TORONTO (Reuters) – Canada’s Lundin Mining Corp (LUN.TO) is on the hunt for copper mines and projects and willing to spend up to $3 billion on mergers and acquisitions, its incoming chief executive officer said in an interview on Thursday.
But Lundin will stick with its strategy of disciplined bids and a focus on low-risk jurisdictions, Marie Inkster said at the company’s Toronto head office.
The base metal miner was recently outbid by China’s Zijin Mining Group (601899.SS) in its hostile takeover offer for Nevsun Resources (NSU.TO). “We want to get more copper. We want to get more mines. We want good prospects,” said Inkster, who will take over as CEO when Paul Conibear retires later this year.
The change of guard, announced one day before the Nevsun hostile bid in late July, caught some investors and analysts off guard.
Inkster, Lundin’s Chief Financial Officer since 2009, said the news should not have surprised those who know the company, noting that Conibear had named her as his successor at an internal meeting two years ago.