Argentina approves $9.7 bn Vicuña mining project under RIGI

Argentina's government formally approved the Vicuña mining project in San Juan province, designating it as a strategic long‑term export project under the Régimen de Incentivo para Grandes Inversiones (RIGI). The consortium of BHP and Lundin Mining committed an initial US$9.7 billion, with potential total outlays of up to US$18 billion over the next decade. The approval includes a phased disbursement schedule and conditions for early investment to access fiscal and currency benefits.

The Vicuña approval is part of five new RIGI projects announced this week, which together represent US$46.7 billion in investment and the creation of more than 95,000 direct and indirect jobs. Other projects include a US$2.7 billion fertilizer plant by Pampa Energía, a US$360 million gas‑liquid expansion by MEGA, a US$709 million lithium operation by LIEX in Catamarca, and a US$547 million lithium project by South Korea's POSCO in Salta‑Catamarca. Officials said the initiatives will boost exports, generate thousands of jobs, and strengthen Argentina's productive development.