Lundin Mining (LUN) on Tuesday said Vicuna Corp., a joint venture with BHP Group (BHP) received approval for the inclusion of the Josemaria and Filo del Sol deposits to the Incentive Regime for Large Investments under the Long-Term Strategic Export Projects (RIGI PEELP) designation in Argentina.
Vicuna is the first copper mining project in Argentina to be granted the more favourable RIGI PEELP status, it added.
Lundin chief executive Jack Lundin, said: "We are very pleased to receive this favourable ruling which represents a significant milestone for the Project. The approval of Vicuna's RIGI PEELP application is an important step forward in advancing one of the world's most important copper districts. Argentina's RIGI regime is designed to attract and accelerate large-scale investment through long-term fiscal stability and transparent regulatory conditions. Under this regime, the Project will benefit from greater investment certainty, further supporting progress toward a final investment decision for Stage 1 before the end of this year. Together with our partner, BHP, we appreciate the constructive engagement and support of the Governments of Argentina and San Juan and look forward to continuing to work collaboratively to unlock the full potential of Vicuna for the benefit of all stakeholders."
Lundin noted development of the Vicuna district is envisioned in a staged approach. Stage 1 encompasses a sulphide mill and the Josemaria deposit, the technical report released on February 16, 2026 estimated an initial capital at $7.1 billion. The RIGI PEELP application capital expenditure number included stage 1 and aspects of Stage 2 (leachable oxides).
Lundin shares closed up $1.40 to $41.25 on the Toronto Stock Exchange.