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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":722,"relatedVideos":723},112469183272040,"1e8cf924-d436-4e98-98fb-e6870551ea9f","BHP and Lundin boost copper exposure with $3 billion Filo acquisition","bhp-and-lundin-boost-copper-exposure-with-3-billion-filo-acquisition","article/bhp-and-lundin-boost-copper-exposure-with-3-billion-filo-acquisition",{"_uid":547,"date":548,"tags":549,"editor":559,"content":569,"excerpt":701,"featured":51,"reporter":702,"_editable":706,"component":707,"seo_title":543,"categories":708,"visibility":715,"author_company":49,"featured_image":716,"seo_description":701,"author_full_name":49,"author_job_title":49,"formattedDate":720,"formattedArticleDate":721},"186c10f6-d87d-4a1d-a125-f61495fa69f4","2024-08-08 00:00",[550,553,556],{"slug":551,"name":552},"argentina","Argentina",{"slug":554,"name":555},"bhp","BHP",{"slug":557,"name":558},"lundin-mining","Lundin Mining",[560],{"slug":561,"name":562,"content":563},"didi-bostock","Didi Bostock",{"job_title":564,"image":565,"bio":567,"linkedin":568},"Editor - Energy Transition & Economics",{"filename":566},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":570,"content":571},"doc",[572,579,584,589,594,599,604,611,616,631,636,641,646,651,656,661,674,679,688,693],{"type":573,"attrs":574,"content":575},"paragraph",{"textAlign":49},[576],{"text":577,"type":578},"BHP and Lundin Mining agreed to a $3 billion joint acquisition of South American copper explorer Filo Corp last week, marking the latest chapter of BHP’s drive to increase exposure to the metal most critical to the energy transition. ","text",{"type":573,"attrs":580,"content":581},{"textAlign":49},[582],{"text":583,"type":578},"The two companies will form a 50/50 joint venture to develop the Filo del Sol project, straddling the Argentina-Chile border, as well as Lundin’s nearby Josemaria project. Under the terms of the deal, BHP will part with $2.1 billion in cash – earmarking $500 million to Lundin for contributing its 100% owned Josemaria project to the venture. ",{"type":573,"attrs":585,"content":586},{"textAlign":49},[587],{"text":588,"type":578},"“This deal demonstrates BHP’s hunger to increase its copper portfolio,” said Ivan Llancas, copper analyst at Benchmark. “These two copper projects are a great example of how BHP has been operating in other mining districts, creating synergies between mining assets to consolidate production.”",{"type":573,"attrs":590,"content":591},{"textAlign":49},[592],{"text":593,"type":578},"The Australian mining giant will be looking to replicate the success of its copper operations in South Australia since the acquisition of Oz Minerals mines last year, having reported a record volume of copper concentrate processed and copper cathode produced at the Olympic Dam smelter across 2023-2024.",{"type":573,"attrs":595,"content":596},{"textAlign":49},[597],{"text":598,"type":578},"“For Lundin this is an opportunity to de-risk its portfolio, harnessing the financial prowess of BHP to drive Josemaria towards first production,” Llancas added.",{"type":573,"attrs":600,"content":601},{"textAlign":49},[602],{"text":603,"type":578},"Nevertheless, the projects do not come without significant challenges. Notably, the location of the mines across two jurisdictions could be a potential source of friction between governments on either side of the border, particularly in regards to royalty payments and electricity usage.",{"type":605,"attrs":606,"content":608},"heading",{"level":607,"textAlign":49},4,[609],{"text":610,"type":578},"Build vs buy",{"type":573,"attrs":612,"content":613},{"textAlign":49},[614],{"text":615,"type":578},"The world’s leading miners are scrambling to secure copper resources, as bullish price forecasts are underpinned by a lack of new mined supply that threatens to slow the global energy transition. As prices broke $11,000 per tonne to reach record highs in May, interest in bolstering copper portfolio’s has only been further amplified this year.",{"type":573,"attrs":617,"content":618},{"textAlign":49},[619,621,629],{"text":620,"type":578},"Indeed, BHP’s latest deal comes hot on the heels of its ",{"text":622,"type":578,"marks":623},"failed $49 billion takeover bid of Anglo American",[624],{"type":625,"attrs":626},"link",{"href":627,"uuid":49,"anchor":49,"target":49,"linktype":628},"https://source.benchmarkminerals.com/article/how-bhps-failed-bid-for-anglo-american-could-impact-the-copper-market","url",{"text":630,"type":578},", backed by the Australian mining giant’s desire to secure Anglo’s prized copper assets in Peru and Chile.",{"type":573,"attrs":632,"content":633},{"textAlign":49},[634],{"text":635,"type":578},"Rather than focusing on project development, miners have largely sought to boost copper production through acquisitions: taking advantage of the emerging supply gap without burdening themselves with project development risks, particularly amidst inflationary pressures and widespread permitting delays in the mining sector.",{"type":605,"attrs":637,"content":638},{"level":607,"textAlign":49},[639],{"text":640,"type":578},"Copper market M&A activity",{"type":573,"attrs":642,"content":643},{"textAlign":49},[644],{"text":645,"type":578},"Here, Benchmark outlines a list of major copper M&A activity since late 2022:",{"type":573,"attrs":647,"content":648},{"textAlign":49},[649],{"text":650,"type":578},"Miners have baulked at the cost of building new projects or have been stung by difficult regulatory environments, with Chinese companies driving the vast majority of new resource development in the last decade. ",{"type":573,"attrs":652,"content":653},{"textAlign":49},[654],{"text":655,"type":578},"However, following a string of recent high-profile M&A failures in the mining sector, BHP and Lundin’s joint venture may indicate that miners may now be warming to the development of early-stage projects. ",{"type":605,"attrs":657,"content":658},{"level":607,"textAlign":49},[659],{"text":660,"type":578},"Argentina attracts first post-RIGI investment",{"type":573,"attrs":662,"content":663},{"textAlign":49},[664,666,672],{"text":665,"type":578},"BHP and Lundin’s joint venture marks the first high-profile deal since ",{"text":667,"type":578,"marks":668},"Argentina passed a new incentive regime for large investments in extractive industries",[669],{"type":625,"attrs":670},{"href":671,"uuid":49,"anchor":49,"target":49,"linktype":628},"https://source.benchmarkminerals.com/article/argentinas-economic-reform-bill-offers-copper-and-lithium-mining-incentives",{"text":673,"type":578}," in July, known as RIGI. ",{"type":573,"attrs":675,"content":676},{"textAlign":49},[677],{"text":678,"type":578},"Despite there currently being no active copper mines in the country, Argentina is considered one of the leading hotspots for new copper resource development globally, boasting a strong pipeline of projects that, until recently, had largely been on hold due to economic and political instability. ",{"type":573,"attrs":680,"content":681},{"textAlign":49},[682],{"type":683,"attrs":684},"image",{"id":49,"alt":685,"src":686,"title":49,"source":49,"copyright":49,"meta_data":687},"","https://lh7-rt.googleusercontent.com/docsz/AD_4nXfQzR99plWHfAqW4Jc5fLvV4IAGEhm-VzJK0E3In1qGNWwMCarwfP2LsFUBTm06WJLFuOvcZxx4CxGHpfYdZBkpBdeHvAYpGtCBWsIIyLrJUFFQJXebUAT5NewsU7oWGOWO7t5QKEJVsm0esnVYkJp1OCpa?key=TFkgA86d8g0eS6o1g0JIbA",{},{"type":573,"attrs":689,"content":690},{"textAlign":49},[691],{"text":692,"type":578},"Should Argentina’s most advanced copper projects come to fruition, Benchmark estimates combined potential annual production could reach over 1.2 million tonnes per year – cementing the country as one of the top 10 producers globally.",{"type":573,"attrs":694,"content":695},{"textAlign":49},[696],{"text":697,"type":578,"marks":698},"To receive Benchmark’s “Copper Weekly” newsletter direct to your inbox simply register your details using the below form:",[699],{"type":700},"italic","BHP and Lundin Mining agreed to a $3 billion joint acquisition of South American copper explorer Filo Corp last week, marking the latest chapter of BHP’s drive to increase exposure to the metal most critical to the energy transition. The two companies will form a 50/50 joint venture to develop the Filo del Sol project, […]",[703],{"slug":561,"name":562,"content":704},{"job_title":564,"image":705,"bio":567,"linkedin":568},{"filename":566},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"186c10f6-d87d-4a1d-a125-f61495fa69f4\", \"id\": \"\"}-->","article",[709,712],{"slug":710,"name":711},"copper","Copper",{"slug":713,"name":714},"critical-minerals","Critical Minerals","private",{"id":49,"alt":685,"name":685,"focus":685,"title":685,"source":685,"filename":717,"copyright":685,"fieldtype":718,"meta_data":719,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/5222d00d80/bm-glencore-copper-anodes-at-lomas-bayas-chile.jpg","asset",{"alt":685,"title":685,"source":685,"copyright":685},"Aug 08, 2024","8th August 2024",[],[],1786723776281]