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LUMI - Lundin Mining News Story

SEK97.15 -1.2  -1.2%

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Basic Materials
Large Cap
Market Cap £6.14bn
Enterprise Value £6.52bn
Revenue £1.66bn
Position in Universe 120th / 1832

BRIEF-Lundin Mining to buy high grade Eagle nickel/copper mine for $325 mln

Wed 12th June, 2013 9:36pm
June 12 (Reuters) - Lundin Mining Corp  LUN.TO : * To acquire high grade Eagle nickel/copper mine * Says agreed purchase price is approximately US$325 million * Deal with Rio Tinto nickel company, a subsidiary of Rio Tinto PLC to purchase its 100% ownership stake in Rio Tinto Eagle mine * Project construction in Eagle mine is slightly more than 50% complete with initial production expected to commence in Q4 * Says remaining investment by co for 2013 and 2014 to bring Eagle mine into production is estimated at $400 million * Annual production over first three years is expected to average about 23,000 tonnes of nickel and 20,000 tonnes of copper in the mine * Total project capex is estimated at $770 million of which about $355 million has already been spent as of the end of may 2013 * Source text for Eikon  ID:nMKW439a  * Further company coverage  LUN.TO  ((Bangalore Newsroom; +1 646 223 8780))
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