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Lundin Mining eyeing purchase of up to 2 more copper mines


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Lundin Mining eyeing purchase of up to 2 more copper mines

Lundin MiningCorp. is eyeing the purchase of up to two more mines to round outits asset portfolio over the long term, Bloomberg News reported April 8 citingCEO Paul Conibear in an interview.

"We'd like to have five to six operating mines that allhave a decent life and a decent quality," Conibear said. "We havefour now."

The company recently agreed to pay up to US$262.5 million for a stake in theTimokcopper-gold project in Serbia, from Freeport-McMoRan Inc.

That transaction currently hinges on a nod from Freeport'spartner in Timok, ReservoirMinerals Inc.

"If Timok doesn't happen, over the next year or twowe're likely to do other significant things," he said.

The report added that Lundin's criteria for an investmentinclude remaining in its current geographical regions — Europe and theAmericas, and purchasing from large companies.

Other criteria include that the mine must have a minimumproduction of 50,000 tonnes of copper a year within five years, and be cashpositive within that time frame.