Something quite important just happened in Argentina that probably many people don't fully grasp. Milei met yesterday with the CEOs of Vicuña Corp to finalize what appears to be the largest foreign direct investment the country has received in recent years. We're talking about USD 7 billion just for the initial disbursement of a binational mining project between Argentina and Chile.

The interesting part here is that this doesn't come out of nowhere. The company, which is a joint venture between BHP (the Australian company operating La Escondida, the world's largest copper deposit), and Lundin Mining from Canada, recently presented its preliminary economic assessment. This allowed them to position themselves for a sanctioning decision by the end of the year, and if everything goes well, production would start in 2030.

But here’s the key point: Vicuña authorities emphasized that without the RIGI — that incentive regime promoted by the government — a foreign direct investment of this magnitude simply wouldn't have been feasible in Argentina. That’s quite revealing about the regulatory environment.

In round numbers, an estimated USD 18 billion for the first 10 years of development. The project is structured in three phases and will produce an average of 395,000 tons of copper, 711,000 ounces of gold, and 22.2 million ounces of silver annually. All of this in San Juan, between the Andes.

What catches my attention is that they are already moving earth. They have two camps with capacity for more than 1,000 people, generate 390 direct jobs and 1,200 indirect jobs. By 2026, they will advance in detailed engineering and have already awarded the first 50 kilometers of a 220-kilometer road that will be built entirely within San Juan.

Context: Argentina stopped producing copper in 2018 when La Alumbrera closed. Meanwhile, Chile exported USD 55,188 million in copper last year, and Peru USD 27,223 million. So this foreign direct investment is no small matter for the Argentine economy. Some analysts say that in terms of revenue, it would be like adding a whole new agricultural complex.

This is one of those news stories that shows how stability and predictability policies can attract serious capital. We’ll have to see if everything materializes as planned, but for now, it’s the kind of move the region needed.