Argentina’s mining industry has been electrified by the announcement of a record-breaking discovery near the border with Chile, marking the largest copper, gold and silver deposit unearthed in the country—and the region—over the past 30 years. A consortium under the “Vicuña” project, spearheaded by Lundin Mining in partnership with BHP, reports an initial resource estimate of more than 12 million tonnes of copper alongside a combined 80 million ounces of gold and silver
Geologically, the deposit lies in a remote sector of the Andean highlands within San Juan Province. Drill results from over 400 newly sunk cores revealed that copper mineralization extends far deeper than previously understood. Updated assays now suggest up to 13 million tonnes of copper, 32 million ounces of gold, and 659 million ounces of silver, dwarfing earlier estimates and placing the site among the world’s top ten undeveloped copper-gold-silver finds
Jack Lundin, CEO of Lundin Mining, hailed the discovery as “one of the most significant greenfield finds in the last three decades,” underlining its potential to reshape South America’s mining landscape. He noted that, once in production, the deposit could supply essential metals for global industries, from electronics to renewable energy infrastructure
Economists forecast that, on achieving first output, the project could add several percentage points to Argentina’s export revenues and generate thousands of direct and indirect jobs. The find aligns with recent reforms by President Javier Milei’s administration, aimed at liberalizing investment rules and reducing red tape for large-scale mineral ventures
Yet, extracting these resources poses formidable obstacles. At elevations exceeding 3,500 meters, operations will contend with thin air, extreme temperatures and logistical hurdles in transporting heavy machinery. Environmentalists also warn that mining in glacially influenced catchments risks contravening Argentina’s Glacier Law, designed to protect vital freshwater reserves—a concern especially acute in the fragile Andean ecosystem .
Local communities have voiced mixed reactions. While many welcome the promise of economic development and improved infrastructure, others demand strict safeguards on water usage, land rehabilitation and equitable benefit-sharing. The joint venture has pledged to engage in ongoing consultations and adhere to international best practices in sustainable mining .
Globally, the discovery underscores a copper supply squeeze predicted for the coming decade, driven by surging demand for electric vehicles, renewable power grids and high-tech electronics. Industry analysts view Argentina’s find as strategically significant, potentially easing market tightness and diversifying the geographic spread of critical metal production .
Looking ahead, the companies will advance feasibility studies, environmental impact assessments and infrastructure planning over the next 18 months. If endorsed, development could proceed to construction by the end of 2026, with first concentrate output projected around 2030.
In conclusion, Argentina’s unveiling of this vast copper, gold and silver deposit marks a milestone in the nation’s resource history. Balancing the economic windfall against environmental stewardship and social responsibility will be critical as stakeholders move toward making the “Vicuña” project a new flagship for South American mining.
