Lundin Mining Corporation

Company History

Lundin Mining Corporation (the "Company" or "Lundin Mining") was incorporated by registration of its Articles of Incorporation pursuant to the Canada Business Corporations Act under the name "South Atlantic Diamonds Corp." on September 9, 1994. The Company changed its name to "South Atlantic Resources Ltd." on July 30, 1996. In connection with a one-for-six share consolidation that took effect on April 2, 2002, the Company changed its name to "South Atlantic Ventures Ltd." on March 25, 2002. The share consolidation and name change were approved by shareholders of the Company on January 23, 2002. In connection with the listing of its common shares on the Toronto Stock Exchange effective August 12, 2004, the Company changed its name to "Lundin Mining Corporation".

Effective October 31, 2006 the Company merged with EuroZinc Mining Corporation ("EuroZinc"), with the resulting entity known as "Lundin Mining Corporation". The Company and EuroZinc amalgamated effective November 30, 2006.

The Company announced a three-for-one subdivision of its common shares on January 22, 2007. The Company's common shares commenced trading on a subdivided basis on February 1, 2007 on the Toronto Stock Exchange and on February 9, 2007 on the American Stock Exchange. The Company's Swedish depository receipts commenced trading on a subdivided basis on the Stockholm Stock Exchange on February 1, 2007.

Effective July 3, 2007 the Company acquired all of the issued and outstanding shares of Tenke Mining Corporation ("Tenke") and amalgamated with Tenke effective July 31, 2007.

Effective July 17, 2007 the Company acquired 85.5% of the issued common shares of Rio Narcea Gold Mines, Ltd. ("RNG") in exchange for Cdn$5.50 per share and 73.3% of the outstanding warrants of RNG for Cdn$1.04 per warrant. By August 20, 2007 the Company had acquired 93.1% of the issued and outstanding RNG shares and initiated a compulsory acquisition transaction under the Act.

The Company commenced trading on the New York Stock Exchange on September 20, 2007 and was de-listed from the American Stock Exchange. The Company's shares were voluntarily delisted from the NYSE on April 1, 2009.

On March 29, 2013 Lundin Mining announced the closing of the previously announced acquisition of the Kokkola cobalt chemical refinery located in Finland and related sales and marketing business (collectively "Kokkola") from OM Group, Inc.

Lundin Mining holds an effective 24 percent ownership interest in the Kokkola joint venture, with Freeport-McMoRan Copper & Gold Inc. ("Freeport") holding an effective 56 percent ownership interest and acting as operator of the joint venture, and La Générale des Carrières et des Mines (Gécamines), the Congolese state mining company, holding a 20 percent interest.

On June 12, 2013 Lundin Mining announced that it has entered into a definitive agreement with Rio Tinto Nickel Company, a subsidiary of Rio Tinto plc ("Rio Tinto") to purchase its 100% ownership stake in Rio Tinto Eagle Mine, LLC, which owns the high grade Eagle nickel/copper underground mine located in northern Michigan, U.S.A. The agreed purchase price was approximately US$325 million, consisting of a US$250 million purchase amount plus project expenditures from January 1, 2013 until transaction closing (July 17, 2013) of approximately $75 million, payable in cash, and subject to customary adjustments.

On November 3, 2014 Lundin Mining announced the closing of the acquisition of an 80% ownership stake in the Candelaria/Ojos del Salado copper mining operations and supporting infrastructure from Freeport-McMoRan Inc..

On April 19, 2017, the Company announced the completion of the sale of its indirect interest in TF Holdings Limited ("TF Holdings") to an affiliate of BHR Partners for $1.136 billion in cash. Lundin Mining's effective 24% interest in Tenke was held through its 30% indirect interest in TF Holdings.