VANCOUVER (miningweekly.com) – Diversified Canadian base metals miner Lundin Mining got a two-week extension to its right of first refusal on US diversified miner Freeport McMoRan’s 70% indirect interest in TF Holdings, which holds 80% of the world-class Tenke Fungurume copper/cobalt mine, in the Democratic Republic of Congo.

This is the second time Lundin won an extension on a bid deadline, after being notified by Freeport on May 9 that it could acquire Freeport's indirect interest in TF Holdings at the same purchase price and on the same terms and conditions as an offer tabled by China Molybdenum for $2.65-billion in cash.

Lundin advised that, in consultation with its legal and financial advisors, it would continue its strategic review in connection with its ownership interest in TF Holdings. Freeport and Lundin each hold a 70% and 30% interest, respectively, in TF Holdings.

Lundin has hired the Bank of Montreal to help it consider its options, which entails allowing the China Molybdenum deal to proceed, supplant the offer, or sell its stake in what is one of the world’s largest copper deposits.

Freeport has been selling assets to deal with about $20.8-billion in debt, as at the end of March. Most recently, Anadarko Petroleum said Monday that it would buy deepwater Gulf of Mexico assets from Freeport McMoRan for $2-billion.

Under pressure from billionaire activist investor Carl Icahn, Freeport has made progress since the start of the year on its asset divestment programme, which has raised over $4-billion in asset sale transactions. Freeport is aiming to reduce its $18.8-billion of net debt to between $13.2-billion and $10.5-billion by the end of 2017.

The TSX-listed stock of Lundin, with a market capitalisation of C$3.56-billion, on Thursday initially rose 2.2%, before falling back 0.6% in afternoon trading to C$4.95 apiece.