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Lundin Mining budgets US$3B for long-life base metals project buy

Lundin Mining Corp. intends to invest up to US$3 billion in a long-life zinc, nickel or copper project as prices are rallying, Bloomberg News reported March 1, citing Chairman Lukas Lundin.

The mining magnate said his preference would be an existing copper project. "I am looking around right now," he was cited as saying. "It would be great to do something by the end of the year."

Lundin would also like to acquire a gold asset in the Americas, estimated to cost US$500 to US$1 billion, and plans to start searching when Lundin Gold Inc.'s Fruta del Norte project in Ecuador is up and running and assuming Newcrest Mining Ltd. is on board. The company has just bought a 27% stake in Lundin Gold.