Lundin Mining (LUN.TO) said on Wednesday that it expects to be able to update shareholders by the end of this month on discussions to sell all or part of the company, but cautioned that a deal 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 C$9 billion tie-up with Canadian rival Inmet Mining (IMN.TO) fell apart in March. The failed deal with Inmet kicked off an M&A frenzy among mid-tier base metal miners. The proposed "merger of equals" fell apart after Equinox Minerals (EQN.TO) launched a hostile C$4.7 billion bid for Lundin.
Shares of IMN fell by 0.53% or $-0.05/share to $9.41. 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 49698.
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