BHP, Lundin Mining acquire Filo Corp

BHP Canada (ASX: BHP) and Lundin Mining have formed a joint venture (JV) company, Vicuña, following their acquisition of Filo Corp that finalised today.

The 50:50 JV will hold the Filo del Sol (FDS) copper project and the Josemaria copper project located in the Vicuña district of Argentina and Chile.

Prior to completion, Lundin Mining owned 100% of the Josemaria project. At completion, BHP Canada acquired a 50% interest in the Josemaria copper project from Lundin Mining. BHP Canada and Lundin Mining then contributed their respective 50% interests in Filo Corp and the Josemaria project into the JV.

BHP chief executive Mike Henry says the company is pleased to be partnering with Lundin Mining in the Vicuña JV, an exciting new copper growth opportunity for both companies.

“Leveraging the complementary capabilities of Lundin Mining and BHP, the development of Vicuña’s projects aims to deliver substantial value to shareholders, as well as to other stakeholders,” he said.

“The projects will be developed and will operate in line with international industry standards.

“BHP is one of the world’s leading producers of copper, a metal essential to global economic growth, the energy transition and to the rapidly growing demand for data centres to support the harnessing of artificial intelligence.”

BHP’s total cash payment for the transaction was about $3.2b (US$2b).