Lundin Mining acquires Josemaria Resources for implied equity value of $625 million

On April 28, 2022, Lundin Mining Corporation acquired all of the issued and outstanding common shares of Josemaria Resources Inc. (“Josemaria Shares”) for an implied equity value of approximately $625 million pursuant to a plan of arrangement under the Canada Business Corporations Act. Pursuant to the arrangement, Josemaria Resources shareholders received, at their election, (i) 0.1487 of a common share of Lundin Mining per Josemaria Share held, plus $0.11 for each whole Lundin Mining share issued to such shareholder; or (ii) $1.60 in cash for each Josemaria Share held; or (iii) any combination thereof, subject to pro-ration based on a maximum cash consideration of approximately $184.5 million and a maximum of approximately 40 million Lundin Mining shares.

Lundin Mining Corporation is represented by internal counsel by Andrew Hastings (Senior Vice President and General Counsel).

Cassels Brock & Blackwell LLP acted for Lundin Mining with a team that included Mark Bennett (Securities, M&A and Mining), Alex Iliopoulos (Securities, M&A and Mining), Jasmine Qin (Securities, M&A and Mining), Reza Sarsangi (Securities, M&A and Mining), Doug Richardson (Tax), Jocelyn Arnason (Tax), Ashley Jung (Tax), Jennifer Wasylyk (Banking & Specialty Finance), Lara Jackson (Litigation), Jessica Lewis (Litigation), Laurie Jessome (Employment & Labour), Davit Akman (Competition & Foreign Investment), and Eni Silva (Law Clerk).

Fasken Martineau DuMoulin LLP acted for the special committee of the Lundin Mining Board of Directors with a team that included Brad Freelan and Payton Holliss.

Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as US counsel for Lundin with a deal team that included Aaron Abramson and Katharine Wilson.

Blake, Cassels & Graydon LLP acted for Josemaria Resources with a team that included Peter O’Callaghan, Trisha Robertson, Sebastian Lowes, and Samuel Dafydd.