BHP (NYSE: BHP; LSE: BHP; ASX: BHP), the world’s largest miner, is mulling expanding its investments in Argentina’s copper sector, where it already has a presence through its 5% stake in Canada’s Filo Mining (TSX: FIL), the junior developing the Filo del Sol copper-gold-silver project straddling the border with Chile.
Company representatives met with the governor of mineral-rich San Juan province on Tuesday to discuss possible investments in the region, which is recognized as a safe mining destination due to the support for mining activities by locals and authorities.
“We are focused on growing in America and, from that point of view, San Juan presents a great attraction in opportunities,” BHP VP Corporate Affairs Minerals Americas, René Muga, said during a meeting with San Juan governor Sergio Uñac.
Like most major miners, BHP has been increasing its exposure to copper, a metal considered key for the world’s clean energy transition and for which demand is expected to jump by almost 60% over the next two decades.
The high-grade copper oxide zone at Filo Mining’s Filo del Sol project on the Chile-Argentina border. Sources: Filo Mining.
Last month, the mining giant received approval from Brazilian regulators for its acquisition bid of Australian copper-gold producer OZ Minerals (ASX: OZL).
If successful, the transaction would become the largest mining deal in Australia since BHP’s $12.1 billion purchase of Petrohawk Energy in 2011 and it would consolidate the company’s position as one of the world’s largest producers of copper.
OZ Minerals’ interests include the giant Carajás East and West mining complexes in northern Brazil, which includes the Antas, Pedro Blanca and Santa Lúcia copper-gold projects. It also has CentroGold, one of the largest undeveloped gold projects in Brazil.
In Peru, BHP owns the giant Antamina copper-zinc mine as well as Escondida in Chile, the world’s largest copper mine.
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