Vicuña Project puts San Juan on the global copper map

The Vicuña Project, which integrates the Filo del Sol and Josemaría deposits, is shaping up to be one of the most significant mining discoveries in recent decades. It is located in the northwest of San Juan province and extends into the Chilean Atacama region. This copper district ranks among the 10 largest copper, gold and silver deposits on the planet, a milestone that changes the scale of mining in Argentina and the region.
This initiative is being carried out by Vicuña Corp, a 50:50 joint venture between Canada’s Lundin Mining and Australia’s BHP, two of the global giants in the industry. In 2024, both companies formalized a long-term strategic alliance to jointly manage these projects, with an initial investment of US$3 billion, which is also one of the largest corporate moves in the sector in South America.

Filo del Sol and Josemaría: global sinergy

The Filo del Sol deposit, on the Argentine-Chilean border, is a copper project in an advanced stage of exploration, with drilling that has extended mineralization to more than six kilometres and confirmed high-grade copper intersections. Just 10 kilometres away is Josemaría, a copper, gold and silver deposit located in Iglesia, San Juan, at more than 4,200 metres above sea level. This project is in the pre-construction phase, adjusting its construction schedule and costs while advancing in the processing of sectoral permits and in the dialogue with both provincial and national authorities.
The proximity between the two deposits enables joint development with greater economy of scale, shared infrastructure and operational flexibility that strengthens their global competitiveness.

The largest copper discovery in 30 years

The latest technical reports highlight the fact that Vicuña is the largest copper discovery in unconventional deposits over the last 30 years. By April 2025, the project is estimated to yield 13 million tonnes of measured and indicated copper and 25 Mt inferred; 32 million ounces of measured and indicated gold and 49 million inferred; 659 million ounces of measured and indicated silver and 808 million inferred.
These figures represent a 29% increase in measured copper resources and a 650% increase in inferred resources, consolidating Vicuña as one of the most promising mining districts globally.
Jack Lundin, President and CEO of Lundin Mining, highlighted the complex’s potential:
“Vicuña can not only become a key copper producer, but also one of the largest gold and silver mines in the world. Large deposits tend to grow, and here we see clear potential for expansion”.

Regional impact and global projection

The government of San Juan considers this development a historic milestone. Governor Marcelo Orrego emphasised :
“This announcement confirms that San Juan will have one of the 10 largest copper mines in the world”.
For his part, Dave Dicaire, general manager of Vicuña, highlighted the economic and social impact that the project will bring:
“We are in an optimal position to move forward with the development of a world-class mining district, which will have a substantial effect on local communities and the national economy”.

A future on a continental scale

With a mineralised area exceeding 10 km2 and potential for further expansion, the Vicuña project is set to become a binational mining hub that could place Argentina among the world’s top five copper global producers in the coming years.
The path towards that goal includes the completion of an integrated technical report in 2026, which will serve as the basis for the final joint investment decision by BHP and Lundin. If the deadlines are met, San Juan could be home not only to one of the largest copper mines in the world but also to a new strategic development hub for the Southern Cone.