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Lundin Mining and BHP to Acquire Filo and Form a 50/50 Joint Venture to Progress the Filo del Sol and Josemaria Projects
Lundin Mining and BHP to Acquire Filo and Form a 50/50 Joint Venture to Progress the Filo del Sol...
About this update from Lundin Mining Corporation
[{"type":"text","content":"\n\n\n\n Lundin Mining and BHP to Acquire Filo and Form a 50/50 Joint Venture to Progress the Filo del Sol and Josemaria Projects\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n\n\n\n\n\n\n\n VANCOUVER, BC\n \n\n ,\n \n\n July 29, 2024\n \n\n /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI)\n \n Lundin Mining Corporation\n \n (\"Lundin Mining\" or the \"Company\") and BHP have entered into a definitive agreement (the \"Arrangement Agreement\") with Filo Corp. (TSX: FIL) (Nasdaq First North Growth Market: FIL) (OTCQX: FLMMF) (\"Filo\") to jointly acquire 100% of Filo's issued and outstanding common shares (each, a \"Filo Share\") not already owned by Lundin Mining and BHP pursuant to a court-approved plan of arrangement (the \"Filo Acquisition\"). Under the terms of the Arrangement Agreement the offer implies a value of\n \n C$33.00\n \n per\n \n Filo Share\n \n , representing a premium of 32.2% to Filo's unaffected 30-day volume weighted average price (\"VWAP\") up to\n \n July 11, 2024\n \n .\n \n\n Concurrently with the completion of the Filo Acquisition, Lundin Mining and BHP will form a 50/50 joint venture (the \"Joint Venture\") to hold the Filo del Sol project (\"FDS\") and Lundin Mining's Josemaria project. BHP will pay Lundin Mining cash consideration of\n \n US$690 million\n \n as consideration for Lundin Mining contributing the Josemaria project to the Joint Venture. The Joint Venture will create a long-term partnership between Lundin Mining and BHP to jointly develop an emerging copper district with world-class potential that could support a globally ranked mining complex.\n \n\n\n\n Jack Lundin\n \n , Lundin Mining President and CEO, commented\n \n \"This strategic transaction is the key to unlocking the enormous value that the Vicuña District represents. As we partner to acquire Filo del Sol, one of the world's largest undeveloped copper-gold-silver deposits, with its true size yet to be defined, we are very excited about the future of the Company and our role in developing this region. Combined with the Josemar...