Lundin Mining has signed purchase agreements to acquire a further 5% ownership in SCM Minera Lumina Copper Chile, which owns the Caserones copper-molybdenum mine in Chile.
Additionally, the company will buy a 30.9% stake in the Los Helados copper-gold project, along with a net smelter return royalty (NSR) of 0.62% from JX Advanced Metals Corporation and its affiliates, for a total of $215m (C$291.37m).
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Finalisation of the transaction, expected by April 2026, requires regulatory approvals and completion of all agreement conditions but does not necessitate shareholder approval.
The acquisition is expected to significantly enhance Lundin’s copper production capacity.
Caserones is forecast to produce between 130,000 tonnes per annum (tpa) and 140,000tpa of copper in 2026, with Lundin’s increased stake contributing an additional 6,500–7,000t.
The transaction targets an annual cash cost of between $2.05/lb and $2.25/lb of copper after byproduct credits.
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By GlobalDataOn a full scale, Los Helados hosts indicated mineral resources of 8.3 million tonnes (mt) of copper, 10.2 million ounces (moz) of gold and 97.5moz of silver, with grades of 0.40% copper, 0.15 grams per tonne (g/t) gold and 1.5g/t silver over 2.1 billion tonnes.
Lundin Mining initially acquired a 51% share in Caserones in 2023 and gradually increased its stake to 70% in 2024.
Lundin Mining president and CEO Jack Lundin said: “Securing an additional 5% ownership in Caserones and acquiring 31% of the Los Helados Project marks another significant step in strengthening Lundin Mining’s copper-dominant portfolio in the emerging Vicuña District.
“This investment increases our attributable production profile at an attractive acquisition price and demonstrates our ongoing commitment to disciplined, scalable growth in high-quality assets.”
In January 2026, Lundin Mining completed the C$176.21m sale of Lundin Mining US – the Canadian mining company’s subsidiary that indirectly owned the Eagle mine and Humboldt mill in Michigan, US – to Talon Metals.
