As outlined in the July 2024 agreement, BHP and Lundin would acquire Filo and its flagship copper asset, Filo del Sol, for total consideration of approximately C$4.1 billion. In addition, the two mining majors would form a 50/50 Canadian-based joint venture to develop the project.
Filo del Sol is located near the copper-rich Atacama Desert, straddling the border between Argentina and Chile. A prefeasibility study on the project outlined a 13-year mine operation with average annual production of 66,000 tonnes of copper, 168,000 oz. of gold and 9.26 million oz. of silver. It has an after-tax net present value (at 8% discount) of $1.31 billion and an internal rate of return of 20%.
Also being added to the joint venture is Lundin’s large-scale Josemaría project in the San Juan, Argentina, about 9 km east of the border with Chile. The project is in the feasibility stage, with a technical report outlining a 19-year mine yielding…
