IGO to record impairment against nickel assets in strategy shift
IGO has been undertaking a strategic review in an attempt to revaluate its resources.
Equinox Minerals Ltd. will make a hostile bid for Lundin Mining prior to the markets opening Monday morning, Vancouver-based Lundin announced in a news release on Sunday.
“Lundin is not aware of the terms of the bid. Until Lundin Mining completes its review of the bid, it will not comment on the proposal,” the release stated. “The Board of Directors of Lundin will update shareholders from time to time following receipt and consideration of the bid. Shareholders do not need to take any action in response to the bid at this time.”
The unsolicited takeover attempt could thwart the proposed merger between Lundin and Inmet Mining Corp. made public in January. The CDN$9 billion deal would create a new mining company, Symterra Corp.
Shareholders are expected to vote on the proposed merger on March 14.
Equinox is a copper miner listed in both Toronto and Australia.
