Background on Key Figures and Their Relevance
Javier Milei, the President of Argentina, recently held a high-level meeting at the Casa Rosada (Argentine Government House) with key figures from the mining industry. The attendees included Pablo Quirno, Argentina’s Foreign Minister; Jack Lundin, CEO of Lundin Mining; Carlos Ramírez, Vice President and Chairman of the Board at BHP; Ron Hochstein, CEO of Vicuña; and José Morea, Country Manager for Argentina and Chile of Vicuña.
Lundin Mining and BHP are part of Vicuña, a joint venture focused on developing copper, gold, and silver projects in San Juan: Josemaria and Filo del Sol. These projects are significant as they represent substantial investments in Argentina’s mining sector, which has the potential to boost the country’s economy and create jobs.
Meeting Focus: Advancing Reforms and Incentives for Large-Scale Investments
During the meeting, the participants emphasized the importance of continuing to advance the agenda for reforms to accelerate large-scale investments with predictability and clear rules.
“The meeting took place within the framework of Vicuña’s application to the RIGI (Large-Scale Investment Incentive Regime) under the PEELP category, providing an opportunity to share with national authorities the project’s progress, our phased development plan, and our long-term commitment to invest in Argentina,” said Jack Lundin, CEO of Lundin Mining, to El Cronista.
PEELP (Proyectos de Exportación Estratégica de Largo Plazo) is a category that requires a minimum investment of at least $2,000 million in the first two years following regime approval.
Project Vicuña: A Binational Development Asset
The Project Vicuña is a copper, gold, and silver development asset that integrates the Josemaria and Filo del Sol deposits located in San Juan, Argentina, along the Andes mountain range near the border with Chile. As a binational project, all investments under the RIGI are made within Argentina.
Vicuña is currently advancing engineering and technical studies. The company plans to publish an integrated report during the first quarter of the year.
Key Questions and Answers
- Who attended the meeting? The meeting was attended by Argentine President Javier Milei, Foreign Minister Pablo Quirno, Jack Lundin (CEO of Lundin Mining), Carlos Ramírez (Vice President and Chairman of the Board at BHP), Ron Hochstein (CEO of Vicuña), and José Morea (Country Manager for Argentina and Chile of Vicuña).
- What was the main topic of discussion? The primary focus of the meeting was advancing reforms and creating a stable environment for large-scale investments through instruments like the RIGI.
- What is Project Vicuña? Project Vicuña is a copper, gold, and silver development asset integrating the Josemaria and Filo del Sol deposits in San Juan, Argentina. It is a binational project with investments made entirely within Argentina.
- What are the investment requirements under PEELP? Under the PEELP category of the RIGI, companies must commit to investing a minimum of $2,000 million within the first two years following regime approval.
- When will more details about the investment be available? More specifics regarding the total investment amount will be disclosed once Vicuña presents its integrated technical report this year, which is expected to exceed $15,000 million.
