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Lundin Mining has announced that it has closed the acquisition of a 100% stake in Mineração Maracá Indústria e Comércio S / A, which owns the Chapada copper and gold mine located in Brazil. The total cash consideration that Lundin paid at closing was $ 800 million.
Lundin Mining says that the previous owner of the mine, Yamana, retains a 2.0% net smelter return on future gold production from Surucas gold deposit. The company also received “a contingent consideration of up to $ 125 million over five years if certain gold price limits are reached and a contingent consideration of $ 100 million for potential construction of a pyrite roaster,” the statement said.
“The addition of Chapada further solidifies Lundin Minings position as a leading producer of intermediate base metals. We look forward to establishing an excellent reputation in Brazil as we work closely with our new employees and shareholders. Leveraging our technical expertise, focus on base metals and financial strength, we believe that new opportunities exist to create significant stakeholder value from this high quality asset, ”said Marie Inkster, President and CEO of Lundin Mining. |
