San Juan Province, Argentina — Canadian mining firm Lundin Mining Corp. has announced a major copper discovery at the Filo del Sol project, marking the most significant find of its kind in Argentina in the past three decades. The undeveloped deposit, part of a joint venture with mining giant BHP under the entity Vicuña Corp., is now estimated to contain at least 13 million tonnes of copper, along with substantial quantities of gold and silver.
According to a company statement released Sunday, ongoing drilling has continued to expand the estimated size of the deposit.
“This initial resource highlights the extraordinary potential of Filo del Sol as one of the highest-grade, undeveloped open-pit copper projects in the world — and one of the largest gold and silver resources globally,” said Jack Lundin, CEO of Lundin Mining.
The announcement comes at a time when copper mining is becoming increasingly challenging and expensive, even as demand surges due to the metal’s critical role in the global energy transition. This dynamic has triggered a wave of industry consolidation, alongside forecasts of long-term supply deficits and rising prices.
BHP and Lundin’s strategic interest in Filo del Sol — as well as the neighboring Josemaría project — reflects a long-term commitment to securing high-quality assets. In 2024, BHP acquired Filo Corp. for US$3 billion, partnering with Lundin to gain control over both projects, which straddle the Argentina-Chile border.
The development of these sites will require years of exploration and permitting, along with billions of dollars in investment, before production can begin.