Lundin Mining Corp. and Inmet Mining Corp.jointly announced this week that they have terminated the arrangement agreement dated January 12, 2011 between them in accordance with its terms.
The parties have agreed that Inmet’s right to a break fee of $120 million, in accordance with the arrangement agreement, will be preserved in connection with the unsolicited offer of Equinox Minerals Ltd. to acquire Lundin Mining.
In a joint statement, Phil Wright, president and CEO, Lundin Mining, and Jochen Tilk, president and CEO, Inmet, said: “Inmet and Lundin believe that this merger would have created a leading copper producer with benefits for both companies’ shareholders. We have however agreed to mutually terminate the agreement on the grounds that we could not reach a position that we thought would be supported by both companies’ shareholders. We continue to think very highly of each other’s assets and wish each other well.”