BHP Group’s Vicuna joint venture with Lundin Mining has officially submitted its application to Argentina’s RIGI PEELP regime. This covers the Josemaria and Filo del Sol projects. BHP Group is a leading global resources company that extracts and processes minerals, oil, and gas from its production operations located primarily in Australia and the Americas. Lundin Mining is a diversified Canadian base metals mining company with operations in Brazil, Chile, Portugal, Sweden and the United States.
RBC Capital Markets analyst Kaan Peker views the submission as a procedural step rather than a significant risk reduction. Peker noted that the application does not guarantee fiscal benefits at this stage. Approval is contingent on a government review process, the timing of which remains uncertain, and alignment with an integrated technical report anticipated in the first quarter of 2026.
According to Peker, while the application signals ongoing engagement with both federal and provincial authorities, it doesn’t immediately enhance project economics, certainty, or timelines. Consequently, RBC Capital Markets considers the update neutral for BHP, with no change relative to previous expectations.
The Vicuna joint venture is transitioning from a discovery-driven phase toward a more structured development pathway. First production is still projected around 2030, dependent on the completion of the integrated technical report. The application to Argentina’s RIGI PEELP regime marks a step forward in this process, albeit one that requires further government evaluation and alignment with upcoming technical assessments.
