Lundin Mining Corporation (TSX:LUN, OMX:LUMI) announced that it will acquire a large scale cobalt chemical refinery in Kokkola, Finland.
As quoted in the press release:
The acquisition will provide direct end-market access for the cobalt hydroxide production from Tenke Fungurume copper/cobalt mine . Lundin Mining will hold an effective 24 percent ownership interest in the joint venture, with Freeport-McMoran Copper & Gold Inc. (NYSE:FCX) holding an effective 56 percent ownership interest and acting as operator of the joint venture, and La Générale des Carrières et des Mines,the Congolese state mining company, holding a 20 percent interest.
Lundin’s President and CEO, Paul Conibear, said:
The acquisition of Kokkola will enable immediate entry and vertical value-added integration to the refined cobalt market and will ensure that all of the cobalt product from Tenke can be processed and sold in a competitive market. We are fortunate to be acquiring a market leader in the cobalt chemical business with a fully operating and staffed refining operation in Finland and significant global sales presence. We are pleased to be extending our partnership with Freeport and Gécamines further into the cobalt market.
Why Have Most Investors Forgotten About Metals - One Of The Safest Investments In The World?Discover everything you need to know to diversify your portfolio with metals. Click below to download a FREE industry report on critical metals investing.
Get My Investing Guide
Click here to download for free