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How Filo Mining advances its big copper project by 'piggybacking' on another

Kitco News

(Kitco News) - Filo Del Sol copper project has synergies with another project 12 kilometers away, said Filo Mining President & CEO Jamie Beck

Beck spoke to Kitco Mining earlier this month at Deutsche Goldmesse in Frankfurt.

Canadian-based Filo Mining (TSX:FIL) is advancing its Filo del Sol project, a high-sulphidation epithermal copper-gold-silver deposit associated with a large porphyry copper-gold system. The project is located in San Juan, Argentina near the border of Chile. The stock is a high-flyer. Even after the commodity downturn this fall, copper developer FIlo Mining is up 45% over the past 12 months. The company has a current market capitalization of $2.24 billion.

Filo Mining is part of the Lundin Group of Companies.

Just 12 km away is Lundin Mining's 100%-owned Josemaría project, which is advancing towards development. The Josemaría project is to be developed as a large-scale open pit mining operation, according to the company's website. As currently envisaged, over 1 billion tonnes of ore will be mined at average diluted head grades of approximately 0.30% copper, 0.22 g/t gold and a strip ratio of 0.98 over a 19-year mine life.

"Josemaria project was just acquired by Lundin Mining at the end of 2021, and so as that project moves forward it is really a great opportunity for us to potentially piggyback on some of the synergies that might exist in terms of them building a power line and roads—all the infrastructure that comes along with a big copper project," said Beck.

In the spring Filo Mining announced a C$100 million investment in the company by BHP Group, which now has a 5% share.

"It's been nice validation of our thesis and the district," said Beck about the BHP investment.

Filo Mining won the CDFund Discovery Award at Deutsche Goldmesse.

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