Lundin Mining ups Caserones ownership to 70%

Lundin Mining said it has opted to exercise its option to acquire an additional 19% interest in its equity position for SCM Minera Lumina Copper Chile, or Lumina Copper, owner of the Caserones copper-molybdenum mine in Chile.

The deal with JX Advanced Metals Corporation carries a price tag of $350 million. Closing is expected on or around 2 July.

The cash transaction now gives Lundin a 70% ownership in Caserones.

President and CEO Jack Lundin said it is glad to expand its holding of what he called a long-life operation that will boost its presence in the region and strengthening its overall copper-dominant portfolio.

“Exercising our option early provides significant benefits to both parties: we secure additional copper production at an attractive acquisition price, while our partners receive an upfront payment and retain a meaningful 30% equity position in Caserones. This strategic move underscores our commitment to disciplined, scalable copper growth,” he added.

Caserones’ production guidance for 2024 is 120,000-130,000 tonnes of copper and 2,500-3,000 tonnes of molybdenum on a 100% basis. Annual production guidance for Caserones on a 100% basis for both 2025 and 2026 is 125,000-135,000 tonnes of copper.

Caserones is located in the Vicuña District, an emerging world-class copper belt.

Canadian-based Lundin has operations and projects in Argentina, Brazil, Chile, Portugal, Sweden and the United States, primarily producing copper, zinc, gold and nickel.


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