Lundin Mining Enters Into Agreement for the Sale of Ozernoe Project
Lundin Mining Corporation a diversified base metals mining company with operations in Portugal, Spain, and Sweden, producing copper, nickel, lead and zinc. In addition, Lundin Mining holds a development project pipeline which includes expansion projects at its Zinkgruvan and Neves-Corvo mines along with its equity stake in the world class Tenke Fungurume copper/cobalt project in the Democratic Republic of Congo today reported that it has completed the sale of its 49% interest in the Ozernoe zinc project in Russia to its former partner, MBC Resources Limited, for gross proceeds of US$35 million. The sale terminates all of Lundin Mining’s rights and obligations related to the project.
Proceeds of $3.5 million have been received upon closing with the balance of $31.5 million payable over 10 months. A write-down of approximately $17 million is anticipated on disposal.
