BHP Billiton (ASX: BHP), the world's largest mining company, wants to expand its exposure to Argentina's copper sector, where it already has a presence through its 9.9% stake in Canada's Filo Mines (TSX: FIL), the junior developer of the Filo del Sol copper and gold project across the Chilean border.
Company representatives met with the governor of SAN Juan on Tuesday to discuss possible investments in the mineral-rich province. SAN Juan province is considered a safe mining destination due to the support of the authorities and local people for mining activities.
"We are focused on growth in the United States, and from that perspective, SAN Juan offers tremendous opportunity attraction," BHP's vice president of corporate Affairs for Minerals Americas, Rene Muga, said during a meeting with SAN Juan Governor Sergio Unac.
BHP, like most big miners, has been increasing its exposure to copper. Copper is a key metal in the global clean energy transition, with demand expected to grow by nearly 60 per cent over the next 20 years.
Last month, the mining giant won Brazilian regulatory approval for the takeover of Australian copper and gold producer OZ Minerals (ASX: OZL).
If successful, the deal would be the biggest mining deal in Australia since BHP bought Petrohawk Energy for US $12.1 billion in 2011 and would cement the company's position as one of the world's largest copper producers.
OZ Minerals' interests include the large Carajas East and West mining complex in northern Brazil, which includes the Antas, Pedro Blanca and Santa Lucia copper-gold projects. It also owns CentroGold, one of the largest undeveloped gold projects in Brazil.
In Peru, BHP owns the huge Antamina copper and zinc mine and Chile's Escondida, the world's largest copper mine.
