BHP's Vicuna unveils $18 billion mining investment in Argentina

Miner Vicuna Corp, controlled by Australia's BHP BHP.AX and Canada's Lundin Mining LUN.TO, announced on Monday an $18 billion multi-year investment plan to develop copper, gold, and silver mining projects in northern Argentina.

The initial investment in its Josemaria and Filo del Sol projects in the province of San Juan will be $7 billion with capital deployment scheduled from 2027 until production begins in 2030, Vicuna said in a statement.

The project is forecast to average 395,000 tons of copper, 711,000 ounces of gold, and 22.2 million ounces of silver annually over its first 25 years.

Output during the first decade is projected at approximately 2.5 million tons of copper, 5.5 million ounces of gold, and 214 million ounces of silver.

Development of the Josemaria and Filo del Sol mining projects will be carried out in three stages. The first stage will be focused on the Josemaria deposit, with the latter two focused on Filo del Sol.

-Lucila Sigal/Reuters