Mining giants expand critical mineral acquisitions in South America and Africa

Global mining and energy corporations are aggressively expanding their holdings in critical minerals to support the global energy transition. In South America, Rio Tinto has agreed to acquire Arcadium Lithium in an all-cash deal valued at $6.7 billion, a move intended to bolster its lithium supply through Arcadium’s production sites in Argentina and Australia.

Additionally, BHP and Lundin Mining have formed a 50-50 joint venture to acquire Filo Corp for approximately $3 billion. This partnership aims to develop the Filo del Sol copper-gold project located on the border of Argentina and Chile, securing long-term copper supplies for electrification needs.

In Africa, Mercuria Energy Group is increasing its footprint through strategic investments and agreements. The company signed a marketing and prepayment agreement with Lotus Resources to commercialize 1.3 million kg of uranium from Malawi’s Kayelekera Mine. Mercuria has also expanded its presence in the Democratic Republic of Congo by purchasing responsibly sourced copper and cobalt through a partnership with Enterprise Générale du Cobalt to improve supply chain traceability.