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Lundin Mining has hefty M&A appetite for copper, says incoming CEO

By: Reuters     14th September 2018 Canada's Lundin Mining is on the hunt for copper mines and projects and willing to spend up to $3-billion on mergers and acquisitions, its incoming CEO said in an interview on Thursday. But Lundin will stick with its strategy of disciplined bids and a focus on low-risk jurisdictions, Marie... 

Teck's copper project attracts interest before end-Sept deadline - sources

By: Reuters     13th September 2018 Mining companies and commodities trading houses are expected to table first-round offers by a September 28 deadline for a stake in Teck Resources' Quebrada Blanca copper mine expansion in northern Chile, two sources with knowledge of the matter said. Canada's Teck has said a development partner... 

Lundin has no plan to amend Nevsun offer

By: Tasneem Bulbulia     7th September 2018 Canadian firm Lundin Mining has announced that it would not amend its bid for all of the issued and outstanding shares of fellow Canadian miner Nevsun Resources. This comes after Nevsun earlier this week agreed to a friendly C$1.86-billion takeover by Zijin Mining, trumping Lundin's hostile... 

Danakali banks on new investor mood to fund Eritrean mine

By: Reuters     7th September 2018 Fertiliser miner Danakali aims to raise $322-million this year to develop giant potash reserves in Eritrea, industry sources say, banking on Asmara's warmer ties with Ethiopia to help lure investors. The project will test the changing mood in the West towards the isolated nation, sandwiched... 

Copper deal day hits with a flurry of M&A for the hottest metal

By: Bloomberg     5th September 2018 "Everyone loves copper and everyone wants to buy it” has been this year’s mining mantra. Today the ball started rolling. China’s Zijin Mining Group swooped on a huge undeveloped copper mine in Serbia, acting as a white knight to beat out an earlier hostile bid from a Canadian rival. At the same... 

Zijin trumps Lundin with C$1.86bn bid for Nevsun

By: Mariaan Webb     5th September 2018 Canadian miner Nevsun Resources on Wednesday announced that it had agreed to a C$1.86-billion friendly takeover by China’s Zijin Mining, as it seeks to fend off a hostile takeover by Lundin Mining. Zijin will shareholders C$6 a share in cash, representing a 57% premium over the company’s closing... 

Nevsun CEO says several companies expressed interest in miner

By: Bloomberg     10th August 2018 Nevsun Resources says companies in China, Japan and Western countries are among potential white knights that have expressed interest in buying the miner as it seeks to ward off a hostile takeover by Lundin Mining. “Several companies have indicated an interest,” Nevsun CEO Peter Kukielski said... 

Nevsun urges ‘no action’ on hostile bid, reports Q2 results

By: Mariaan Webb     27th July 2018 TSX-listed Nevsun Resources has confirmed that a special committee would consider the C$1.4-billion offer from Lundin Mining – formally tabled on Thursday – and urged shareholders not to take any action before the board makes a formal recommendation. Nevsun, which on Thursday also released its... 

Lundin Mining launches hostile C$1.4bn bid for Nevsun

By: Reuters     26th July 2018 Lundin Mining launched a hostile C$1.4-billion takeover bid for fellow Canadian base metals miner Nevsun Resources on Thursday, saying it had failed to convince Nevsun's board to agree to a friendly deal over the past nine months. Cash-rich Lundin, looking to grow its production, has made five... 

Lundin makes another move to buy Nevsun

By: Mariaan Webb     17th July 2018 Keen to bring the Timok copper project, in Serbia, into its fold, Canadian firm Lundin Mining has announced that it will take a C$1.4-billion offer directly to Nevsun Resources shareholders, after unsuccessful attempts to engage with the company over the past five months. Lundin, which earlier... 

Katanga appoints new COO

By: Simone Liedtke     9th July 2018 TSX-listed Katanga Mining, which is a subsidiary of diversified miner Glencore, has appointed Samuel Rasmussen COO. Rasmussen, who holds a BSc in Chemical Engineering and Petroleum Refining from the Colorado School of Mines, has copper processing and mining experience in large-scale openpit and... 

Euro Sun says Rovina Valley mining licence working its way through Romania govt

By: Henry Lazenby     24th May 2018 TSX-listed project developer Euro Sun Mining reported on Wednesday that the mining licence for its flagship Rovina Valley copper/gold project, in Romania, is working its way through government, with the National Agency for Mineral Resources and the Secretary General of Government (SGG) having... 

Nevsun cites inadequate value, problematic structure in rejecting proposal

By: Henry Lazenby     8th May 2018 Base metals miner Nevsun Resources has publicly broken its silence on the announced C$1.5-billion takeover proposal led by Euro Sun Mining and supported by Lundin Mining. The miner issued a statement on Tuesday, saying the board unanimously rejected four consecutive proposals – three by Lundin... 

Nevsun snubs C$1.5bn Lundin Mining, Euro Sun proposal 4 times

By: Henry Lazenby     8th May 2018 Canadian base metals producer Nevsun Resources remained mum on Monday regarding a C$1.5-billion unsolicited proposal disclosed by suitors Lundin Mining and Euro Sun Mining. Toronto-based Lundin said it had been unable to successfully engage Nevsun in “meaningful discussions” after several attempts. 

North American Palladium makes PGM discovery at Sunday Lake

By: Henry Lazenby     27th March 2018 Winter exploration results from the Sunday Lake platinum-group metals (PGM) deposit, 25 km northeast of Thunder Bay, Ontario, has led to the discovery of new PGM mineralisation in the central part of the property, with extensions to the east, that open up a much larger area for exploration, North... 

eCobalt appoints process manager

By: Creamer Media Reporter      13th March 2018 eCobalt Solutions is accelerating the development of its flagship Idaho project with the appointment of Darby Stacey as the mill and processing manager. Stacey will be responsible for leading all of the company's mineral processing and metallurgical activities in the historic Idaho Cobalt Belt,... 

Lundin stock tumbles on disappointing production outlook

By: Henry Lazenby     1st December 2017 Base metals producer Lundin Mining saw about 21% of its TSX-listed equity wiped out on Thursday after it reported a disappointing long-term production outlook on Wednesday. The Toronto-headquartered company punted significant investments in both the Candelaria copper mine and mill, in Chile,... 

Lundin accelerates exploration at all sites into 2018

By: Samantha Herbst     6th September 2017 TSX-listed base metals miner Lundin Mining’s exploration efforts continue to add significant value to the company’s assets and, in light of improved market conditions, the company plans to accelerate exploration at all mine sites in 2018, as well as advance at least two new copper-focused... 

Lundin swings back into black

By: Henry Lazenby     27th July 2017 Higher metals prices, higher sales volumes and lower operating costs have helped push Canadian diversified miner Lundin Mining back into the black, according to the company’s financial report for the three months ended June 30, published Wednesday. Net earnings from continuing operations for the... 

Berkut to explore World War-era base metals project in Sweden

By: Mariaan Webb     26th July 2017 Australia’s Berkut Minerals has been granted a licence for an advanced, near-mine exploration opportunity in northern Sweden, the company announced on Wednesday. Located on the north-west end of the Skellefteå mineral belt, the Lainejaur project includes a historic nickel, cobalt, copper mine,... 

Metso clinches life cycle services contract renewal at Swedish mine

By: Ilan Solomons     21st July 2017 Base metals miner Lundin Mining’s Zinkgruvan zinc, lead, copper and silver mine in Askersund, Sweden has signed a new life cycle services (LCS) agreement with diversified engineering group Metso. The agreement covers mill lining and related services for five grinding mills and is valid for three... 

Lundin to trade on Nasdaq Stockholm

By: Mariaan Webb     1st June 2017 Canadian base metals miner Lundin Mining has been given approval for listing its shares on Nasdaq Stockholm, with trading set to start next week under the trading symbol ‘LUMI’. Lundin is converting Swedish Depository Receipts (SDRs) to shares for trading on Nasdaq Stockholm and will not be... 

Lundin approves €257m Portugal zinc expansion

By: Mariaan Webb     12th May 2017 Base metals miner Lundin Mining has approved the €256.5-million Zinc Expansion Project (ZEP) at its Neves-Corvo mine, in Portugal, which will more than double the operation’s zinc production. Announcing the results of a positive feasibility study for ZEP, CEO Paul Conibear reported this week... 

Lead mine production to increase to 5Mt

21st April 2017 Global lead mine production is forecast to reach about five-million tonnes by 2020 from 4.57-million tonnes as demand increases, representing a compound annual growth rate of 2.1%, says global research and consulting firm GlobalData, noting the automobile industry as a major demand driver.... 

Congo said to get $100-million to clear China Moly purchase

By: Bloomberg     22nd February 2017 The Democratic Republic of Congo’s state mining company received $100-million as part of a settlement to drop its objections to the sale of the country’s biggest copper mine to Chinese buyers, according to people with knowledge of the agreement. The cash payment was made last month after... 

Friedland’s Ivanhoe soars as market bets on Congo motherlode

By: Bloomberg     31st January 2017 Canada has a new stock-market crush. Ivanhoe Mines, the Vancouver-based company founded by Robert Friedland, is the best-performing stock on the S&P/TSX Composite Index in the past six months as expectations build over its African copper project. 

DRC drops objection to $3.8bn Freeport, Lundin sales

By: Bloomberg     18th January 2017 The Congolese government has dropped objections to Freeport-McMoRan and Lundin Mining’s $3.8-billion combined sales of one of the country’s biggest mines to Chinese companies, bringing an end to an eight-month dispute. Minister of Mines Martin Kabwelulu said by text messages that he had written... 

Institutional challenges overshadow mineralisation

By: Nadine James     2nd December 2016 Prevailing institutional challenges facing Zambia and the Democratic Republic of Congo (DRC) will continue to hinder copper mining in the region if not addressed in a timely and satisfactory manner, says mining and business consultancy Core Africa, a division of Core Consultants. Core Africa... 

Lundin to weigh deals and dividends when Tenke sale closes

By: Bloomberg     16th November 2016 Lundin Mining will consider acquisitions and a regular dividend after it completes the sale of its stake in a giant copper and cobalt mine in the Democratic Republic of Congo, its chief executive officer said. “We’ll consider all viable alternatives of what to do with the cash when it comes in,... 

Another Chinese firm pockets Tenke stake as Lundin sells share for $1.14bn

By: Henry Lazenby     15th November 2016 Canadian base metals miner Lundin Mining has agreed to sell its effective 24% stake in the Democratic Republic of Congo-based Tenke Fungurume mine for $1.14-billion to a Chinese private equity firm, the company said in a statement late Monday. Lundin will sell its 30% indirect interest in... 

Kinross sells 4.7% stake in Lundin

By: Henry Lazenby     27th September 2016 Gold producer Kinross Gold has agreed to sell a 4.7% stake in Lundin Mining to GMP Securities, amounting to 5.5-million common shares at C$5.60 apiece. Kinross on Monday said the deal was part of its portfolio management strategy and would generate C$30.8-million in gross proceeds. 

Freeport investors in DRC limbo as Tenke mine sale drags on

By: Bloomberg     24th September 2016 Freeport-McMoran investors have been learning the difficulties of doing business in the Democratic Republic of Congo, where even trying to leave can be an exercise in frustration. On May 9, the world’s largest publicly traded copper producer announced it would sell its 56% stake in the Tenke... 

Lundin gets another extension on right of first refusal to Freeport’s Tenke Fungurume

By: Henry Lazenby     15th September 2016 Diversified Canadian base metals miner Lundin Mining got a two-week extension to its right of first refusal on US diversified miner Freeport McMoRan’s (FCX’s) 70% indirect interest in TF Holdings, which holds 80% of the world-class Tenke Fungurume copper/cobalt mine, in the Democratic Republic of... 

Lundin affected by low price environment, reports second-quarter loss

By: Anine Kilian     29th July 2016 Canadian base metals company Lundin Mining has reported a net loss attributable to shareholders of $791.2-million for the quarter ended June 30. The loss included a $772.1-million asset impairment on the company's 24% interest in the Democratic Republic of Congo-based Tenke Fungurume... 

Lundin granted extension to decide on Tenke Fungurume buyout

By: Creamer Media Reporter      20th July 2016 Canadian base metals company Lundin Mining has been granted an extension to September 15 to decide if it wants to make an offer to buy Freeport McMoRan’s stake in TF Holdings, which owns 80% of the Tenke Fungurume copper mine in the Democratic Republic of Congo. Freeport holds a 70% stake in TF... 

Low commodity prices changing traditional M&A deal making, as value, volume drop

By: Henry Lazenby     21st March 2016 Low commodity prices are having a big impact on merger and acquisition (M&A) activity, owing to playing such a critical role in determining deal values, professional services firm KPMG partner Jamie Samograd, who focuses on mining in the deal advisory practice, tells Mining Weekly Online.... 

Lundin reports significant Q4 loss as low prices force asset impairments

By: Henry Lazenby     23rd February 2016 Canadian diversified miner Lundin Mining on Monday reported a $377.7-million, or $0.52 a share, fourth-quarter net loss, on the back of a significant decline in metal prices, which forced the company to book impairments on several assets. The net loss compared with a profit of $36.6-million, or... 

Lundin increases copper production guidance for 2016, 2017

By: Creamer Media Reporter      3rd December 2015 An improved production profile at diversified miner Lundin Mining’s 80%-owned Candelaria operation, in Chile, has led to an improvement in the company’s overall copper production guidance for 2016 and 2017, compared with the estimates provided at the end of 2014. Lundin on Wednesday released its... 

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