RE:LUNDIN Now we wait and see if they really liked Timok or not.
Corporate Highlights
- On March 3, 2016, the Company announced that it had entered into an agreement with an affiliate of Freeport-McMoRan Inc. ("Freeport") to purchase an interest in their stake in the Timok project located in Serbia for total consideration of up to $262.5 million.
The transaction was subject to Reservoir Minerals Inc.'s ("Reservoir") right of first offer ("ROFO"), as well as other customary closing conditions.
On April 25, 2016, Lundin Mining was advised by Freeport that Reservoir has provided notice that it is proceeding to exercise its ROFO.
Financial Position and Financing
- Net debt position at March 31, 2016 was $438.1 million compared to $441.3 million at December 31, 2015.
- Net debt remained relatively unchanged during the quarter as operating cash flows of $42.9 million and distributions from Tenke and Freeport Cobalt totaling $3.2 million were offset by investments in mineral properties, plant and equipment of $47.5 million.
- The Company has a revolving credit facility available for borrowing up to $350 million. As at March 31, 2016, the Company had no amount drawn on the credit facility.
Read more at https://www.stockhouse.com/news/press-releases/2016/04/27/lundin-mining-first-quarter-results#9EDYDmZDv3lBJloU.99