mining

BHP and Lundin Mining to acquire Filo for $3.2 billion

Kitco Media
By Michael McCrae
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Updated
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Kitco News - Filo (TSX: FIL) announced today that it agreed to be acquired by BHP and Lundin Mining for C$4.5 billion ($3.2 billion). 

BHP and Lundin Mining will form a Canadian joint venture into which the Filo del Sol copper-gold-silver project and the Josemaria copper-gold project, currently 100% owned by Lundin Mining and located in the San Juan Province of Argentina in the same region as Filo del Sol, will be contributed, allowing for the joint development of the Vicuña district.  BHP and Lundin Mining will each own a 50% interest in the JV following the transaction.

Filo is a Canadian exploration company focused on advancing the Filo del Sol project. Filo del Sol hosts a high-sulphidation epithermal copper-gold-silver deposit associated with a large porphyry copper-gold system. Filo Corp. is part of the Lundin Group of companies.

BHP is the world's largest diversified miner by market capitalization. In the spring, BHP tried to take over Anglo American for its South American copper assets. Deal size topped out at $49 billion. 

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Michael McCrae

Michael McCrae is leading Kitco's coverage of the mining sector. McCrae, who has both an MBA and CMA, knows how to build digital media properties. He was co-founder and publisher of MINING.com, an award-winning news site. Before coming to media, McCrae worked in IT and banking. Please reach out: mmccrae@kitco.com or (514) 670-1383. You can also follow him at @michaelmccrae.

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