Canadian miner Lundin is cutting 106 jobs at its Candelaria copper mine "improve competitiveness and productivity", amid reports that workers had begun a 48-hour strike.
LUNDIN Mining News
Under the contract with Lundin, Finning will supply 70 pieces of heavy mining vehicles and machinery for Lundin’s mine complex in Chile.
Gecamines claims it has pre-emptive rights to buy the stake as owner of the country’s mining titles.
Canada’s Lundin, which owns 24% of Tenke, has finally agreed to sell its stake to a private equity firm from Asia’s richest nation.
The Congo mine, which cost $3 billion to build, holds one of the world’s largest known copper resources.
Lundin was outplayed in its last major deal, but now looks ready to pull the trigger on $1 billion-plus acquisition of one of Africa's richest copper mines.
I interviewed mining and oil tycoon Lukas Lundin for the Financial Post’s PDAC edition which is in print today.
With Libyans having joined the movement to overturn aging autocracies the Arab street action has moved into a geopolitically more difficult territory. Concern over Libya’s oil exports are showing up as higher crude pricing. Libya’s 1.6 M barrels/day of crude output may well undergo disruptions, but the Saudis could replace that if prices move high enough to cause concern. As troubling is the unpredictability of Muammar Gaddafi and those around him. They seem more likely to go down fighting than the western leaning autocrats have been, and that is more likely to cause splintering of the country and concern similar shifts elsewhere in the region. Markets are reflecting this heightened uncertainty with continued gains for precious metals and US$ as well as oil. We expect the US$ and oil to peak before gold and its cousins do.