Lundin in talks to offer Josemaria stake to Japanese group: report

Base metals miner Lundin is reportedly in discussions with Japanese trading houses and large miners to turn over between a 40% and 50% stake in its Josemaria copper-gold operation in Argentina.

CEO Jack Lundin said in a Reuters interview that it is conducting risk analysis before finalizing plans with its strategic partners for Josemaria’s development.

The executive, who was just named CEO this week with an effective date in January, said an announcement is expected to be made in 2024.

The company previously said development of Josemaria could cost $3.1 billion.

“We would like to come to the market with a plan for executing the development of the project which will likely entail partnership in order to help us dilute risk and carry support with capital, technical and political support,” Lundin said in the interview, though he noted that the company is open to negotiations.

“We are for now comfortable with our liquidity position and would consider financing options for specific projects,” he added.

Per Reuters, the miner is also watching the downward trend in copper prices, anticipating that if the prices fall below $3.60 per pound, it could force some miners to cut production. However, he said there are no plans to halt production “at the moment” as it is “looking at bringing down costs…and really trying to weather the storm that we are in.”

Source: Reuters (Exclusive: Lundin in talks with Japanese trading houses to develop Argentina mine, CEO says | Reuters)

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