The asset is expected to produce an annual average of 67,000 tons of copper, 159,000 ounces (oz) of gold and 8.65 million oz of silver. “I’m pleased to welcome BHP as our newest shareholder, and believe their investment is a significant endorsement in our project, team, and strategy,” Filo Mining President and CEO Jamie Beck said.

Filo Mining intends to use the proceeds for exploration and development of the Filo del Sol project and for working capital and general corporate purposes. The private placement was expected to close on or before March 11.

Drilling will continue at Filo del Sol throughout 2022. Drilling will be a combination of step-out holes to further test the extent of the sulphide mineralized zones, and resource definition holes to provide a better understanding of the deposit geology and grade distribution. The company was expected to have eight drills active on the Filo del Sol Project by the end of February.

According to Lundin Mining, majority owner of Filo Mining, the project is expected to be an operation equal to or larger in size than its Candelaria mine in Chile. President Lukas Lundin has said the construction of Filo del Sol will cost between $4 billion to $5 billion.