BHP Group Ltd and Lundin Mining Corp have completed their joint acquisition of Filo Corp.

The two mining group first announced the deal back in July. They agreed to jointly buy Filo for about C$4.0 billion. Filo owns the Filo del Sol copper project, located along the border of the San Juan province in Argentina and the Atacama region of Chile.

BHP paid C$2 billion or $1.4 billion in cash at C$33.00 per Filo share. Lundin Mining’s share of the consideration was C$877.8 million in cash and 94.1 million Lundin Mining shares.

In addition, BHP paid Lundin Mining $690 million cash consideration for a 50% interest in the Josemaria project.

Also BHP and Lundin Mining have completed the formation of a 50-50 joint venture to hold the Filo del Sol and Josemaria projects, which are located in the Vicuna district of Argentina and Chile. Lundin Mining owns 100% of the Josemaria project. The joint venture called Vicuña Corp is incorporated Canada.

BHP is trying to find other ways to gain exposure to copper after it failed to take over Anglo American PLC last year.

‘BHP is pleased to be partnering with Lundin Mining in the Vicuna Joint Venture, an exciting new copper growth opportunity for both companies,’ BHP Chief Executive Officer Mike Henry said.

‘Leveraging the complementary capabilities of Lundin Mining and BHP, the development of Vicuna’s projects aims to deliver substantial value to shareholders, as well as to other stakeholders,’ Henry said.

BHP shares were up 0.6% to R 469.02 on Thursday morning in Johannesburg. In Sydney, they closed 0.5% higher at A$39.98 on Thursday.

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