Mining giant Vicu\u00f1a has announced an estimated US$18 billion investment in copper, gold and silver projects in Argentina under the framework of President Javier Milei\u2019s RIGI major investment incentive scheme.\u00a0<\/p>\n
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Vicu\u00f1a is a joint venture between BHP and Lundin Mining, combining the Josemar\u00eda copper project in San Juan with the Filo del Sol copper, gold and silver deposit straddling the same province and Chile\u2019s Atacama Region.<\/p>\n
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The company said the total outlay over the life of the project would reach US$18 billion. It projected that Vicu\u00f1a could rank among the world\u2019s top five copper, gold and silver operations.\u00a0<\/p>\n
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Over its first 25 full years, average annual output is forecast at 395,000 tonnes of copper, 711,000 ounces of gold and 22.2 million ounces of silver.<\/p>\n
During the first decade alone, production is expected to total 2.5 million tonnes of copper, 5.5 million ounces of gold and 214 million ounces of silver.<\/p>\n
President Milei hailed the announcement as \u201cexcellent news.\u201d He hosted the firm\u2019s executives at the Casa Rosada on Tuesday to celebrate the announcement.<\/p>\n
Company executives said their decision to move ahead with the investment was based on the predictability, stability and legal certainty offered by the RIGI scheme.<\/p>\n
\u201cWithout this instrument, a development of this magnitude would not have been viable in Argentina.\u201d<\/p>\n
Foreign Minister Pablo Quirno credited the head of state for the breakthrough, saying that \u201cthanks to the structural reforms,\u201d most notably RIGI, \u201cunprecedented direct foreign investments are moving forward.\u201d\u00a0<\/p>\n
\u201cVicu\u00f1a Corp, whose shareholders are BHP and Lundin Mining, has announced an estimated US$18 billion investment for the first 10 years of the Josemar\u00eda and Filo del Sol project, with US$7 billion to be invested between now and the first copper concentrate in 2030.\u201d<\/p>\n
He celebrated that Argentina \u201cwill have one of the largest copper, gold and silver mines in the world.\u201d<\/p>\n
\u201cMore investment, more exports and much more employment for Argentines,\u201d he said. \u201cWe created the conditions for this to happen \u2013 and we will continue to move forward.\u201d<\/p>\n
\u201cArgentina will be prosperous,\u201d Quirno concluded.<\/p>\n
Economy Minister Luis Caputo stated on social media that \u201cthis project wouldn\u2019t exist without the RIGI.\u201d<\/p>\n
Ron Hochstein, Vicu\u00f1a\u2019s chief executive, described the initiative as \u201ca transformational opportunity for Argentina.\u201d\u00a0<\/p>\n
\u201cAs one of the most relevant undeveloped copper districts in the world, it has the potential to boost long-term economic growth through foreign investment, employment and higher income from exports,\u201d he added.<\/p>\n
A first stage centres on developing an open-pit mine and concentrator plant at Josemar\u00eda. The second stage will bring oxide resources at Filo del Sol into production and expand processing capacity. A final third stage envisages expanding the concentrator and developing the sulphide deposit to lift throughput to around 293,000 tonnes per day.<\/p>\n
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\u2013 TIMES\/NA\/PERFIL<\/p>\n \t\t\t\t\t\t\t\t<\/p>\nrelated news<\/h6>\n<\/p>\n<\/section>\n