Lundin Mining and BHP have agreed to jointly acquire 100 percent of Canadian mining company Filo’s issued and outstanding common shares for C$4.1 billion.
Concurrently, Lundin agreed to form a 50/50 joint venture with BHP to hold Filo’s Filo del Sol project, an early-stage copper development project in Argentina and Chile. Under this arrangement, Lundin also agreed to contribute to the joint venture all of its interests in its Josemaria project, a neighboring early-stage copper project, in exchange for cash consideration from BHP of $690 million.
The projects entail one of the world’s largest undeveloped copper deposits, and through the joint venture, Lundin and BHP plan to develop these properties into one of the world’s largest copper producers.
Lundin is a diversified Canadian base metals mining company with operations and projects in Argentina, Brazil, Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc, gold and nickel. BHP is a leading global resources company and one of the world’s top producers of major commodities, including iron ore, metallurgical coal and copper.
The S&C team advising Lundin on the transaction includes Werner Ahlers, Jonathon Hannah, Virginia Cueva and Andrew Brod. Matt Friestedt and Rebecca Rabinowitz are advising on employment matters. Mark Schenkel and Elianne Schiff are advising on intellectual property matters. Adam Paris is advising on U.S. antitrust matters. Michael Rosenthal, Justin Gibbs, Kolja Ortmann and Chiara Neirotti are advising on global competition matters. Davis Wang and Gregg Rader are advising on tax matters. Alan Fishman is advising on U.S. securities matters. Matt Brennan is advising on environmental matters.