Argentina and Chile new economic superpowers? Vicuña mineral discovery marks largest copper, gold, and silver find
A major mineral discovery in the Andes Mountains may significantly alter the trajectory of mining in South America. Geologists have identified one of the largest deposits of copper, gold, and silver in the past 30 years, located along the border of San Juan Province, Argentina, and the Atacama Region of Chile.
The site, known as the Vicuña Mineral Resource, is being developed by
Lundin Mining
and BHP. It contains an estimated 13 million tons of copper, 32 million ounces of gold, and 659 million ounces of silver. These figures position it among the largest copper, gold, and silver deposits globally.
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The deposit comprises two major sections: Filo del Sol, which holds more than 600 million tons at a 1.14 per cent copper equivalent, and Josemaria, with nearly 200 million tons at a 0.73 per cent copper equivalent. Industry experts anticipate that the area could become a top-tier global mining district with decades of output potential.
'We see the potential for Vicuña to be not only a significant copper producer but also one of the world's largest gold and silver mines as well,' said Jack Lundin, CEO of Lundin Mining.
Economic growth and strategic positioning for Argentina
The discovery is expected to boost Argentina's economy through job creation, expanded trade, and infrastructure development. With copper playing a vital role in green energy technologies and electric vehicles, Argentina could emerge as a major supplier in global markets.
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Local communities in San Juan Province have expressed optimism about potential benefits, including improvements in healthcare, education, and transportation. Regional authorities hope the mining activity will attract new investment and spur long-term economic development in underserved areas.
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Demand for copper remains strong due to its extensive use in renewable energy systems and electrification. The strategic importance of copper, gold, and silver reinforces Argentina's growing relevance in international mineral supply chains.
Environmental and regional considerations
While the project offers significant economic promise, it also brings environmental and social concerns. The Andes Mountains host fragile ecosystems that could be affected by mining activities. Environmental organizations have urged strict monitoring and mitigation to preserve biodiversity.
Indigenous groups in the region have voiced concerns about the impact on cultural heritage and land rights. Argentine law mandates consultation with local populations before initiating large-scale resource extraction. Project stakeholders are expected to prioritize compliance and transparency as development moves forward.
In response, Lundin Mining and BHP have pledged to implement advanced environmental practices, including real-time environmental monitoring and wastewater treatment, to minimize ecological disruption.
The project is also likely to encourage cooperation across the broader Andean mining corridor, including neighboring countries Chile and Peru. Experts suggest it may result in increased knowledge sharing and labor mobility across the region.
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The substantial gold and silver reserves underscore the deposit's broader importance. Gold remains essential to electronics and aerospace applications, while silver is increasingly used in solar energy and industrial manufacturing.
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