Lundin Mining CEO Paul Conibear to retire (updated)

Euro Sun Mining

25/07/2018 23:18

(Adds details on Nevsun deal, estimate)
    July 25 (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.  urn:newsml:reuters.com:*:nGNX396dCZ
    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.  urn:newsml:reuters.com:*:nL4N1UD453 
    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.  urn:newsml:reuters.com:*:nL1N1SI1YS  urn:newsml:reuters.com:*:nL3N1SE62X
    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.
 urn:newsml:reuters.com:*:nGNX5H3kwj
    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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