TORONTO, Dec. 5, 2022
/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").
The Company intends to continue to utilize the NCIB at its
discretion to make opportunistic purchases to create shareholder
value and manage the number of outstanding common shares of the
Company (the "Common Shares").
This approval allows the Company to purchase up to 65,313,173
Common Shares, representing 10% of the 770,627,078 issued and
outstanding Common Shares as of November 30,
2022, 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, 2022. The
NCIB will expire no later than December 8,
2023.
All purchases made pursuant to the NCIB will be made on the open
market through the facilities of the TSX, other designated exchange
and/or alternative Canadian trading systems or by such other means
as may be permitted by applicable securities laws. 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 875,921 Common Shares, which represents 25% of the
average daily trading volume of 3,503,686 Common Shares on the TSX
for the six months ended November 30,
2022. The price that Lundin Mining will pay for Common
Shares in open market transactions will be the market price at the
time of purchase.
In connection with the NCIB renewal, Lundin Mining entered into
an automatic repurchase plan with its designated broker to allow
for the repurchase of Common Shares at times when the Company
ordinarily would not be active in the market due to its own
internal trading blackout periods, insider trading rules or
otherwise (any such period being an "Operating Period"). Before
entering an Operating Period, the Company may, but is not required
to, instruct the designated broker to make purchases under the NCIB
in accordance with the terms of the plan. Purchases made pursuant
to the plan, if any, will be made by the Company's designated
broker based upon the parameters prescribed by the TSX, applicable
Canadian securities laws and the terms of the written agreement
entered between the Company and its designated broker. Outside of
these Operating Periods, Common Shares will be purchasable by
Lundin Mining at its discretion under its NCIB.
The automatic repurchase plan will commence on the effective
date of the NCIB and will terminate on the earliest of the date on
which: (i) the purchase limit under the NCIB has been reached; (ii)
the NCIB expires; and (iii) the Company terminates the automatic
repurchase plan in accordance with its terms. The automatic
repurchase plan constitutes an "automatic plan" for purposes of
applicable Canadian securities legislation and the agreement
governing the plan has been pre-cleared by the TSX.
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 9, 2021 and expires on December 8, 2022, the Company previously sought
and received approval from the TSX to purchase up to 63,761,024
Common Shares. As of November 30,
2022, the Company has purchased 10,902,000 Common Shares
under its current NCIB through open market transactions at a
weighted average price of approximately $7.50 per Common Share.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining
company with operations in Argentina, 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, 2022 at 17:00
Eastern Time.
Cautionary Statement in
Forward-Looking Information
Certain of the statements made and information contained
herein is "forward-looking information" within the meaning of
applicable Canadian securities laws. All statements other than
statements of historical facts included in this document constitute
forward-looking information, including but not limited to
statements with respect to Lundin Mining's proposed normal course
issuer bid, the Company's pre-defined plan with its broker to allow
for the repurchase of Common Shares and the timing, number and
price of Common Shares that may be purchased under the normal
course issuer bid. Words such as "believe", "expect", "anticipate",
"contemplate", "target", "plan", "goal", "aim", "intend",
"continue", "budget", "estimate", "may", "will", "can", "could",
"should", "schedule" and similar expressions identify
forward-looking statements.
Forward-looking information is necessarily based upon various
estimates and assumptions including, without limitation, the
expectations and beliefs of management; assumed and future price of
copper, zinc, gold, nickel and other metals; anticipated costs;
ability to achieve goals; the prompt and effective integration of
acquisitions; that the political environment in which the Company
operates will continue to support the development and operation of
mining projects; the Common Shares will, from time to time, trade
below their value; the Company will complete purchases of Common
Shares pursuant to the NCIB; and assumptions related to the factors
set forth below. While these factors and assumptions are considered
reasonable by Lundin Mining as at the date of this document in
light of management's experience and perception of current
conditions and expected developments, these statements are
inherently subject to significant business, economic and
competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements and undue reliance
should not be placed on such statements and information. Such
factors 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; and other risks and uncertainties,
including but not limited to those described in the "Risk and
Uncertainties" section of the AIF and the "Managing Risks" section
of the Company's MD&A for the year ended December 31, 2021, which are available on SEDAR
at www.sedar.com under the Company's profile. All of the
forward-looking statements made in this document are qualified by
these cautionary statements. Although the Company has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated, forecast or intended and readers are
cautioned that the foregoing list is not exhaustive of all factors
and assumptions which may have been used. 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 information. There can be
no assurance that the Common Shares will, from time to time, trade
below their value and that the Company will complete purchases of
Common Shares pursuant to the NCIB. Accordingly, there can be no
assurance that forward-looking information will prove to be
accurate and forward-looking information is not a guarantee of
future performance. Readers are advised not to place undue reliance
on forward-looking information. The forward-looking information
contained herein speaks only as of the date of this document. The
Company disclaims any intention or obligation to update or revise
forward-looking information or to explain any material difference
between such and subsequent actual events, except as required by
applicable law.
SOURCE Lundin Mining Corporation