Health and Safety (NYSE:BHP) and Lundin Mining (OTCPK:LUNMF) reported slow Monday evening that agreed to a joint purchase Canadian exploration company Filo (OTCQX:FLMMF) for ~CAD4.1 billion ($2.96 billion), or ~CAD33 per share, in a move to expand its copper resources.

BHP (BHP) and Lundin (OTCPK:LUNMF)) said it would pay ~33 CAD per share ($24) for Filo (OTCQX:FLMMF), representing a 12% premium to the company’s closing share price on the Toronto Stock Exchange on Monday; the companies said Filo shareholders can opt for cash, Lundin shares or a combination of both.

BHP (BHP) and Lundin (OTCPK:LUNMF) will form an equal joint venture to operate the Filo del Sol copper-gold-silver mining project near the Argentina-Chile border, as well as the nearby Josemaria copper-gold mining project owned by Lundin; BHP will pay approximately $690 million for half of the project.

“This transaction is consistent with BHP’s strategy to acquire attractive early stage copper mining projects and to form strategic partnerships with parties where complementary skills and experience can deliver long-term economic and social value,” said BHP (BHP) Chief Executive Officer Mike Henry.

Health and Safety (OHS) is “wanting to augment their visibility in the copper market“, CLSA analyst Baden Moore told Reuters. “The deal shows BHP shareholders that BHP has other strategies to build exposure to copper, although I don’t think it means they’ve definitely moved on from Anglo,” referring to an attempt earlier this year to take over Anglo American for ~$50 billion that was rejected.