Canadian Mining Journal


COPPER: Lundin raises $1.1B through Tenke sale to Chinese

DEMOCRATIC REPUBLIC OF CONGO – Toronto’s Lundin Mining Corp. has sold its 24% interest in the Tenke Fungurume copper-cobalt mine for $1.14 billion to a private Chinese equity firm, BHR Partners. The agreement includes a contingent consideration of up to $51.4 million over a 24-month period beginning on Jan. 1, 2018, should the copper price rise to more than $3.50/lb and the cobalt price top $20/lb.

Lundin president and CEO Paul Conibear said, “The decision to sell our minority interest in Tenke has been arrived at following a careful and lengthy consideration of all options open to us. It was a difficult decision, respecting the 20 years of Lundin involvement in Tenke, and the special nature of this world class asset. The sale will enable Lundin Mining to advance its strategy to incrementally grow the company with projects and operations we control, while maintaining a strong balance sheet.”

Lundin retains a portfolio of producing mines including Aguablanca nickel-copper-PGM in Spain, Candelaria iron-copper-gold and Ojos del Salado copper-gold-silver in Chile, Eagle nickel-copper in Michigan, Neves-Corvo copper-zinc-lead in Portugal, and Zinkgruvan zinc-lead-copper in Sweden. The company also holds the Timok advanced copper-gold exploration project in Serbia.

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