In short: BHP's partner on the ~C$4.1B Filo Corp deal — consolidating scarce, large-scale copper-gold development assets ahead of the supply gap.
Lundin teamed up with BHP on that ~C$4.1 billion purchase of Filo Corp. Two serious miners splitting the bill to grab a single copper project underscores the same point: large, build-ready copper deposits are rare enough that companies will pay a premium and share the cost to secure them.
In short: "The Lundins… I have an incredible amount of respect for" — their BHP-JV copper project in Argentina won't come on until ~2037 (a few hundred kt), illustrating how little new copper is in the pipeline.
Lundin is a copper miner run by a family he deeply respects. He cites their big Argentine copper project (a joint venture with BHP) to make a point about scarcity: even this "big one" won't start producing until around 2037 and will add only a few hundred thousand tons — proof of how little new copper is in the global pipeline.
41:00And demand grows at least 3% a year, which basically means that we need to find a million tons of copper every year. That's the size of four world-class mines. And, you know, you can look at what's in the pipeline. You know, the Lundins, who I have an incredible amount of respect for. I love those guys. Uh they're building a project in Argentina, joint venturing with BHP.
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