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Monday, October 6, 2014

Canada miner Lundin doubles down on copper with Chilean buy, (TSE: LUN.TO)

Canada's Lundin Mining Corp will purchase Freeport-McMoRan Inc's 80 percent stake in the Candelaria copper mining operation in Chile for at least $1.8 billion, more than doubling its copper output.A potential sale had been rumored in the media for some time, but tax issues were said to have held up the deal."They were looking for a big project and they wanted to get more copper," said Kerry Smith, an analyst at Haywood Securities in Toronto.With the mine already in production, there was "a lot less risk to it," he said.

Lundin Mining Corporation (Lundin) is a diversified base metals mining company with operations in Portugal, Sweden, Spain and Ireland, producing copper, zinc, lead and nickel. Shares of LUN fell by 0.19% or $-0.01/share to $5.33. In the past year, the shares have traded as low as $4.03 and as high as $6.57. On average, 1718080 shares of LUN.TO exchange hands on a given day and today's volume is recorded at 3429679.