Lundin Mining shares fall after company says it will buy Josemaria Resources for $625-million

The Canadian miner said the deal equates to 30 per cent in cash and 70 per cent in Lundin Mining shares. It implies a purchase price of $1.60, a 31.1 per cent premium to Josemaria’s last close, according to a Reuters calculation.Once in production, Lundin said Josemaria is expected to produce on average more than 130,000 tonnes of copper, nearly 225,000 ounces of gold and 1 million ounces of silver annually over a 19-year mine life.

This growth would increase Lundin’s copper production by nearly 50 per cent and gold production over 140 per cent, compared with its 2022 outlook. Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening.

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