(Reuters) – Canada’s Lundin Mining Corp is looking to buy more mining assets, Chief Executive Marie Inkster told Reuters on Monday, after the company announced its purchase of a Brazilian copper-gold mine from Yamana Gold Inc for more than $1 billion.
The Toronto-based company is seeking a project where exploration is complete, which it can take over and build, Inkster said. Lundin prefers a copper asset, but would also consider a zinc poly-metallic mine, with nickel a distant third option, she said.
“Our leverage will still be extremely low after we close this deal, and we have great mines that are cash flowing,” Inkster said in an interview. “But there’s a scarcity of copper assets right now, and we have to be patient.”
Lundin resumed its search for copper assets after it lost a hostile takeover battle for rival Nevsun Resources to China’s Zijin Mining Group Co Ltd in September.
Inkster declined to say how much the company was willing to spend on further deals, although she said last year the company was willing to spend up to $3 billion on acquisitions.