representative work

Lundin Mining Acquires Josemaria Resources for an Implied Equity Value of $625 Million


On April 28, 2022, Lundin Mining Corporation acquired all of the issued and outstanding common shares of Josemaria Resources Inc. (“Josemaria Shares”) for an implied equity value of approximately $625 million pursuant to a plan of arrangement under the Canada Business Corporations Act. Pursuant to the arrangement, Josemaria Resources shareholders received, at their election, (i) 0.1487 of a common share of Lundin Mining per Josemaria Share held, plus $0.11 for each whole Lundin Mining share issued to such shareholder; or (ii) $1.60 in cash for each Josemaria Share held; or (iii) any combination thereof, subject to pro-ration based on a maximum cash consideration of approximately $184.5 million and a maximum of approximately 40 million Lundin Mining shares.

Lundin Mining is represented internally by Andrew Hastings, Senior Vice President and General Counsel. Cassels acted as external counsel for Lundin Mining.