Canadian firm Lundin Mining has secured an extension of up until 15 September to decide on making an offer to buy Freeport-McMoRan’s indirect stake in TF Holdings.  

TF Holdings indirectly owns an 80% interest in Tenke Fungurume Mining, which reported consolidated recoverable reserves totaling 7.2 billion pounds of copper and 874 million pounds of cobalt as of 31 December last year.

Freeport and Lundin  respectively own 70% and 30% stakes in TF Holdings.

Freeport signed an agreement in May to sell its interests in TF Holdings to China Molybdenum (CMOC) for $2.65bn.

The company said that the transaction is subject to Lundin’s right of first offer (ROFO), which will be open for 90 days from receipt of the ROFO notice.

Freeport sent a notice to Lundin to buy its interest in TF Holdings for the same price and terms and conditions offered by CMOC.

Lundin said it is consulting with its legal and financial advisors and will continue to evaluate all its options in connection with its ownership interest in TF Holdings.

The company has operations in Chile, the US, Portugal, and Sweden, primarily producing copper, nickel and zinc.

Lundin also owns a 24% stake in the Tenke Fungurume copper/cobalt mine in the Democratic Republic of Congo and in the Freeport Cobalt Oy business.