Argentina's Vicuña Submits Copper Projects for Gov't Benefits

Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)

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Summary

BHP and Lundin join the list of companies with projects submitted to Argentina's RIGI program. With Josemaria and Filo del Sol, the number of RIGI applications totals 22 projects.

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RIGI Program Bolsters Argentine Projects

Argentina's Incentive Regime for Large Investments (RIGI) continues to attract companies interested in investing in the South American nation to develop key infrastructure projects. Lundin (Vancouver, British Columbia) and BHP Group (Melbourne, Australia) join the extensive list of those companies with their Josemaria and Filo del Sol deposits, encompassed under Vicuña.

Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project and Plant databases can learn more about these developments--including capacities, investment values and necessary equipment--from lists of detailed reports for projects related to Josemaria and Filo del Sol.

The RIGI is a scheme implemented by the government of Javier Milei aimed at attracting foreign investment to Argentina in exchange for a 30-year stabilization of tax, customs and foreign-exchange terms. Specifically, it includes lower corporate and dividend taxes, gradual exemptions from foreign exchange export settlements, and exemptions from import and export duties.

In exchange, each project must have minimum investments of US$200 million, and owners must invest at least 40% of the total funds within the first two years of the project. The application closure date has been set for July 2026.

Special incentives are offered to long-term strategic export projects (PEELP) with investments of US$2 billion or more.

Lundin and BHP's Vicuña

On December 11, Lundin and BHP announced that their subsidiary, Vicuña Corporation, submitted its Josemaria and Filo del Sol deposits, which together are known as the Vicuña project, for the RIGI under the PEELP program. This would be the first copper filing under PEELP.

The Josemaria deposit is in its pre-construction stage, while Filo del Sol is in exploration. Josemaria is expected to begin production by 2030, with a life of mine of 25 years and a processing rate of 175,000 tons of ore per day.

Excluding Josemaria and Filo del Sol, 20 projects have been submitted to the RIGI. Subscribers can see lists of detailed reports for approved projects and projects under evaluation.

Key Takeaways

• Lundin and BHP submit the first copper RIGI PEELP project.
• The RIGI grants fiscal, legal, and foreign exchange benefits to companies investing in large projects.
• Prior to Vicuña, a total of 20 projects had been submitted to the RIGI.

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