Lundin mining announces South America's largest copper discovery in 30 years
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Lundin Mining Corp, in partnership with BHP Group, has revealed the largest copper discovery in three decades at its Filo del Sol project in South America.
The undeveloped mine, located along the Argentina-Chile border, is estimated to contain at least 13 million tons of copper, along with significant gold and silver deposits.
The discovery is based on new drilling results and ongoing analysis, with further exploration likely to expand the deposit's size.
According to Lundin's CEO, Jack Lundin, the project has the potential to become one of the world's highest-grade undeveloped open-pit copper projects, as well as one of the largest gold and silver resources globally.
Copper, a critical metal for the energy transition, is increasingly difficult and costly to mine.
This challenge, paired with rising global demand for copper, has led to a surge in industry mergers and a forecast of future copper deficits, pushing prices higher.
Filo del Sol is part of a US$3 billion acquisition by BHP, which gained control of Filo Corp and its associated copper projects, including Filo del Sol and Josemaría.
While it will take years and billions of dollars to develop these projects into operating mines, the discovery represents a significant step in addressing global copper supply concerns.
Lundin Mining and BHP's partnership aims to capitalize on the growing demand for copper and other critical metals as part of the global shift toward sustainable energy.
However, challenges in developing copper mines remain, with cost and environmental concerns shaping the future of the mining sector.
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