Copper: Vicuña project sets export logistics through Chilean ports

The binational mining project integrating the Josemaría and Filo del Sol deposits has confirmed a key logistics plan, ensuring that its copper will be exported through Chilean territory while relying on Argentina’s large-scale investment incentive regime to secure long-term development.

The plan, detailed in the Integrated Technical Report and presented to President Javier Milei, confirms that copper concentrate will be exported via Chile, while the regulatory and fiscal framework in Argentina will leverage the country’s Régimen de Incentivo a las Grandes Inversiones (RIGI).

The strategy combines logistical competitiveness, regulatory integration under the Binational Mining Integration Treaty, and a long-term, phased investment structure.

From an operational perspective, the “copper route” will start in San Juan province and cross the Andes to port terminals in Chile’s Atacama region, where concentrate will be stored and shipped to international smelters, primarily in Asia.

In the first stage, transport will be by trucks equipped with rotainer systems — sealed containers designed for mineral concentrates — connecting Josemaría to Pacific ports via the Northern Access Road and binational public routes. In the medium term, the Vicuña District plans to:

• Construct an underground slurry pipeline for continuous concentrate transport.
• Develop a desalination plant on the Chilean coast to supply industrial water to the complex.
• Integrate logistics with existing group assets in Chile, such as Candelaria and Caserones, generating infrastructure and service synergies.

This design positions Chile as an export hub and Argentina as an extraction platform under a fiscal incentive regime, creating a model of regional complementarity.

Financial structure and RIGI framework

The financial plan includes a $4.5 billion international credit line to cover the initial construction phase. Development will be staged in three phases:

1. Initial operations at Josemaría (open-pit mine and concentrator).
2. Development of oxide ores at Filo del Sol with differentiated processing.
3. Expansion of the concentrator and sulfide exploitation, consolidating the integrated complex.

The construction schedule is estimated at 40 months, including six months for commissioning and operational calibration.

From a regulatory perspective, participation in RIGI aims to provide fiscal stability, currency predictability and guarantees for large-scale investments. The project will be one of the first test cases for the regime applied to world-class metal mining, alongside full implementation of the Binational Mining Integration Treaty.

Production outlook and global scale

With an estimated 70-year lifespan, the integrated Josemaría–Filo del Sol operation is projected to produce an average of 400,000 tons of copper annually, along with significant byproducts of gold and silver.

Comparatively, this level of production would place the Vicuña District among the largest greenfield assets under development globally, in a context of rising copper demand driven by:

• Energy transition
• Transportation electrification
• Expansion of power grids
• Infrastructure for artificial intelligence and data centers

For Argentina, this represents a structural leap in its mining export profile, historically dominated by gold and silver, and a stronger integration into the critical metals value chain.

Economic impact and employment

During the construction phase, the project anticipates:

• 5,500 direct jobs
• 19,000 indirect jobs
• Fiscal contributions are estimated at approximately $965 million annually in taxes and royalties for Argentina.

Meanwhile, Chile will capture part of the logistical and industrial value through:

• Port infrastructure investment
• Desalination plant
• Industrial aqueducts
• Mining supply chain services in Atacama
• This model consolidates an Andean production corridor with fiscal and productive impact in both countries.

Binational integration and next milestones

Full implementation of the Binational Mining Integration Treaty will be critical to ensure the smooth flow of goods, services, personnel and investments across the border. The timeline includes:

• Updating technical studies
• Publication of a consolidated integrated report by Q1 2026
• Finalization of detailed engineering and financial closure