BHP and Lundin Mining seal buyout of copper miner Filo Corp
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The news: BHP and Canadian miner Lundin Mining have completed the acquisition of Toronto-listed copper producer Filo Corp.
The numbers: BHP said its total cash payment for the transaction, first announced in July, was C$2 billion ($2.24 billion) at C$33 per Filo share. Lundin contributed C$877.8 million in cash and 94.1 million in Lundin shares.
BHP Canada also paid Lundin USD690 million ($1.11 billion) in a cash consideration for a 50% interest in its Josemaria copper project.
The context: BHP Canada and Lundin have also formed a Canadian-incorporated joint venture company, Vicuña Corp, which will hold Filo's wholly owned Filo del Sol copper project and Lundin's Josemaria mine, located across Argentina and Chile.
BHP Canada and Lundin each own 50% of the joint venture.
The source: ASX announcement
