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BHP revives copper ambitions with $3bn Filo deal

Joint takeover of Argentine assets with Canada’s Lundin is latest sign of consolidation in mining sector
Anglo American’s El Soldado copper mine in Chile. BHP walked away from a deal in May that would have given it the rival’s South American copper assets

BHP, the world’s biggest miner, and Canada’s Lundin have agreed to acquire South American copper miner Filo in a $3bn deal, in the latest sign of consolidation in the global mining sector.

BHP has been on the hunt for copper assets after it walked away from a £39bn offer for Anglo American in May. That takeover attempt was primarily driven by the Australian company’s desire to acquire the London-listed miner’s copper assets in South America as the metal’s price boomed.

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