trending Market Intelligence /marketintelligence/en/news-insights/trending/13xm8lou6u0bls0a8enlqa2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In this list

Lundin further extends ROFO period for Freeport's Tenke Fungurume mine stake

Medical IoT Technology in US Hospitals Helps to Reduce Costs and Improve Care

Internet Traffic Spikes By One Third In March

How 37 Years of Default Data Can Prepare Us for the COVID-19 Fallout

US Pushes Pedal To The Metal On Broadband Speeds Ahead Of COVID-19 Outbreak


Lundin further extends ROFO period for Freeport's Tenke Fungurume mine stake

Lundin Mining Corp. has further extended the period to exercise its right of first offer for Freeport-McMoRan Inc.'s indirect stake in TF Holdings Ltd., which controls an 80% interest in the Tenke Fungurume copper-cobalt mine in the Democratic Republic of the Congo, until Oct. 20.

Freeport confirmed the sale of its 70% interest in TF Holdings to China Molybdenum Co. Ltd. in May, for US$2.65 billion in cash and up to US$120 million in contingent consideration.

According to a Sept. 28 report by Mining.com, Lundin Mining's previous extension could indicate a bigger deal in the making involving China Molybdenum and the DRC's state-owned Gecamines SARL, which has a 20% direct ownership in the project, and opposed the deal earlier this week.

Lundin Mining, which holds a 24% interest in Tenke Fungurume, booked a US$772 million impairment on its stake in the property for the second quarter.

Should Lundin Mining work up a deal on the same terms as laid out in the Freeport-China Molybdenum agreement, its interest in the project could be valued at about US$1.2 billion.

The new deal may result in Lundin Mining becoming a major shareholder together with China Molybdenum and Gecamines.