Deals
Freeport to Sell Stake in Copper Mine to Lundin for $263 Million
- Lundin will acquire interest in Timok prospect in Serbia
- Agreement adds to 2014 deal for Freeport's Candelaria complex
Lundin Mining CEO: Enough Acquisitions for Now
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Freeport-McMoRan Inc.’s agreed to sell part of its stake in a copper-gold project in Serbia to Lundin Mining Corp. for as much as $263 million, as part of its drive to offload assets to cut its debt by about $5 billion.
The current partners in the Timok project are Freeport, who’s the operator, and an affiliate of Reservoir Minerals Inc., Toronto-based Lundin said Thursday in a statement. The deal is expected to close in the second quarter, if Reservoir Minerals declines to exercise a right of first refusal, Lundin said.