Lundin Mining (TSX: LUN) will pay $215 million to increase its majority stake in the Caserones copper mine in Chile and acquire part of the nearby Los Helados project. The deal, expected to close in April, will boost Lundin’s ownership of Caserones from 70% to 75% and grant it a 31% stake in Los Helados.
The Caserones mine produced 132,881 tonnes of copper in 2025 with a cash cost of $2.17 per pound. The acquisition aligns with Lundin’s copper growth strategy and is projected to enhance its copper production by up to 7,000 tonnes by 2026, generating immediate free cash flow.
Los Helados, which contains 2.1 billion indicated tonnes grading 0.4% copper, is located approximately 17 km south of Caserones. Following the announcement, Lundin shares increased by 3.3%, raising the company’s market value to roughly C$31 billion ($23 billion).
