Lundin Mining Corp. has hailed its Filo del Sol copper discovery as one of the largest in recent history, with an estimated 13 million tons of copper. This is a key metal for the global energy transition.
The company operates the Filo del Sol project, along with the Josemaria copper project, located between Argentina and Chile, in a joint venture with mining giant BHP. BHP purchased Filo Corp. for $3 billion last year, alongside Lundin.
Lundin described Filo del Sol as “one of the most significant greenfield discoveries in the last 30 years.” The discovery also includes an estimated 32 million ounces of gold and 659 million ounces of silver.
Jack Lundin, CEO of Lundin Mining, stated that the resource estimate highlights the potential for one of the highest-grade, undeveloped copper projects globally, along with one of the largest gold and silver deposits in the world.
According to data from MinEx Consulting and BHP, Filo del Sol ranks among the largest copper discoveries since 1900. Such major findings have become increasingly rare, as mining companies often focus more on expanding existing operations than on new exploration.
Global copper demand is expected to surge by 66% between 2020 and 2040, driven by the shift to electric energy, according to the International Monetary Fund. Demand is projected to rise from 25.9 million tons in 2023 to 39.1 million tons by 2040.
Goldman Sachs has referred to copper as the “new oil” due to its essential role in industries like solar and wind power, as well as electric vehicles. However, despite the increasing demand, many mining companies have been hesitant to invest in new copper production due to uncertainties around the energy transition, even though many European governments remain strongly committed to it.
Related Topics:
- Traders Eager to Reenter Russian Crude Market, But the Door Remains Closed
- Oil Prices Rise Due to Venezuela Tariffs
- Iraq Gives BP Final Approval for Kirkuk Oil Development