Business
Lundin Mining Completes Joint Acquisition of Filo with BHP and 50% Sale of Josemaria to Form Vicuña Corp.
VANCOUVER, BC, Jan. 15, 2025 /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pleased to announce
About this update from Lundin Mining Corporation
[{"type":"text","content":" VANCOUVER, BC, Jan. 15, 2025 /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation (\"Lundin Mining\" or the \"Company\") is pleased to announce the completion of the joint acquisition (the \"Filo Acquisition\") of Filo Corp. (\"Filo\") with BHP Investments Canada Inc. (\"BHP\"). Concurrently, Lundin Mining and BHP have formed a 50/50 joint arrangement, Vicuña Corp. (the \"Joint Arrangement\" or \"Vicuña\"), holding the Filo del Sol project (\"FDS\") and the Josemaria project. On completion, BHP paid Lundin Mining a cash consideration of US$690 million for a 50% interest in the Josemaria project. Vicuña will create a long-term strategic alliance between Lundin Mining and BHP to jointly develop an emerging copper district with the potential to support a globally ranked mining complex. The proximity of the FDS and Josemaria projects allows for greater economies of scale and increased optionality for staged expansions, as well as the incorporation of future exploration as the district matures. Jack Lundin, Lundin Mining President and CEO, commented \"Thanks to the strong collaboration between BHP and Lundin Mining, today we announce the formation of the newly formed Joint Arrangement, Vicuña Corp. and now enter an exciting new chapter of growth that has the potential to transform Lundin Mining into a top-tier copper producer. Vicuña's newly formed team, with support from its board that is comprised equally of both Lundin Mining and BHP representatives, will work towards several key milestones during the year. \"Vicuña is targeting a mineral resource estimate for both the Filo del Sol and Josemaria deposits within the first half of 2025. This resource estimate will form the basis of an integrated technical report which will outline the development plan for the phased construction of the district. \"The district represents an opportunity to deliver on the world's growing copper needs in a meaningful way, both in terms of scale and operational excellence. The Joint Arrangement is committed to applying international industry standards to each facet of the business, from innovation in technology to the commitment of sustainability and capacity building.\" Filo Acquisition The Filo Acquisition was approved by Filo shareholders on September 26, 2024 and the final court order for the plan of arran...