TORONTO, Dec. 5, 2019 /CNW/ - (TSX: LUN; Nasdaq
Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or
the "Company") announces that the Toronto Stock Exchange (the
"TSX") has accepted the notice of Lundin Mining's intention to
renew its normal course issuer bid (the "NCIB").
This approval allows the Company to purchase up to 63,797,653
common shares of the Company (the "Common Shares") (representing
10% of the 735,397,977 issued and outstanding Common Shares as of
December 4, 2019, minus those Common
Shares beneficially owned, or over which control or direction is
exercised by the Company, the senior officers and directors of the
Company and every shareholder who owns or exercises control or
direction over more than 10% of the outstanding Common Shares) over
a period of twelve months commencing on December 9, 2019. The NCIB will expire no later
than December 8, 2020.
All purchases made pursuant to the NCIB will be made through the
facilities of the TSX or other alternative Canadian trading
systems. In accordance with TSX rules, any daily purchases (other
than pursuant to a block purchase exemption) on the TSX under the
NCIB are limited to a maximum of 517,131 Common Shares, which
represents 25% of the average daily trading volume of 2,068,525
Common Shares on the TSX for the six months ended November 30, 2019. The price that Lundin
Mining will pay for Common Shares in open market transactions will
be the market price at the time of purchase.
The actual number of Common Shares that may be purchased and the
timing of such purchases will be determined by the Company.
Decisions regarding purchases will be based on market conditions,
share price, best use of available cash, and other factors. Any
Common Shares that are purchased under the NCIB will be
cancelled.
Under the Company's current NCIB that commenced on December 7, 2018 and expires on December 6, 2019, the Company previously sought
and received approval from the TSX to purchase up to 63,718,842
Common Shares. As of December 3,
2019, the Company has purchased 2,812,627 Common Shares
under its current NCIB through open market transactions at a
weighted average price of approximately $6.44 per Common Share.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining
company with operations in Brazil,
Chile, Portugal, Sweden and the
United States of America, primarily producing copper, zinc,
gold and nickel.
The information in this release is subject to the disclosure
requirements of Lundin Mining under the EU Market Abuse Regulation.
The information was submitted for publication, through the agency
of the contact persons set out below on December 5, 2019 at 02:00
Eastern Time.
Cautionary Statement in Forward-Looking Information
Certain of the statements made and information contained
herein, other than statements of historical fact and historical
information, is "forward-looking information" within the meaning of
applicable Canadian securities laws. Forward-looking information
includes, but is not limited to, statements with respect to Lundin
Mining's proposed normal course issuer bid and the number of Common
Shares that may be purchased under the normal course issuer
bid. Words such as "will", "intends", "expects", "believe",
"anticipate", "possible", "if", "will be", "may" and "schedule", or
variations of these terms or similar terminology or statements that
certain actions, events or results "could" occur or be achieved are
intended to identify such forward-looking information. Although the
Company believes that the expectations reflected in the
forward-looking information contained herein are reasonable, these
statements by their nature involve risks and uncertainties, and are
not guarantees of future performance. Forward-looking information
is based on a number of assumptions, and subject to a variety of
risks and uncertainties which could cause actual events or results
to differ from those reflected in the forward-looking statements.
Risks include but are not limited to the market price of the Common
Shares being too high to ensure that purchases benefit the Company
and its shareholders, as well as additional risks disclosed in
filings made by the Company with Canadian securities regulatory
authorities. There can be no assurance that the Common Shares will,
from time to time, trade below their value or that the Company will
complete purchases of Common Shares pursuant to the NCIB. Should
one or more of these risks and uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those described in forward-looking statements.
Accordingly, readers should not place undue reliance on
forward-looking statements. The Company disclaims any intention or
obligation to update or revise any forward-looking statements or to
explain any material difference between subsequent actual events
and such forward- looking statements, except to the extent required
by applicable law.
SOURCE Lundin Mining Corporation