Lundin Acquires Eagle Mine in US$315-million Deal

Lundin Mining Corp. (TSX:LUN) closed its acquisition of Rio Tinto Nickel Company’s high-grade Eagle nickel-copper mine; the company paid US$315 million for the property.

As quoted in the press release:

Total cash consideration paid at closing by the Company was approximately US$315 million, consisting of a US$250 million purchase amount plus project expenditures from January 1, 2013 until transaction closing of US$65 million, subject to minor adjustments to reflect actual project expenses. The acquisition has been entirely funded from Lundin Mining’s current net cash balance and its existing $350 million revolving credit facility. The purchase price reflects project expenditures from Jan 1, 2013 to closing being lower than previously anticipated due to an earlier than expected closing date.

Click here to read the full Lundin Mining Corp. (TSX:LUN) press release.