Lundin and BHP Announce Argentina’s Largest Copper Discovery in 30 Years

According to Lundin Mining’s statement, the Vicuña joint venture confirmed Argentina’s largest copper discovery in three decades at Filo del Sol.

The project spans two adjacent deposits, Filo del Sol and Josemaría, straddling the Argentina–Chile border. Lundin and BHP each hold a 50% stake after BHP acquired Filo Corp. for US$3 billion last year.

Measured and indicated resources total 13 million tonnes of contained copper, 32 million ounces of gold and 659 million ounces of silver. Inferred resources add roughly 25 million tonnes of copper, 49 million ounces of gold and 808 million ounces of silver.

These figures position Vicuña among the world’s top ten copper districts by resource size. The high-grade sulphide core at Filo del Sol comprises 606 million tonnes at 1.14% copper-equivalent.

That grade equates to 4.5 million tonnes of copper, 9.6 million ounces of gold and 259 million ounces of silver. Meanwhile, oxide mineralization at surface includes 434 million tonnes grading 0.34% copper, yielding 1.5 million tonnes of copper, 3.9 million ounces of gold and 35 million ounces of silver.

High-grade oxide layers total 181 million tonnes at 1.05% copper-equivalent, containing 911 thousand tonnes of copper, 2.3 million ounces of gold and 230 million ounces of silver.

Drilling remains open at depth and to the south, with the nearby Flamenco zone already intercepting mineralization beyond current resource boundaries.

A Strategic Bet on the Future of Copper

Developing Vicuña will demand years of engineering work and multibillion-dollar capital investment to build open-pit operations and shared infrastructure.

Rising extraction costs have driven the industry toward consolidation as deposits grow deeper and grades decline. Investors now weigh ambitious projects against tightening timelines and budget pressures.

Global copper demand-driven by electric vehicles, renewable energy and grid upgrades-could more than triple by 2050. Analysts project a structural copper deficit by 2026 or 2027, which supports expectations of prolonged supply tightness and higher prices.

Vicuña’s scale and grade make it a strategic asset for both Lundin and BHP amid these market dynamics. Jack Lundin, President and CEO of Lundin Mining, called Filo del Sol “one of the most significant copper discoveries of the past 30 years.”

He added that the Vicuña district has the potential to evolve into a world-class mining complex. Both companies now aim to fast-track technical studies and secure permits to advance the project toward feasibility.

This discovery underscores the challenges and rewards of modern copper exploration. It highlights how industry leaders balance high upfront costs and long development timelines against future metal demand and price volatility. Vicuña stands as a testament to that delicate trade-off.

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