Unlocking Opportunity: What the Vicuña Mining District Means for Mining Suppliers

The Vicuña District, straddling the high Andes between Chile and Argentina, is shaping up to be one of the most significant new mining hubs in the Americas. Rich in copper, gold, and silver, and backed by major industry players, this emerging district could soon rival some of the world’s top-tier copper belts.

Located primarily in Argentina’s San Juan Province and Chile’s Atacama Region, the Vicuña District encompasses a tightly clustered group of world-class projects—most of them led by companies within the Lundin Group, and more recently supported by BHP.

At its core, the district includes five standout projects, all within a ~25 km radius:

Filo del Sol – Awaiting key permits required for construction and operation.

• Operator: Filo Corp (Lundin Group)
• Stage: Advanced Exploration / Pre-feasibility
• Resources: 606 Mt @ 1.14% CuEq (Measured & Indicated) / Nearly 9 Moz Au & 158 Moz Ag inferred
• Highlight: Filo del Sol is among the top 10 largest undeveloped copper-gold-silver deposits worldwide
• Strategic Note: BHP and Lundin Mining closed on a C$4.5 bn acquisition, forming the 50/50 Vicuña Corp. JV to jointly develop Filo del Sol and nearby Josemaría.

Josemaría – Awaiting key permits required for construction and operation.

• Operator: Lundin Mining
• Stage: Feasibility / Construction Phase
• CapEx: US$4.1 billion
• Resources: 1.0 Bt @ 0.30% Cu, 0.22 g/t Au, 0.94 g/t Ag (Proven + Probable)
• Expected Output:
  • 131,000 t/y of copper
  • 224,000 oz/y of gold
  • 1 Moz/y of silver (first 3 years)
• Highlight:
  • The Filo Acquisition (completed January 2025) resulted in the creation of the Vicuña JV, bringing Josemaría and Filo del Sol under shared operational control. BHP invested US$690 million for its 50% interest in Josemaría
  • Detailed engineering studies are currently underway for Josemaría. The joint-venture (Vicuña Corp., 50/50 owned by Lundin Mining and BHP) is awaiting necessary permits. Meanwhile, they’re evaluating optimal locations for the processing plant, shared infrastructure, tailings storage, access roads, and power lines—strategically planning these assets to align with the nearby Filo del Sol project, just 10 km away

Los Helados – The Deep Giant

• Operator: NGEx Minerals (Lundin Group)
• Stage: Resource Development
• Resources: 2.1 Bt @ 0.48% CuEq
• Location: Atacama Region, Chile—just 10 km north of the Josemaría mine and ~17 km south of the Caserones operation
• Highlight: This large porphyry system is located just 10 km from Josemaría. The potential for underground block caving and synergies with nearby projects is key to its value.
• Update: Exploration drilling is focused on expanding high-grade zones and assessing the viability of integrated development with other assets.

Lunahuasi – The Wild Card

• Operator: NGEx Minerals
• Stage: Early Exploration
• Highlights: Recent drilling has intersected high-grade copper-gold-silver breccia zones. It’s emerging as a potential link between Los Helados and Filo del Sol.
• Geological Promise: Possibly an extension or satellite of the Filo system, Lunahuasi adds exploration upside to the district’s overall picture.

Potro Cliffs – Newest Entrant

• Operator: NGEx Minerals
• Stage: Initial Exploration
• Highlight: Announced in 2023, Potro Cliffs is a new porphyry-epithermal target with geophysical similarities to Filo del Sol. Initial results are encouraging, and drilling is ongoing.

Conclusion

The Vicuña Mining District is one of the most exciting and strategically important copper-gold districts under development today. Backed by technical depth, corporate muscle (Lundin & BHP), and geological consistency, this region could easily become a major copper producing region.

The Vicuña Mining District is entering a critical phase as it moves from exploration to large-scale development. Between 2025 and 2027, major construction milestones are expected at Josemaría and Filo del Sol, including early earthworks, road access, and continued permitting. At the same time, detailed engineering studies are assessing opportunities to share infrastructure—such as processing plants, tailings facilities, power lines, and roads—between projects. From 2026 to 2028, updated resource estimates and feasibility studies at Filo, Los Helados, and Lunahuasi will shape the next stage of development, with a strong focus on district-wide efficiencies. Looking toward the mid-2030s, Vicuña could see the integration of multiple operations, including shared processing hubs and coordinated logistics, significantly reducing costs and environmental impact. With the Lundin–BHP joint venture driving capital and strategic alignment, Vicuña is set to become a leading model for cross-border, multi-asset mining development in the Americas.

For the global mining industry, the Vicuña District presents a rare convergence of scale, high-grade resources, and project synergy—all within a compact geographic area. For Argentina, it represents a transformational opportunity to attract foreign investment, create long-term employment, and solidify its position as an emerging copper powerhouse. And for mining suppliers and service providers, it offers a multi-decade pipeline of work across some of the most advanced and exciting copper-gold projects currently in development.

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