BHP, Lundin Mining to buy Filo for $4.5 billion, form joint venture for projects

VANCOUVER — BHP and Lundin Mining Corp. have signed a $4.5 billion deal to acquire all of the shares they don't already own in exploration company Filo Corp.

The deal will see Australia-based BHP and Vancouver-headquartered Lundin pay $33 per share, a 12.2 per cent premium on Filo's Thursday closing price.

Shareholders of Filo, a Vancouver-based firm, will be able to choose whether to receive $33 per share, Lundin shares or some combination of cash and shares.

The transaction is expected to close in the first quarter of 2025 but needs shareholder approval and is subject to other customary conditions.

Concurrent to the deal, BHP and Lundin will form a Canadian joint venture compromised of the Filo del Sol and the Josemaria projects around Argentina and Chile.

BHP and Lundin will each own a 50 per cent interest in the joint-venture following the transaction.

This report by The Canadian Press was first published July 30, 2024.

Companies in this story: (TSX:LUN, TSX:FIL)

The Canadian Press