The International Resource Journal: Lundin chief seeks “significant” mine acquisition up to $500mn in 2012

Lundin chief seeks “significant” mine acquisition up to $500mn in 2012
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Nuala  Gallagher on 26 January, 2012 08:59:00
 
IRJ – January 26 –Chief executive Paul Conibear, of Canadian
copper-zinc producer Lundin Mining, says that he plans “to do something
significant this year” and reports state that the miner plans to take on a
new project acquisition to the value of $100 million to $500 million in 2012,
Thursday.
“We’re looking at a few things that are non-public,” Conibear
stated during a telephone interview from Toronto.
“We’re looking off the beaten path.
“Our stock price is still pretty low, so using our stock to acquire a
publicly traded asset right now, paying the premiums and everything, would be
pretty challenging.”
Noting that non-public acquisitions involve a longer process of negotiation, he
said that the company will look at zinc, copper and nickel plays of this nature.
During 2011, takeover interest in Lundin was strong, but to no avail as planned
moves to bag the group failed. Inmet Mining Corp. made its attempt from March,
but left empty-handed after Lundin, seeking alternative options in May, said
that bids on the table weren’t high enough.
Lundin’s diverse multi-project portfolio already spans Portugal, Sweden,
Spain and Ireland, as well as a 25 per cent stake in the Tenke Fungurume copper
and cobalt mine; a project of U.S. group Freeport-McMoRan Copper & Gold Inc. in
the Democratic Republic of Congo.
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