Sneak Preview: Mergers & Acquisitions in Mining Tech with Ivan Gustavino
In this sneak preview, Ax Legal’s Managing Partner Cody McFarlane speaks with Ivan Gustavino, Managing Director at Atrico, who has advised over 100 high-growth companies in mining, industrial tech, and software. With M&A activity heating up, Ivan breaks down what investors and buyers really look for in mining technology companies today.
La Granja has been known in Peru’s mining sector for years, but First Quantum is bringing renewed momentum to one of the country’s most important copper projects. The latest NI 43-101 technical report confirms that La Granja is not just another copper deposit. It is one of the most significant undeveloped copper resources in the world, ranking as the second-largest undeveloped open-pit copper project globally.
Brazil’s tax reform presents both challenges and opportunities. In the short term, the country’s tax system will become more complex as businesses navigate both the existing tax structure and the new VAT-based model. However, in the medium to long term, Brazil will become more predictable and aligned with global standards, making it an increasingly attractive destination for foreign investment.
Chile is one of the most attractive markets in Latin America for mining and industrial technology companies. It is also a market where small operational mistakes can create real delays. On paper, entry is simple. In practice, what matters is how you set up and run the business from day one. Here is what actually makes a difference.
There has been a race in Chile among Direct Lithium Extraction (DLE) technology providers to reach commercial scale. While Chile remains the world’s second-largest lithium producer, its position is increasingly challenged by Argentina. Albemarle’s US$3.1 billion project is set to be the first DLE project at scale in the country, and if it proves more sustainable than traditional evaporation ponds, it could unlock the next wave of projects and investment in Chile.
From May 2026, NR-1 becomes more demanding in practice, with a clear focus on psychosocial risks. Companies are now expected to address issues like stress, burnout, and workplace pressure in the same structured way as physical risks. In simple terms, this moves NR-1 away from a paperwork exercise and into something that needs to work in day-to-day operations.
Chile’s mining sector is starting to build real momentum again. In the past few weeks, the two largest projects submitted to Chile’s Environmental Assessment Service (SEA) since at least 1992 have been filed: a US$7.5 billion expansion by Freeport-McMoRan and a US$5.1 billion project from BHP.
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