VANCOUVER/TORONTO (Reuters) – The weak human rights record of one of Africa’s poorest countries is coming between Lundin Mining Corp and its pursuit of a prized European copper and gold asset. Cash-rich Lundin’s latest run at fellow Canadian miner Nevsun Resources Ltd is designed to bag the Timok project in Serbia, but it had to bring on a partner to pick up Nevsun’s Bisha mine in Eritrea.
That is because Lundin Mining’s board of directors, chaired by billionaire resources tycoon Lukas Lundin, refuses to invest in Eritrea, according to four people familiar with, but not able to speak publicly on, the matter.
They will not own the Eritrean mine “for even one second,” one of the people said. That stance is not necessarily a deal breaker, said an investor who declined to be named. Continue Reading →