China MolybdenumCo. Ltd. and Freeport-McMoRanInc. have agreed to grant LundinMining Corp. time until Sept. 15 to bid for Freeport's indirect interestin TF Holdings Ltd., according to a July19 release.
Freeport and Lundin each hold a 70% and 30% stake, respectively,in TF Holdings, which in turn controls an 80% stake in the Tenke Fungurume copper-cobalt mine in the DemocraticRepublic of Congo.
In early May, Freeport soldits 70% interest in TF Holdings to China Molybdenum for US$2.65 billion in cashand up to US$120 million in contingent consideration.
Lundin owns a 24% stake in the Tenke Fungurume project, for whichthe company has been consideringseveral interested buyers.