April 11, 2012 / 10:03 PM / in 6 years

UPDATE 1-Lundin Mining signs option agreement to buy Spain copper project

April 11 (Reuters) - Lundin Mining said it entered into an option agreement with the owners of the Touro copper project in northern Spain, enabling it to buy an 80 percent stake in the project for 60 million euros ($78.72 million).

The Canadian miner will form a joint venture company with the two private Spanish owners of the project and will fund all of the project costs, if the option is exercised.

“We believe the project has the potential to be rapidly advanced and we are well on our way to making a decision on the option, having mobilized several drill rigs onto the property earlier this year,” Paul Conibear, chief executive officer of Lundin said in a statement.

The option will expire on Oct. 1, unless extended.

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