Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, August 4, 2023

Article Excerpt

LUNDIN MINING CORPORATION, $11.63, symbol LUN on Toronto, is a Toronto-based producer of copper, zinc, gold, and nickel. It has operations and projects in Argentina, Brazil, Chile, Portugal, Sweden and the U.S. On July 13, 2023, Lundin Mining announced it had acquired 51% of SCM Minera Lumina Copper Chile. Lumina Copper owns the Caserones copper-molybdenum mine in Chile. Lundin paid JX Metals Corporation $800 million (All figures in U.S. dollars except share price) in cash on closing. In addition, it will pay another $150 million in installments over the next six years. Meanwhile, it can acquire an additional 19% of Lumina Copper for $350 million—between July 13, 2024 and July 13, 2029. The Caserones mine produced 69,704 tonnes of copper in the first six months of 2023. In addition, it produced 2,393 tonnes of molybdenum. In the second half of the year, the mine is expected to produce 60,000 to 65,000 tonnes of copper and 1,500 to 2,000 tonnes of molybdenum. Production at…