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Lundin Mining Announces $1.8 Billion Acquisition of Chilean Copper Assets From Freeport-McMoRan
- Client News
- October 6, 2014
Paul, Weiss client Lundin Mining Corporation, a Canadian base metals mining company, announced a definitive agreement with Freeport-McMoRan Inc. to purchase an 80 percent ownership stake in the Candelaria and Ojos del Salado copper mining operations for cash consideration of $1.8 billion and contingent consideration of $200 million. The purchase will be funded by a high yield offering of $1 billion of senior secured notes, a Cdn$674 million equity financing and the sale of a stream on Candelaria's and Ojos del Salado's gold and silver production for a $648 million upfront payment.
The Paul, Weiss team included corporate partners Adam Givertz and Dale Sarro and counsel Stephen Centa and Didier Malaquin; tax partner David Sicular; employee benefits counsel Reuven Falik; environmental counsel William O'Brien; and bankruptcy counsel Diane Meyers.