JOHANNESBURG (miningweekly.com) – Canadian base metals company Lundin Mining has been granted an extension to September 15 to decide if it wants to make an offer to buy Freeport McMoRan’s stake in TF Holdings, which owns 80% of the Tenke Fungurume copper mine in the Democratic Republic of Congo.
Freeport holds a 70% stake in TF Holdings, with Lundin owning the balance.
Lundin was in May given notice by Freeport that it plans to sell its interest in TF Holdings to China Molybdenum for $2.65-billion. The transaction was, however, subject to a right of first offer from Lundin.
At that time, Lundin had been given until August 8 to make a decision on whether it wanted to buy Freeport’s stake at the same purchase price and on the same terms as those offered by China Molybdenum.
Lundin on Wednesday said it was, in consultation with its legal and financial advisers, continuing to evaluate all its options in connection with its ownership interest in TF Holdings.