CAPITAL MARKETS

BHP invests in Canadian junior

Strategic investment by multinational provides enough cash for northern Quebec copper exploration

Staff reporter

This article is 5 years old. Images might not display.

BHP has agreed to subscribe for 3.44 million Midland units at C$1.70 for total investment of $5.85 million. Each unit comprises a common share and purchase warrant entitling the holder to buy another share at $2.05 for 18 months.

The investment gives BHP a 5% stake in the company.

"This investment will provide Midland with sufficient funds to advance and develop our copper exploration work in northern Quebec, including our Mythril copper-gold-molybdenum-silver project. We are delighted to welcome BHP as one of our new shareholders," CEO Gino Roger said.

Subject to conditions the placement is expected to close before May.

Last month, Montreal-based Midland started a 2000m first-pass drilling campaign at Mythril. More recently it extended the target's chargeability anomaly over more than 4.4km, coinciding in its western extent with the known Mythril zone over more than 2km by 1.3km, and identifying a new 1.3km-long anomaly to the east.

Midland's equity closed 5.6% or 7c higher in Toronto on Monday at $1.32, capitalising the explorer at $86.37 million.

 

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

editions

Mining Journal Intelligence: Investor Sentiment Report 2025

Exclusive insights into the plans, priorities and preferences of 130+ mining investors and top factors influencing investment decisions in 2025.

editions

Mining Journal Intelligence World Risk Report 2024 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 117 jurisdictions globally, assessed across six risk categories and an industrywide survey.

editions

Mining Company ESG Index: Benchmarking the Future of Sustainable Mining

The Mining Company ESG Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.