Argentina’s Copper Pipeline: Why Suppliers Can’t Ignore it

After years of sitting quietly on the sidelines, Argentina’s copper sector is finally waking up, and the buzz is impossible to ignore. Major projects are moving forward, global players are stepping in, and the country’s vast copper potential is starting to look far more like reality than speculation.

For suppliers and technology companies, this shift opens a rare and valuable window. Argentina isn’t just another copper story; it is one of the world’s last great frontiers, where massive deposits remain largely undeveloped. The scale of these resources points to large, long-life mines capable of sustaining supplier partnerships for decades to come. What makes this moment even more unique is timing: these mines are being designed and built in an era where technology integration is a priority from day one.

Companies that position themselves early will have the chance to influence how projects take shape, what technologies are adopted, and which partners become embedded in the supply chain. The growing pipeline of copper projects in Argentina is too significant to overlook , and with it comes tremendous opportunity for those ready to get in early.

Copper Project Pipeline 

Los Azules – Feasibility advancing with construction targeted for 2026–2027

• Operator: McEwen Copper Inc. (46.4% owned by McEwen Mining; strategic investors include Stellantis and Rio Tinto’s Nuton unit)
• Stage: Feasibility (definitive study expected mid-2025)
• Resources: ~10.2 bn lbs copper (Indicated @ 0.48% Cu) and ~19.3 bn lbs copper (Inferred @ 0.33% Cu), plus molybdenum, silver, and gold credits
• Investment: Estimated US$2.7 bn (US$227 m committed under Argentina’s RIGI program; ~US$2.5 bn additional required)
• Highlight: Among the largest undeveloped copper projects globally, Los Azules aims to be carbon-neutral by 2038, with heap-leach cathode technology reducing water use by ~80% and powered 100% by renewable energy.
• Strategic Note: Feasibility is progressing with heavy investment in drilling, resource modeling, and infrastructure (roads, power lines, camp expansion). Environmental approval secured in late 2024; currently under Argentina’s Large Investment Incentive Regime (RIGI). Construction could start in 2026, with first production expected by 2029–2030.

Josemaría – Awaiting key permits required for construction and operation.

• Operator: Lundin Mining
• Stage: Feasibility / Construction Phase
• CapEx: US$4.1 billion
• 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

El Pachón & MARA – Advancing under Argentina’s RIGI investment framework

• Operator: Glencore
• Stage: Feasibility
• Resources: El Pachón – estimated 6 Bt of ore, ~350,000 t/y copper; MARA – ~1.2 Bt of ore, ~200,000 t/y copper in the first decade
  Investment: US$9.5 bn (El Pachón); US$4.0 bn (MARA); combined US$13.5 bn
• Highlight: Two of the largest undeveloped copper projects in South America, recently submitted under Argentina’s RIGI regime which secures currency protections and other benefits.
• Strategic Note: Glencore has allocated over US$400m (2024–2026) to feasibility and drilling. Once developed, the projects are expected to generate more than 10,000 jobs during construction and 2,500 permanent positions. With strong political support, El Pachón and MARA are positioned to become long-life assets.

Taca Taca – Advancing feasibility with construction targeted for 2025–2026

• Operator: First Quantum Minerals
• Stage: Pre-feasibility / Feasibility
• Resources: ~250,000 t/y copper, 125,000 oz/y gold, 3,500 t/y molybdenum; 32-year mine life
• Investment: Estimated US$3.5 bn
• Highlight: One of Argentina’s largest undeveloped copper-gold-molybdenum deposits, with potential to position Salta Province as a key mining hub.
• Strategic Note: First Quantum is progressing environmental and technical studies while coordinating with authorities on permitting. The project requires major infrastructure (power lines, roads, rail, and fiber optics). Once operational, Taca Taca is expected to generate 4,000 indirect jobs during construction and 2,800 direct jobs in operations.

Filo del Sol – Strengthened by new resource estimate and integration under Vicuña Corp.

• Operator: Vicuña Corporation (BHP 50% / Lundin Mining 50%)
• Stage: Advanced Exploration / Pre-feasibility
• Resources: 606 Mt @ 1.14% CuEq (Measured & Indicated) with ~4.5 Mt copper, 9.6 Moz gold, and 259 Moz silver; additional oxide resources of 434 Mt @ 0.34% Cu and high-grade oxide of 181 Mt @ 1.05% CuEq.
• Investment: Not yet disclosed; integrated development planned with Josemaría
• Highlight: Recognized as one of the most significant copper-gold-silver discoveries in the last 30 years, with a newly identified geophysical anomaly 2.8 km south suggesting further discovery potential.
• Strategic Note: Now part of the Vicuña Corp. JV, Filo del Sol will be advanced in parallel with Josemaría. An integrated technical report is expected by Q1 2026. BHP and Lundin are positioning the deposit as a cornerstone of Argentina’s copper growth pipeline.

Conclusion

Argentina’s mining industry is at a crossroads, defined by immense opportunity but tempered by significant risks. On one hand, the country is experiencing unprecedented momentum: billions in new investments are being announced, projects are advancing under the RIGI incentive regime, and mining exports are climbing steadily, positioning the sector as a central pillar of Argentina’s economic revival.

Yet, optimism is paired with hard realities. Persistent political and economic volatility, from inflation and currency swings to shifting tax regimes, continues to weigh on investor confidence. Infrastructure gaps remain a critical bottleneck, especially for copper projects that demand massive power, water, and transport solutions. And while frameworks like RIGI promise stability, questions over implementation, provincial alignment, and community acceptance still linger. Financing poses another challenge, as Argentina’s sovereign risk often forces companies to shoulder infrastructure costs directly or rely on complex partnerships.

Argentina has all the ingredients to become a global mining powerhouse, but realizing that potential depends on creating an environment where both large and smaller investors feel secure. This is especially true for foreign suppliers, whose technology, expertise, and services are critical to transforming mineral deposits into producing mines.

For these companies, success also requires a functional business environment: the ability to import goods without excessive bureaucracy, make international payments, repatriate profits, and operate within a transparent legal framework that ensures long-term certainty. Without suppliers, projects cannot scale. With them, Argentina can accelerate its path to becoming one of the world’s leading mining jurisdictions.

Ax Legal helps industrial technology, engineering, and service companies to navigate the legal and commercial aspects of operating their business in Latin America. With deep knowledge of the industrial and natural resource sectors, we provide actionable and practical advice to help streamline our clients’ entries into Latin America, improve how they operate in the region, and to protect their interests.

Over the years, our team of legal and commercial advisors have developed a track record of working with companies of all sizes from Australia, Canada, the U.S., and Europe. The one common factor that connects our clients is that they are leaders in their field, providing innovative technologies and services to the industrial sectors.

To better understand how we can support you in the Region, please contact Cody Mcfarlane at cmm@ax.legal