisition of equipment and earth-moving works to support development. Argentina is not the only country in the region where Vicuña Corp. operates, as it also has operations and infrastructure in Chile. In the first decade of production, the project is expected to generate approximately 2.5 million tons of copper, 5.5 million ounces of gold, and 214 million ounces of silver. With an 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. The CEO of Vicuña Corp., Ron Hochstein, stated that the Vicuña Project "is a transformative 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." "The Preliminary Economic Assessment represents a key milestone that positions the project for a sanction decision by the end of the year, after which the planned capex of $7 billion for Stage 1 would be deployed from 2027 to first production, expected for 2030," the company added. Stage 1: Focuses on the Josemaría deposit, with the development of an open-pit mine and a concentrator plant designed for future expansions, aiming to accelerate initial production and generate early operational cash flow. Stage 2: Encompasses the development of the Filo del Sol oxide resources and a plant for copper, gold, and silver recovery, expanding the project's productive capacity and removing the oxide cap over the Filo del Sol sulfides. Stage 3: Contemplates the expansion of the concentrator plant and the development of the Filo del Sol sulfide deposit to increase production levels to approximately 293,000 tons per day. Initially, the multinational will invest approximately $7 billion.
