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Lundin Mining given more time to bid for Freeport stake in DRC project

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.