Lundin ups investment in Argentine Josemaría project

Bnamericas Published: Friday, November 12, 2021
Lundin ups investment in Argentine Josemaría project

Canadian mining group Lundin announced that it will invest US$4.2bn in the Josemaría copper-gold project in San Juan province, Argentina, targeting first production for 2026. 

During a meeting with Argentine President Alberto Fernández, CEO Adam Lundin said that construction works on the mine are expected to start next year and will last until 2025. Over 5,000 jobs are set to be created during the construction and operation stages, according to a release from the Casa Rosada presidential palace. 

Last September, the miner said in a presentation that it was "finalizing commercial and fiscal terms with federal and provincial authorities."

The original capex for Josemaría was US$3.9bn, but during the meeting, the executives stated that the company will spend an initial US$3.1bn, US$900mn in the subsequent years and US$200mn for closure. 

Josemaría is currently awaiting approval of its environmental impact assessment, which was submitted earlier this year. 

The project’s annual production has been set at 131,000t of copper and 224,000oz of gold over the 19-year mine life. 

The meeting at the Casa Rosada in Buenos Aires was also attended by the minister of economy, Martín Guzmán, and minster of productive development, Matías Kulfas, as well as mining secretary Alberto Hensel and the governor of San Juan province, Sergio Uñac. 

Photo credit: Josemaria Resources

Subscribe to the most trusted business intelligence platform in Latin America. Let us show you our solutions for Suppliers, Contractors, Operators, Government, Legal, Financial and Insurance.

Subscribe to Latin America’s most trusted business intelligence platform.

Other projects in: Mining & Metals (Argentina)

Get critical information about thousands of Mining & Metals projects in Latin America: what stages they're in, capex, related companies, contacts and more.

  • Project: Pingüino
  • Current stage: Blurred
  • Updated: 9 months ago
  • Project: Valle Ancho
  • Current stage: Blurred
  • Updated: 9 months ago
  • Project: Don Sixto
  • Current stage: Blurred
  • Updated: 12 months ago
  • Project: Hierro Indio
  • Current stage: Blurred
  • Updated: 12 months ago

Other companies in: Mining & Metals (Argentina)

Get critical information about thousands of Mining & Metals companies in Latin America: their projects, contacts, shareholders, related news and more.

  • Company: Mapal S.A.  (Mapal)
  • Mapal S.A., created in 1967 as Construcciones Julio César Pallucchini, is an Argentinean company with head office in San Juan which offers bridges and road works construction se...
  • Company: Puna Mining S.A.  (Puna Mining)
  • Puna Mining S.A. is an Argentinean joint venture incorporated in the year 2017 in Salta whose 77.5% interest was acquired in the same year by the Australian mining exploration a...
  • Company: Cerro Cazador S.A.  (Cerro Cazador)
  • Cerro Cazador S.A., a subsidiary of the Canadian Hunt Mining Corporation in Argentina, is a company dedicated to exploring and developing of mining properties in Santa Cruz, Arg...
  • Company: Liex S.A.  (Liex)
  • Liex S.A. (Liex) is a wholly owned Argentinean subsidiary of Neo Lithium Corp. Liex owns the Tres Quebradas (3Q) lithium carbonate project, which encompasses 28.900ha of salt la...
  • Company: Minera Exar S.A.  (Minera Exar)
  • Argentine mining company Minera Exar S.A. is a joint venture of Canada's Lithium Americas Corp. and China's Ganfeng Lithium. Its flagship asset is the Cauchari-Olaroz lithium an...
  • Company: Semi S.A.  (SEMISA Construcciones)
  • Argentine company SEMISA, part of local holding company Rovella Capital, provides services for the mining, oil and gas, and power industries. Its service portfolio includes wate...
  • Pecom Servicios Energía S.A. (PSE) es una empresa argentina fundada en 1947, con sede en Buenos Aires y presencia nacional que ofrece servicios de operación y mantenimiento, y s...