July 25, 2018 / 9:23 PM / 4 months ago

Lundin Mining CEO Paul Conibear to retire

(Reuters) - Canada’s Lundin Mining Corp (LUN.TO) said on Wednesday that Chief Executive Officer Paul Conibear has announced retirement plans just as the base metal miner is set to make a formal offer for Nevsun Resources Ltd (NSU.TO).

The company said Conibear, who led the company for seven years, will be replaced by Chief Financial Officer Marie Inkster and that the transition process will be completed by the end of the year.

Conibear’s retirement comes as the cash-rich base metals producer readies a formal C$4.75 a share cash offer for Nevsun shareholders after previous proposals were rejected by its fellow Canadian miner.

Lundin has said it plans to file a circular with its offer on Friday.

The company has been eyeing Nevsun’s large high-grade Timok copper project in Serbia and its Bisha copper and zinc mine in Eritrea.

On Wednesday, Lundin reported net income of $87.5 million, or 11 cents per share, in the quarter ended June 30, compared with $85 million, or 10 cents per share, a year earlier.

Excluding items, the company earned 10 cents per share, which was in-line with analysts’ average estimate, according to Thomson Reuters I/B/E/S.

Revenue rose to $467.7 million from $454.7 million.

Reporting by Anirban Paul in Bengaluru; Editing by Shounak Dasgupta

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