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@newstrackerLundin $LUN – artisanal miners rush to Tenke Fungurume
- 13 clandestine miners have been killed in at the Tenke Fungurume mine site last week following an invasion of the property by artisanal miners.
- The timing of this artisanal rush to the Tenke Fungurume mine which involved some 5,000-10,000 miners is interesting
- We suspect the rush is related to some form of political interference with the timing potentially related to the agreement by Lundin Mining to sell its 30% stake in the mine to a Chinese group for $1.14bn. Freeport also agreed to sell its 56% stake to China Molybdenum in May
- Gecamines, the DRC state miner which holds a 20% stake in the mine is trying to block the sale
Source: SP Angel – Morning View – Tuesday 22 11 16
@newstrackerDundee Capital Markets with its top pick Lundin Mining Corp. $LUN, has its investment thesis strengthened on $LUN 's maiden 12-cent dividend and updated operating outlook. The first quarterly dividend of 3 cents per share will start in March. The company has an excellent balance sheet with $845M with $350M in undrawn revolving credit. Furthermore, production guidance at Candelaria 2017 increased 20% vs. previous guidance. #Zinc production increased 5% vs previous guidanance. The construction of its tailings dam at Los Diques has its capex cost reduced by $25M. In Dundee's opinion, "$LUN 's metamorphosis to the go-to large cap base metals name is now complete." Dundee has a price target of $10.50. #research
@nicholaslepanChina Moly to help BHR to buy Tenke Fungrume copper, cobalt mine in the DRC
- China Moly is to help BHR, the Chinese private equity firm to fund its acquisition of 24% in the Tenke Fungurume #copper mine from Lundin Mining for around $1.14bn $LUN
- China’s CMOC is also buying a 56% stake in the mine from Freeport McMoRan for $2.65bn
@nicholaslepanThese companies are all scheduled to release their quarterly results today: Allied Properties REIT $AP, Crombie REIT $CRR, Dream Global REIT $DRG, Exchange Income Corp. $EIF, First Majestic Silver Corp. $FR, Hudbay Minerals Inc. $HBM, IAMGOLD Corp. $IMG, Lundin Mining Corp. $LUN, Maple Leaf Foods Inc. $MFI, and Pason Systems Inc. $PSI.
@marketwiredLundin Mining Publishes 2016 Annual Filings @marketwired/lundin-mining-publishes-2016-annual-filings$LUN$LUMI . For the year ended 2016, a net loss of $661.7 million ($0.92 per share) was attributable to shareholders, inclusive of a $772.1 million impairment taken on our investment in Tenke. This net loss was an increase of $348.4 million over the net loss of $281.8 million reported in 2015.