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Lundin Mining Acquires Majority Interest in Chile’s Caserones Copper Mine
- Client News
- July 13, 2023
Paul, Weiss advised Lundin Mining Corporation in its 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. Under the terms of the $950 million deal, Lundin Mining paid JX approximately $800 million, with an additional $150 million in installments to be paid out over six years; Lundin may also acquire up to an additional 19% interest in Caserones for $350 million over the next five years.
In connection with the transaction, Lundin Mining obtained commitments for a three-year term loan of $800 million, with an additional $400 million accordion line of credit option available. The acquisition increases Lundin’s exposure to a highly desired base metal crucial to a lower-carbon future.
The Paul, Weiss team included M&A partners Ian Hazlett and Adam Givertz and counsel Chikara Momota; tax partner Matthew Jordan; litigation partner Andrew Gordon; and antitrust counsel Yuni Sobel and Marta Kelly.