Lundin Mining to Acquire Majority Interest in Chile’s Caserones Copper Mine

Paul, Weiss is advising Lundin Mining Corporation in the $950 million acquisition of a majority stake in Lumina Copper, a wholly-owned subsidiary of JX Nippon Mining & Metals Corporation that operates Chile’s Caserones copper mine. The deal will increase Lundin’s exposure to a highly desired base metal crucial to a lower-carbon future.

Under the terms of the deal, Lundin Mining will make an upfront cash payment of $800 million with an additional $150 million in installments over six years to JX. Lundin will also have the right to acquire up to an additional 19% interest in Caserones for $350 million over five years. The transaction is expected to close in the second half of 2023, subject to customary closing conditions, including third-party and requisite regulatory approvals.

The Paul, Weiss team includes corporate partners Ian Hazlett and Adam Givertz; tax partner Matthew Jordan; litigation partner Andrew Gordon; and antitrust counsel Yuni Sobel and Marta Kelly.