Lundin Mining Announces Sale of Interest in Kokkola Cobalt Refinery
May 23 2019 - 4:10PM
(TSX: LUN; Nasdaq Stockholm: LUMI) Lundin
Mining Corporation (“Lundin Mining” or the “Company”) is
pleased to announce that Freeport Cobalt, the Company’s joint
venture with Freeport-McMoRan Inc. has entered into a definitive
agreement to sell its cobalt refinery in Kokkola, Finland and
related cobalt cathode precursor business to Umicore for cash
consideration of approximately US$150 million, plus working
capital at the time of close (the “Transaction”). Lundin Mining is
entitled to receive 30 percent of the proceeds of the Transaction.
The joint venture will retain Freeport Cobalt’s fine powders,
chemicals, catalyst, ceramics and pigments businesses.
The Transaction is subject to the completion of
the separation of Freeport Cobalt, the receipt of required
regulatory approvals, and other customary closing conditions. The
Transaction is expected to close by year-end 2019.
About Lundin Mining
Lundin Mining is a diversified Canadian base
metals mining company with operations in Chile, the United States
of America, Portugal and Sweden, primarily producing copper, nickel
and zinc. In addition, Lundin Mining holds an indirect 24% equity
stake in the Freeport Cobalt Oy business, which includes a cobalt
refinery located in Kokkola, Finland.
The information in this release is subject to the disclosure
requirements of Lundin Mining under the EU Market Abuse Regulation.
The information was submitted for publication, through the agency
of the contact persons set out below on May 23, 2019 at 4:10 pm
Eastern Time.
For further information, please contact: Mark
Turner, Director, Business Valuations and Investor Relations:
+1 416 342 5565Brandon Throop, Manager, Investor Relations:
+1 416 342 5583 Robert Eriksson, Investor Relations Sweden:
+46 8 440 54 50
Cautionary Statement in Forward-Looking
InformationCertain of the statements made and information
contained herein, other than statements of historical fact and
historical information, is “forward-looking information” within the
meaning of applicable Canadian securities laws. Such statements
include, but are not limited to, the timing of closing of the
Transaction, the completion of the physical separation of the
cobalt refinery and other assets being sold from the assets being
retained by the joint venture, the receipt of required regulatory
approvals. Words such as “if”, “will be”, “may” and “schedule”,
“expect”, “estimate”, or variations of these terms or similar
terminology or statements that certain actions, events or results
“could” occur or be achieved are intended to identify such
forward-looking information. Although the Company believes that the
expectations reflected in the forward-looking information contained
herein are reasonable, these statements by their nature involve
risks and uncertainties, and are not guarantees of future
performance. Forward-looking information is based on a number of
assumptions, and subject to a variety of risks and uncertainties
which could cause actual events or results to differ from those
reflected in the forward-looking statements. Should one or more of
these risks and uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in forward-looking statements. Accordingly,
readers should not to place undue reliance on forward-looking
statements. The Company disclaims any intention or obligation to
update or revise any forward‐looking statements or to explain any
material difference between subsequent actual events and such
forward‐looking statements, except to the extent required by
applicable law.
Lundin Mining (TSX:LUN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Lundin Mining (TSX:LUN)
Historical Stock Chart
From Apr 2023 to Apr 2024