Lundin Mining (LUN.TO) said on Wednesday that it expects to be able to provide an update on its strategic alternatives process by the end of this month, but cautioned that a sale of the company is not a certainty. "I think we should be in a position to give a pretty good update come the end of this month and give some indication in terms of which direction we're heading and whether a transaction is likely to arise or not," Chief Executive Phil Wright said on a conference call. The diversified base metal miner began to look at strategic alternatives after a proposed tie-up with rival Inmet Mining (IMN.TO) fell apart earlier this year. The deal with Inmet failed after Equinox Minerals (EQN.TO) launched a hostile C$4.7 billion bid for Lundin. Equinox's move prompted Chinese metals trader Minmetals Resources (1208.HK) to make an unsolicited C$6.3 billion bid for Equinox, which recently failed after Equinox agreed to be acquired by the world's top gold miner Barrick Gold (ABX.TO) in a C$7.3 billion deal. Wright said Lundin is continuing to explore all options including a sale of individual assets.
Shares of IMN fell by 0.21% or $-0.02/share to $9.44. In the past year, the shares have traded as low as $8.41 and as high as $12.36. On average, 157953 shares of IMN exchange hands on a given day and today's volume is recorded at 18187.
Shares of ABX fell by 1.09% or $-0.52/share to $47.13. In the past year, the shares have traded as low as $39.67 and as high as $55.74. On average, 9025380 shares of ABX exchange hands on a given day and today's volume is recorded at 2142327.
Source
