Lundin Mining Corp has entered into a definitive agreement with Josemaria Resources Inc to acquire all of the issued and outstanding shares of Josemaria Resources through a plan of arrangement for an implied equity value of approximately CAD 625 million. Lundin Mining will acquire 100% of the Josemaria copper-gold project located in the San Juan Province of Argentina. The world-class Josemaria project is a unique opportunity at an advanced stage with a clear path to production. With Josemaria, Lundin Mining positions itself as a major copper producer with a diversified portfolio of high-quality, long-life base metal assets.Once in production, Josemaria is expected to produce on average over 130 000 tpy of copper (Cu), nearly 225 000 oz/yr of gold (Au) and 1 million oz/yr of silver (Ag) annually over a 19-year mine life. This growth would increase the company’s copper production by nearly 50%, and gold production over 140%, compared to guidance for 2022. Josemaria is a top-10 opencast copper asset in the Americas with an estimated 6.7 billion lbs of Cu, 7 million oz of Au and 30.7 million oz of Ag in mineral reserves.Josemaria Resources has been advancing the feasibility-stage project through environmental approvals with the Province of San Juan and has been negotiating commercial and fiscal terms with the San Juan and Federal authorities. Josemaria Resources anticipates these will be finalised in 2022 and has outlined a project timeline of approximately five years to commercial production. The Lundin family has a 30-year track record of successfully developing mutually beneficial relationships in San Juan and Catamarca provinces of Argentina.
Lundin Mining Corp has entered into a definitive agreement with Josemaria Resources Inc to acquire all of the issued and outstanding shares of Josemaria Resources through a plan of arrangement for an implied equity value of approximately CAD 625 million. Lundin Mining will acquire 100% of the Josemaria copper-gold project located in the San Juan Province of Argentina. The world-class Josemaria project is a unique opportunity at an advanced stage with a clear path to production. With Josemaria, Lundin Mining positions itself as a major copper producer with a diversified portfolio of high-quality, long-life base metal assets.Once in production, Josemaria is expected to produce on average over 130 000 tpy of copper (Cu), nearly 225 000 oz/yr of gold (Au) and 1 million oz/yr of silver (Ag) annually over a 19-year mine life. This growth would increase the company’s copper production by nearly 50%, and gold production over 140%, compared to guidance for 2022. Josemaria is a top-10 opencast copper asset in the Americas with an estimated 6.7 billion lbs of Cu, 7 million oz of Au and 30.7 million oz of Ag in mineral reserves.Josemaria Resources has been advancing the feasibility-stage project through environmental approvals with the Province of San Juan and has been negotiating commercial and fiscal terms with the San Juan and Federal authorities. Josemaria Resources anticipates these will be finalised in 2022 and has outlined a project timeline of approximately five years to commercial production. The Lundin family has a 30-year track record of successfully developing mutually beneficial relationships in San Juan and Catamarca provinces of Argentina.
