BHP Group has discovered world's largest copper deposit in 30 years — Bloomberg

As reported by Bloomberg, the Filo del Sol project of BHP Group and Lundin Mining Corp. in South America is set to become the largest copper deposit discovery in 30 years, based on new drilling and study results.

The undeveloped deposit, according to Lundin Mining Corp. estimates, already contains at least 13 million tons of copper, along with significant gold and silver reserves. Drilling operations continue, with the estimated size of the deposit still expanding.

Developing copper mines has become increasingly difficult and significantly more expensive, the Bloomberg experts noted. That is why forecasts of growing global demand and rising copper prices, coupled with expectations of persistent shortages, have triggered a wave of mergers in the industry.

Last year, BHP Group partnered with Lundin to acquire Filo Corp. for $3 billion, gaining ownership of two copper projects—Filo del Sol and Josemaria—located on the Argentina-Chile border. Developing these new mines will require years of work and billions of dollars.