BHP and Lundin Mining Join Forces in C$4 Billion Copper Venture

Published 13 hours agoBHP

BHP and Lundin Mining Join Forces in C$4 Billion Copper Venture

BHP Group and Lundin Mining Corporation have finalized their acquisition of Filo Corp., creating a new joint venture named Vicuña Corp. This partnership aims to develop the Filo del Sol and Josemaria copper projects, strategically located along the Argentina-Chile border. The joint venture combines the strengths of both companies in a 50/50 ownership to advance these projects.

The acquisition deal was valued at approximately C$4.0 billion, excluding shares already held by BHP and Lundin Mining. BHP contributed C$2.0 billion (or US$1.4 billion) in cash, paying C$33.00 per share of Filo Corp, while Lundin Mining's contribution included C$877.8 million in cash and 94.1 million shares of its own stock. Vicuña Corp. will capitalize on the proximity of the projects to maximize shared infrastructure and economies of scale.

The creation of Vicuña Corp. reflects a shift in industry trends, as major mining players like BHP are opting to acquire early-stage copper assets to mitigate rising development costs and navigate regulatory challenges. Reuters noted that this move aligns with growing global demand for copper, driven partly by the need for resources in green technology and technological advancements.

Share this article

Twitter Facebook LinkedIn

Recent Articles

Jim Cramer Endorses AMD Amid Strategic Moves and Rising Revenue

Jim Cramer Endorses AMD Amid Strategic Moves and Rising Revenue

29 minutes agoAMD

Jim Cramer, the well-known host of CNBC's 'Lightning Round,' has given a positive endorsement for Advanced Micro Devices (AMD). On March 21, 2024, Cramer expressed his approval by saying, 'I like AMD here. I think AMD has been in the penalty box long enough [buy, buy, buy!].' His comments come amid freshness in the market discussions about AMD's strategic progress and growth potential. AMD has recently announced a strategic partnership with Sony Semiconductor Solutions aimed at advancing LiDAR technology for autonomous vehicles. This collaboration intends not only to enhance the performance of Sony's LiDAR systems but also to establish AMD as a key player in the automotive technology landscape. Additionally, AMD delivered strong financial results in Q2 2024, reporting a revenue increase of 9% to $5.84 billion alongside adjusted earnings per share of 69 cents, surpassing market expectations. Despite these advancements and Cramer's endorsement, AMD's market position, according to Cramer, does not yet rival Nvidia's dominance, particularly within the AI sector. However, AMD's recent moves, including financial growth and strategic collaborations, underline its ambition to strengthen its market presence and technical capabilities.

3G Capital to Acquire Skechers in $9.4 Billion Deal

3G Capital to Acquire Skechers in $9.4 Billion Deal

44 minutes agoSKX

Skechers has struck a deal to be acquired by private equity firm 3G Capital for $9.4 billion. The agreement involves 3G Capital, led by Brazilian billionaire Jorge Paulo Lemann, purchasing the footwear company at $63 per share in cash. This offer represents a 28% premium over Skechers' previous closing price. The announcement of the acquisition had an immediate impact on the market, with Skechers' shares jumping nearly 26% to reach $62.10 in premarket trading. This lively investor reaction underscores the significance of the premium and the confidence in the change of ownership. Once finalized, the transaction will result in Skechers transitioning from a public to a privately held company. According to Reuters, this strategic move by 3G Capital aligns with its history of acquiring well-known brands, signaling a new chapter in Skechers' journey.

DoorDash Set to Announce First-Quarter 2025 Earnings on May 6

DoorDash Set to Announce First-Quarter 2025 Earnings on May 6

59 minutes agoDASH

DoorDash is on track to unveil its first-quarter 2025 earnings on May 6, 2025, sticking with its previously announced schedule. Despite speculation, there is no indication from the company that it plans to release these results a day earlier than planned. Currently, DoorDash's stock is trading at $205.09, reflecting an increase of $8.87 (0.05%) from the previous day's close. Trades are continuing on Monday, May 5, with the latest activity recorded at 12:42:41 UTC. The stock's performance comes amid a routine day in the market as investors await the official release of the company's financials. The anticipation surrounding the financial results comes as DoorDash seeks to maintain its momentum in the competitive food delivery industry. The announcement will offer insights into the company's recent strategies and how they have impacted sales and profitability over the past quarter. Investors and analysts alike are keenly awaiting details that could influence future performance and market positioning.

Peabody Energy Acquisition Faces Hurdles After Moranbah North Mine Fire

Peabody Energy Acquisition Faces Hurdles After Moranbah North Mine Fire

Peabody Energy is reconsidering its proposed acquisition of Anglo American’s Australian coal assets following a significant development at the Moranbah North mine. In November 2024, Peabody agreed to acquire four metallurgical coal mines from Anglo American, with the deal valued at up to $3.78 billion. However, an underground fire in March 2025 at the Moranbah North mine, which led to its closure, has cast doubt over the transaction. The challenges at the Moranbah North mine play a substantial role in the overall valuation of the acquisition. Peabody CEO Jim Grech highlighted the critical nature of resolving these issues for the continuation of the deal. Given the uncertain timeline for the mine to resume production, Peabody has indicated it might exit the deal if solutions are not found within the contractual obligations. Reuters reported that the fire incident has been a cause for concern among investors and stakeholders looking at the acquisition's future. The incident has also attracted the attention of mining regulators, leading to ongoing investigations into the safety and operation standards at the Moranbah North site. Discussions between Peabody and Anglo American continue as both companies work to understand the fire's impact on the acquisition. The decision on whether Peabody proceeds with this major acquisition hinges on how quickly and effectively they can overcome the present challenges at the mine.