Lundin Mining buys a majority stake in Caserones copper mine in Chile for $950 Million

The owner of Caserones, Japan’s JX Nippon Mining & Metals Corp., will sell a 51 percent interest in the mining operation to the buyer.

In addition, the deal provides the Toronto-based miner the option to spend 350 million dollar over 5 years to acquire a further interest in the copper-molybdenum mine, up to a maximum of 19 percent.

An examination of the company’s asset portfolio. According to JX Nippon Mining & Metals, led to the decision to sell a portion of Lumina Copper, a subsidiary that runs Caserones.

In Nov 2020, the company bought the holdings from its business partners Mitsui & Co & Smelting & Mitsui Mining, becoming the mine’s majority owner.

According to Lundin. The purchase should be completed by June 2023. Caserones is a town in Chile’s Atacama desert, closer to the Argentine border, at an elevation of 4,200 to 4,600 metres above sea level.