Argentina and Chile Strike Gold - and Silver and Copper - in the High Andes

A discovery deep in the Andes Mountains is reshaping the future of global mining. The newly identified Vicuña Mineral Resource, straddling the border between Argentina’s San Juan Province and Chile’s Atacama Region, is being hailed as one of the most significant mineral finds in decades — and it could change the economic fortunes of both nations.

Geologists estimate the deposit holds an extraordinary combination of metals: 32 million ounces of gold, 659 million ounces of silver and 13 million tons of copper, with a total estimated value exceeding $337 billion. Jointly developed by Lundin Mining and BHP, the site includes the Filo del Sol and Josemaría projects — two sections of a single, vast mineral system that could make Argentina a world-class producer of copper and precious metals.

For decades, Chile has been the undisputed copper capital of the world, while Argentina has remained better known for its agricultural exports. That balance may soon shift. Experts say the Vicuña find could vault Argentina into the top tier of global metal producers within the next decade — diversifying its economy and generating tens of thousands of jobs.

This discovery also comes at a perfect time: global demand and pricing for gold, silver and copper are all rising. Copper is essential for electric vehicles, renewable energy systems and modern infrastructure, while gold and silver remain safe-haven investments amid global uncertainty. With clean-energy transitions accelerating worldwide, the Andes discovery positions both Argentina and Chile as key suppliers in the race for critical materials.

However, turning this mountainous potential resource into tradable commodities won’t be easy. The Vicuña deposits lie high in the remote Andes, where extreme altitude, limited infrastructure and harsh weather pose major logistical challenges. Building new access roads, power lines and processing plants will take years and billions in investment. Environmental concerns also loom large — particularly around water usage and protecting fragile alpine ecosystems.

To address these issues, Lundin Mining and BHP have pledged to employ advanced, sustainable mining practices. Early plans include real-time environmental monitoring, wastewater recycling, and community engagement programs aimed at sharing economic benefits with nearby villages and indigenous groups.

If all goes according to plan, the first phase of production could begin around 2030, ushering in a new era for South American mining. For Chile, it means consolidating its leadership in copper while expanding in gold and silver. For Argentina, it marks the dawn of a new economic chapter — one written in metal and forged in the heart of the Andes.

Credits: Andes image by WeHaKa, CC BY-SA 4.0, via Wikimedia Commons. Map by Google Maps.