SHARE SALE: HudBay to sell Lundin stake

TORONTO - After a failed takeover bid, HudBay Minerals has agreed to sell its entire 16.7% stake in Lundin Mining t...

TORONTO — After a failed takeover bid, HudBay Minerals has agreed to sell its entire 16.7% stake in Lundin Mining to GNP Securities. The sale is worth approximately $236 million, a $100 million gain before taxes for HudBay. The deal is to close by May 26, 2009. The sale has been approved by Lundin.

 

Commenting on the sale by HudBay, Lundin president and CEO Phil Wright said, "We are advised that there are no large, individual blocks being taken as part of this sale, which indicates that there is currently a high level of interest in the company's stock from wide-ranging sources. We believe this brings the HudBay arrangements to a final satisfactory conclusion."

 

Learn more about these companies at their websites, www.HudBayMInerals.com

and www.LundinMining.com.

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