Lundin acquires additional equity stake in Chilean copper company
Canadian base metals miner Lundin Mining Corporation has completed its acquisition of an additional 5% equity interest in SCM Minera Lumina Copper Chile for $215-million, which takes its ownership to 75%.
SCM owns the Caserones copper and molybdenum mine, in Chile’s Atacama region, as well as a 30.9% interest in the Los Helados project nearby.
SCM is also entitled to a 0.62% net smelter return royalty on Los Helados from JX Advanced Metals Corporation.
The acquisition, which Lundin paid from cash on hand, increases the company’s ownership in Caserones to 75%, which adds attributable copper production of about 6 500 t/y to the company. In turn, the indirect share in the Los Helados project strengthens Lundin’s copper and gold mineral resource base and provides compelling long-term growth optionality.
Lundin continues to operate three mines in Brazil and Chile while its strategic vision is to become a top ten global copper producer.
