CEO of the Canadian mining company confirms that the sale process of the Neves Corvo mines and another in Sweden attracted “many interested parties”. And expects to close the process within six months to a year.
The CEO of the Canadian mining company, Jack Lundin, You don’t want the process to “drag out”, because it’s distracting and time consuming.”. And he confirmed that there are “very interested” analyzing the operations. “We don’t want this to drag on for more than six 12 months ", said Jack Lundin in an interview from Vancouver, In Canada, quoted by Bloomberg agency.
Jack Lundin explained that the two mines were put up for sale because they “ceased to be strategic” for the Canadian mining company. “So we are conducting a process to see if we can get more value from the sale”, said, adding that there are “many interested parties looking at Lundin’s European assets”.
specifically, as ECO said, there are four mining companies that are currently in the race: three Australians (including South32) and also a Swedish (a Boliden). The process of due diligence, not just financial, but also operational, with a view to presenting binding proposals.
A source close to the process – which is being conducted directly from Canada by the Banque de Montreal and a team from Lundin – explained that the Canadians will have favored proposals from the two mines – the Portuguese Neves-Corvo, whose concession belongs to Somincor, and the Swedish Zinkgruvan — in the non binding.
The two mines are Lundin's oldest assets and generated around 19% of revenue last year, and the sales process comes at a time when the Canadian mining company aims batteries at South America.
At the end of July, it announced a partnership with the giant BHP to move towards the purchase of Filo for around three billion dollars, it is planned to create a joint venture to explore copper projects in Argentina.
News: Lidador Notícias/Eco.sapo.pt
