Newspaper article The Canadian Press

Lundin Mining Has Purchase Option Agreement to Buy 80% Stake in Spanish Mine: Lundin May Buy Majority Stake in Spanish Mine

Newspaper article The Canadian Press

Lundin Mining Has Purchase Option Agreement to Buy 80% Stake in Spanish Mine: Lundin May Buy Majority Stake in Spanish Mine

Article excerpt

TORONTO - Lundin Mining Corp. (TSX:LUN) says it has a purchase option agreement to acquire a majority interest in a Spanish copper project for $79 million.

The Toronto-based miner said Wednesday it has signed a deal with two Spanish companies for an option to buy an 80 per cent stake in the Touro copper project in northern Spain for euro60 million (C$79 million).

The agreement gives Lundin the exclusive option to buy into the project by Oct. 1, pending the completion of due diligence including drilling and other technical work currently being done.

Under terms of the potential agreement, Lundin would pay euro10 million (C$13.2 million), when it exercises its option, a further euro30 million (C$39.4 million) when it makes a construction decision and a final euro20 million (C$26.3 million) at the start of commercial production.

If the deal goes ahead, Lundin and the other owners would form a new joint venture.

Lundin would fund the investment costs of any future construction. …

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