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Lundin Gold looks for acquisitions and is open to a takeover
By Danielle Bochove
Bloomberg News
Friday, January 24, 2020
With its first commercial production around the corner, Lundin Gold Inc. is looking at options to grow -- including acquisitions.
The gold miner, whose only asset is expected to reach commercial production in the second quarter, is considering expansion at a time when bullion prices are hovering near a seven-year high. The rally has bolstered the case for acquisitions in an industry that has seen years of underinvestment, resulting in declining global production outlook.
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The company's largest shareholder, Melbourne-based Newcrest Mining Ltd., is supportive of a potential acquisition, as is the Lundin family, also a major owner, Lundin Gold Chief Executive Officer Ron Hochstein said Thursday in an interview at Bloomberg's Toronto office. "The challenge for us is going to be finding something that's accretive for our shareholders."
The company has marked out a "concentric circle" of geographic targets in which a "bull's-eye" would be a pure-play gold asset in Latin America, outside Ecuador. Beyond that, the Vancouver-based miner would look at the rest of the Americas and then the world, excluding Russia, China, and the "Stans." Meanwhile, it will focus on organic growth through additional land holdings in Ecuador, he said. ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2020-01-23/lundin-gold-ceo-looki...
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