On March 27, 2023, Lundin Mining Corporation entered into a binding purchase agreement with JX Nippon Mining & Metals Corporation and certain of its subsidiaries (“JX”), to acquire 51% of the issued and outstanding equity of SCM Minera Lumina Copper Chile, a wholly owned subsidiary of JX which operates the Caserones copper-molybdenum mine located in Chile. JX will receive upfront cash consideration from Lundin Mining of $800 million, and in addition, $150 million in deferred cash consideration will be payable by Lundin Mining in installments over a six-year period following the closing date. Lundin Mining will also have the right to acquire up to an additional 19% interest in Caserones for $350 million over a five-year period commencing on the first anniversary of the date of closing.
Cassels is acting for Lundin Mining.