Major Breakthrough in Copper Mining

Lundin Mining Corp. just announced that the Filo del Sol copper discovery is one of the largest in recent history, boasting an astonishing 13 million tons of this vital metal essential for the global energy shift.

Strategic Partnerships in Prime Locations

Operating the Filo del Sol in tandem with the Josemaria project, both located at the Argentina-Chile border, Lundin is leveraging a partnership with mining giant BHP. Notably, BHP acquired Filo Corp. last year for a striking $3 billion, solidifying their collaborative efforts.

An Unprecedented Opportunity

Lundin Mining’s CEO, Jack Lundin, heralded Filo del Sol as one of the most significant greenfield discoveries in the past three decades. The site is not just a copper powerhouse; it also houses approximately 32 million ounces of gold and 659 million ounces of silver.

Rarity of Major Discoveries

According to insights from MinEx Consulting and BHP, highlighted by Visual Capitalist, Filo del Sol ranks among the largest copper discoveries since 1900. As the exploration landscape shifts, such monumental finds have become increasingly rare, with many companies opting to expand existing operations over venturing into new territories.

Soaring Global Demand

Forecasts suggest that global copper demand could skyrocket by 66% between 2020 and 2040, fueled by the transition to electric energy. The International Monetary Fund projects a growth from 25.9 million tons in 2023 to 39.1 million tons by 2040.

Copper: The Energy Transition's New Gold

Goldman Sachs has dubbed copper as the 'new oil' due to its critical role in renewable energy sectors like wind and solar power, as well as for electric vehicles. Despite its vital importance, the mining industry remains hesitant to significantly ramp up copper production investments, largely due to uncertainties surrounding the pace of the energy transition—even as European governments intensify their commitment to it.