COPPER: BHP and Lundin Mining complete the acquisition of Filo

BHP and Lundin Mining complete the acquisition of Filo Corp. and the formation of a 50/50 joint venture to progress the Filo del Sol and Josemaria copper projects.

Further to BHP’s announcement on 30 July 2024, BHP Investments Canada Inc. (BHP Canada) and Lundin Mining Corporation (Lundin Mining) have completed the acquisition of Filo Corp., a Toronto Stock Exchange listed company (the Filo Acquisition). Filo Corp. owns 100% of the Filo del Sol (FDS) copper project.

BHP Canada and Lundin Mining have also formed the Canadian-incorporated joint venture company, Vicuña Corp. (the Joint Venture) to hold the FDS copper project and the Josemaria copper project located in the Vicuña district of Argentina and Chile (together with the Filo Acquisition, the Transaction).

BHP Canada and Lundin Mining each own 50% of the Joint Venture.

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 Joint Venture.

BHP’s total cash payment for the Transaction was US$2.0 billion.