Lundin Mining subsidiary to sell specialty cobalt business.
NORDIC BUSINESS REPORT-July 27, 2021-Lundin Mining subsidiary to sell specialty cobalt business
(C)2021 M2 COMMUNICATIONS http://www.m2.com
Canadian base metals mining company Lundin Mining Corporation (TSX:LUN) (STO:LUMI) revealed on Tuesday that its 24% owned subsidiary Koboltti Chemicals Holding Limited has agreed to sell its specialty cobalt business, Freeport Cobalt.
The business, based in Kokkola, Finland, will be purchased by Jervois Mining Limited for CAD85m in cash and Jervois shares, plus working capital to be determined at closing. Additionally, Lundin Mining and its partners will have the right to receive up to CAD40m in contingent cash consideration based on the future performance of the business.
Freeport Cobalt was regarded as no longer strategic to Lundin Mining following the sale of its interests in Tenke Fungurume in 2016 and the cobalt refinery in Kokkola in...
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