BATIDERO, Argentina, Feb 9 (Reuters) – In the Andes mountains, more than 4,200 meters above sea level on the border between Argentina and Chile, mining company Vicuña Corp. aims to double its investment this year in one of the world’s biggest copper bets, a company executive said.

Vicuña Corp., formed by Australia’s BHP and Canada’s Lundin Mining, could invest about $800 million this year in the Filo del Sol and Josemaría mines, according to communications director Caterina Dzugala. The two projects could be one of the most important copper developments globally.

“Almost $400 million was invested in 2025 … and we aspire to double that figure this year,” Dzugala said during a visit to the Batidero camp, the project’s operational base in San Juan province.

The projects form the Vicuña district, one of the largest undeveloped copper, gold and silver deposits in the world, according to the company. Vicuña estimates the total investment at $5 billion, although local officials and industry sources put the figure as high as $15 billion.

The company declined to confirm a final total ahead of an integrated technical report due at the end of the first quarter.

Argentina has not produced copper since the Alumbrera mine closed in 2018. It is looking to re-enter the global market as governments and carmakers warn of shortages of the metal critical to electrification.

On a February afternoon, the midsummer sun sets over the Vicuña projects, where the air is still and sudden weather changes are part of daily operations. At this altitude, oxygen levels drop sharply. Visitors must undergo medical checks before traveling to the site.

Geologists classify freshly mined samples as crews make their way along rough mountain roads to the self-contained Batidero camp, built to house more than 1,000 workers in a stark landscape of roaming foxes and vicuñas.

The project is expected to begin production in 2030, with two mines processing concentrated at a central plant in Josemaría, which has an estimated useful life of 25 years.

A STRATEGIC BET

Argentina’s flagship copper development is moving forward as President Javier Milei seeks to attract foreign capital through broad incentives for the mining sector. Vicuña has applied to join the government’s Great Investment Incentives Scheme (RIGI), which offers tax and legal benefits to large export projects.

Together, the deposits contain 13 million measured and 25 million inferred metric tons of copper, along with substantial gold and silver resources, according to the company.

Still, building roads and power lines in the High Andes remains a challenge, with debate over whether the burden should fall on the state or private companies.

For Juan Arrieta, Vicuña’s head of geology, the value of the district lies in what remains to be demonstrated.

“The area of ​​Filo del Sol is four times larger than that of Josemaria,” said Arrieta, adding that the neighborhood “has been described as the greatest discovery of the last 30 years globally in terms of resources.”

(Reporting by Lucila Sigal; Editing by Cassandra Garrison and David Gregorio)