Filo Mining announced today a $79 million (C$100 million) non-brokered private placement in the company by BHP Western Mining Resources International, a wholly owned subsidiary of BHP Group to advance the Company’s Filo del Sol Project.
Filo Mining is a member of the Lundin Group. The Chilean-situated Filo del Sol Project hosts a high-sulphidation epithermal copper-gold-silver deposit associated with a large porphyry copper-gold system. A 2019 prefeasibility study of the company’s project estimated a net present value of $1.28 billion at a discount rate of 8%, US$3.00/lb copper, US$1,300/oz gold, and US$20/oz silver. Upon closing BHP will own approximately 5% of Filo Mining.
Jamie Beck, President and CEO, said “I’m pleased to welcome BHP as our newest shareholder, and believe their investment is a significant endorsement in our project, team, and strategy,” said Beck.
“The Private Placement provided us with an opportunity to raise funds at a premium to market, limit dilution and minimize our financing costs. This secures the next leg of funding required for us to rapidly expand our exploration plans at Filo del Sol as we define this remarkable deposit.”