Lundin expands stake in Caserones, buys into Los Helados project
Base metals producer Lundin Mining has agreed to buy an additional 5% interest in the Caserones copper/molybdenum mine in Chile, along with a 30.9% stake in the nearby Los Helados project, in a $215-million transaction.
The assets are being acquired from JX Advanced Metals and its affiliates.
Caserones is owned by SCM Minera Lumina Copper Chile, and the deal will increase Lundin Mining’s ownership in the operation from 70% to 75% once completed.
The company said the acquisition would increase its attributable copper production for 2026 by about 6 500 t to 7 000 t. On a 100% basis, Caserones is expected to produce between 130 000 t and 140 000 t of copper in 2026, with yearly cash costs forecast at $2.05/lb to $2.25/lb after by-product credits.
President and CEO Jack Lundin said the deal strengthened the company’s copper-focused growth strategy in the emerging Vicuña district.
“This investment increases our attributable production profile at an attractive acquisition price and demonstrates our ongoing commitment to disciplined, scalable growth in high-quality assets.”
The Los Helados project, located about 17 km south of Caserones, hosts a large copper-gold resource. On a 100% basis, indicated resources are estimated at 8.3-million tonnes of copper, 10.2-million ounces of gold and 97.5-million ounces of silver, while inferred resources contain 3.7-million tonnes of copper, 3.6-million ounces of gold and 50.2-million ounces of silver.
NGEx Minerals holds the remaining 69.1% interest in the project and acts as operator.
Lundin Mining said the proximity of Los Helados to Caserones could create potential operational synergies, including the possibility of transporting mineralised material between the two assets as part of future development scenarios.
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