Lundin Mining Corporation entered into purchase agreements to acquire an additional 5% interest in the issued and outstanding equity of SCM Minera Lumina Copper Chile, which owns the Caserones copper-molybdenum mine located in Chile, as well as a 30.9% interest in the Los Helados Project and a 0.62% net smelter return royalty on Los Helados from JX Advanced Metals Corporation and affiliates for total consideration of USD 215 million. The additional Caserones interest will contribute immediate free cash flow. Upon closing of the Transaction, Lundin Mining will increase its ownership interest to 75%.
The aggregate purchase price attributable to the Purchase Agreements is USD 215 million payable upon closing of the Transaction and will be funded through the recently expanded revolving credit facility. Closing of the Transaction is cross conditional upon closing each of the Purchase Agreements and subject to customary conditions, including receipt of requisite regulatory approvals, no prohibitive injunctions and execution of ancillary agreements. The Transaction does not require shareholder approval of any of the parties.
The Transaction has been approved by the Board of Directors of both the Company and JX and is expected to close in April 2026.
