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Monday, October 6, 2014

Canada miner Lundin to purchase Freeport copper mine in Chile, (TSE: LUN.TO)

Canadian-based miner Lundin Mining Corp said on Monday it has agreed to purchase Freeport-McMoRan Inc's 80 percent stake in the Candelaria copper mining operation in Chile for $1.8 billion in cash, plus some possible upward adjustments. The remaining 20 percent stake will continue to be held by Sumitomo Metal Mining Co Ltd and Sumitomo Corp , Lundin said in a statement.

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.