BHP partner says Filo copper discovery is largest in 30 years
[MELBOURNE] BHP's joint-venture partner Lundin Mining declared that the companies' Filo del Sol project in South America to be the largest discovery of copper in three decades, based on new drilling and analysis.
The undeveloped mine contains at least 13 million tonnes of the metal, as well as significant amounts of gold and silver, Lundin said on Sunday (May 4). Drilling is ongoing, and the deposit's estimated size is increasing, it said.
Copper mines are getting harder and much more costly to develop, even as global demand for the metal is projected to increase given its role in the energy transition. That outlook has prompted a wave of mergers in the industry, as well as forecasts for persistent deficits – and higher prices – in the future.
The initial so-called mineral resource 'has highlighted the potential for one of the highest grade undeveloped open-pit copper projects in the world, and one of the largest gold and silver resources globally', chief executive officer Jack Lundin said.
BHP acquired Filo in a US$3 billion deal last year, in partnership with Lundin, to gain ownership of two copper projects known as Filo del Sol and Josemaria, which straddle the Argentina-Chile border.
The pair will take many years and billions of US dollars to develop into new mines. BLOOMBERG
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
an hour ago
- Business Times
Investor rush for India exposure revs up block deals, IPOs
[NEW DELHI] India's market for share sales is warming up after several dull months, as companies and shareholders cash in on a buoyant stock market. The South Asian nation saw US$6.4 billion raised through share sales in May, the highest monthly total since December 2024, according to data compiled by Bloomberg. Block trades worth US$5 billion were the biggest contributors, marking the busiest month for such deals since March last year. The momentum has carried into June, with at least 10 blocks raising US$1.2 billion in the first week alone. Indian stocks are now positioned for more gains after the central bank on Friday delivered a bigger-than-expected interest rate cut and injected further liquidity into the banking system. This has supported a rally that's already underway, with the benchmark NSE Nifty 50 Index rebounding from its April lows, which were triggered by concerns over US President Donald Trump's broad tariffs. 'Right now, investors are saying, 'I need exposure to India – and I need it fast,'' said Sunil Khaitan, a managing director leading financing in India at Goldman Sachs Group. 'Block trades remain the quickest and most efficient way to get that exposure.' The recent torrent of deals stands in contrast to the lull earlier in 2025, when local deals cooled off after a record-breaking year. India even ceded its position to Hong Kong as the world's second-largest market for share sales in the first three months of the year, weighed down by an unexpected slowdown in economic growth and cautious corporate earnings forecasts. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Some of the largest recent block trades include British American Tobacco's US$1.5 billion sale of tobacco manufacturer ITC's shares, Singapore Telecommunications' US$1.5 billion selldown of wireless carrier Bharti Airtel's stock and billionaire Rakesh Gangwal's US$1.4 billion disposal of shares in IndiGo's parent company. Private equity firm Carlyle Group and South Korean automaker Hyundai Motor were also among those paring their India holdings. The flurry of activity with blocks appears to be spilling over to IPOs. HDB Financial Services recently secured a nod from the securities regulator for a first-time sale that could raise US$1.5 billion. Prudential's Indian asset management venture is also nearing a filing for a listing expected to fetch as much as US$1.2 billion, according to people familiar with the matter. Better-than-expected corporate earnings and decent economic growth provide a robust backdrop for deals, which could include billion-dollar IPOs later this year, said Samarth Jagnani, Morgan Stanley's head of global capital markets for India and South-east Asia. 'The second half will be better,' he said. Despite the recovery, Indian deals remain well below last year's US$66 billion record. Total share sales – including IPOs, placements and blocks – have raised US$15.5 billion so far this year, 29% lower from the year-ago period, according to Bloomberg-compiled data. Some IPOs are also moving ahead with tamer valuations: Solar-pump maker Oswal Pumps this week said its IPO was looking to raise US$162 million, lower than what it targeted last year. 'In the last six months, we have passed on several IPOs largely on valuation grounds, even though we liked the businesses,' said Vikas Pershad, Asian equities portfolio manager at London-based asset manager M&G Investments. 'On balance, our patience has helped and in some instances, we've eventually become shareholders in names we initially passed over – and at better levels.' Still, India's share-sale proceeds this year are likely to surpass last year's levels at the current pace, according to Goldman's Khaitan. The pipeline is particularly strong in consumer technology and financial services, where 'growth stories are resonating with both domestic and global institutional investors,' he said. BLOOMBERG
Business Times
an hour ago
- Business Times
Singapore shares rise as trade tensions between China and US ease; STI up 0.1%
[SINGAPORE] Singapore stocks rose on Thursday (Jun 12), amid the world's two largest economies agreeing to de-escalate trade tensions. The blue-chip Straits Times Index (STI) closed 0.1 per cent or 3.15 points higher at 3,922.2. Across the broader market, gainers beat decliners 252 to 236 as 1.3 billion securities worth S$1.2 billion changed hands. The top gainer on the STI was Jardine Matheson , which advanced 1.9 per cent or US$0.85 to US$44.64. The trio of local banks ended the day lower. DBS was down 0.4 per cent or S$0.20 at S$44.67, UOB fell 0.1 per cent or S$0.03 to S$35.09, and OCBC shed 0.1 per cent or S$0.02 to end at S$16.14. The biggest loser on the index was inflight caterer Sats , which lost 1.3 per cent or S$0.04 to finish at S$3.11. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Across Asia, major indices were mixed. South Korea's Kospi rose 0.5 per cent and the Bursa Malaysia Kuala Lumpur Composite Index gained 0.2 per cent. Meanwhile, Japan's Nikkei 225 fell 0.7 per cent and Hong Kong's Hang Seng Index lost 1.4 per cent. Jose Torres, a senior economist at Interactive Brokers, said: 'Markets are soaring following a lighter-than-anticipated consumer price index report that is quelling fears about tariff-related inflation and boosting enthusiasm that the (US Federal Reserve) will cut rates in the next two or three meetings.' He added that bulls are energised by a de-escalation in trade tensions between Beijing and Washington, with American President Donald Trump remarking on Wednesday morning that the relationship between the two economies is 'excellent'.
Business Times
3 hours ago
- Business Times
Singapore needs to embrace Bitcoin to maintain status as financial hub: Jeremy Tan
[SINGAPORE] Singapore needs to welcome Bitcoin-related businesses to maintain its status as a global financial hub, said retired businessman Jeremy Tan at an event on Wednesday (Jun 11). The 34-year-old rose to prominence last month during the general election as one of just two independent candidates, pulling in 36.16 per cent of the votes in Mountbatten SMC. He lost to the People's Action Party's Gho Sze Kee. During the nine-day campaign and on his election website, Tan promoted Bitcoin as an inflation-proof asset that Singaporeans should have. He also proposed several policies, including the creation of a Singapore dollar-denominated Bitcoin exchange-traded fund (ETF). At a fireside chat hosted by cryptocurrency exchange Gemini, Tan said that he believes Singapore will have an advantage in the global economy if the government creates Bitcoin-related laws. 'We need to recognise Bitcoin as a separate entity from other forms of cryptocurrencies,' he told an audience of some 200 people, mostly males in their late teens and early 20s. 'The difference between the previous Bitcoin cycle and the current Bitcoin cycle is that the bad actors are no longer in the market.' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up He referred to former crypto billionaire Sam Bankman-Fried as one of the se 'bad actors'. The American's crypto exchange, FTX, collapsed in 2022, and he is now serving a 25-year sentence for committing fraud; he stole US$8 billion from customers. Saad Ahmed, Asia-Pacific head at Gemini and the host of the fireside chat, pointed out the increasing institutionalisation of cryptocurrency. He said one of the key catalysts of this is the approval of Bitcoin ETFs. As at Thursday, the largest such ETF by market cap, iShares Bitcoin Trust, had a 16.57 per cent year-to-date return. Its market cap stands at US$72.6 billion. Tan said that companies trading Bitcoin earn from the cryptocurrency's volatility, adding that that small and medium-sized enterprises (SMEs) should consider investing their reserves in Bitcoin. 'If we can change the way SMEs think about Bitcoin as a treasury, then we can change the way SMEs become more productive going forward.' He also said that there is a growing market for advisory services for SMEs which wish to invest in the cryptocurrency. 'There are many companies here that want to store (their treasury) in Bitcoin, but they do not know how to structure their business to do so,' he said. He added that unless the Singapore government starts to reform its Bitcoin laws, the advisory services industry will not be able to grow.
