Lundin is seeking a project where exploration is complete, which it can take over and build
Lundin Mining Corp is looking to buy more mining assets, Chief Executive Marie Inkster told Reuters on Monday, after the company announced its purchase of a Brazilian copper-gold mine from Yamana Gold Inc for more than US$1 billion.
Lundin resumed its search for copper assets after it lost a hostile takeover battle for rival Nevsun Resources to China’s Zijin Mining Group Co. Ltd. in September. The deal would increase Lundin’s previous copper production outlook for 2019 by 26 per cent, the company said in a statement. “We believe the acquisition of the Chapada Copper Mine in Brazil makes sense for Lundin as it gives them a producing, long life copper-gold mine with growth potential,” Sam Crittenden, an analyst at RBC Capital Markets, wrote in a note.
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