Canada's Lundin Mining Is Looking For A Strategic Partner For A Copper Project in Argentina

Lundin, a Canadian mining company, is in talks with potential partners in Argentina for a copper project.
Lundin Mining Chief Executive Peter Rocandell said Tuesday the company could sell a majority stake in the Josemaria project in SAN Juan province to a mining company or a minority stake to a Japanese trading company as it seeks financing. He added that if Lundin struck a deal with another mining company, it was more likely that the other party would want a controlling position.
Big mining companies are looking to buy copper assets as demand for the battery metal accelerates in the clean energy transition. Mining giants BHP Billiton, Rio Tinto and Glencore are all actively looking to add copper assets, while precious metals giants such as Barrick Gold have expressed interest in adding more copper assets.
Mr Rocandell said Lundin Mining's $950m acquisition of a majority stake in a Chilean copper mine had given the company more time to decide how to proceed with the Josemaria project. 'People will realize that this acquisition does immediately enhance the company's free cash flow, which is good for the company in the long run,' he said.
Lundin acquired Josemaria in 2021 for $483 million and expects average annual production of 130,000 tonnes over the 19-year mine life of the project. It is expected to begin operations in 2026.