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Lundin Mining Agrees to Acquire Interest in High Grade Copper/Gold Project from Freeport

Paul, Weiss client Lundin Mining Corporation announced that it agreed to acquire an interest in the Timok project, a high grade copper-gold deposit in Serbia, from an affiliate of Freeport-McMoRan Inc. The Timok project partners are currently Freeport and an affiliate of Reservoir Minerals Inc., and the transaction is subject to Reservoir's right of first offer. Total consideration of up to $262.5 million is payable by Lundin Mining in stages upon the achievement of key development milestones. The transaction is expected to close in the second quarter of 2016, subject to the expiration or waiver of Reservoir's right of first offer and the satisfaction of customary closing conditions.

The Paul, Weiss team included corporate partner Adam Givertz.

March 3, 2016

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