Tsuen Wan International: Lundin Mining shares plummet after announcing it rejects buyout offers.

May 26, 2011 - PRLog -- Tsuen Wan International has learned that the share price for Lundin Mining fell by 17% after the company announced that it had rejected several buyout bids and that its chief executive was to resign.

The mining firm said it had received a number of expressions of interest in all or part of the company but decided they were too low.

The company's Stockholm-quoted shares were down 17.3% after the announcement.

"The best way to create shareholder value is to continue to manage and develop the company's quality assets and to actively seek growth opportunities," Lundin Mining told Tsuen Wan International recently.


At the same time Lundin also announced that its Chief Executive Phil Wright would be leaving the company in a month, adding that the resignation had been part of his plan to retire this year.

Paul Conibear, senior vice president of corporate development, has been announced as interim CEO from June 30 until a successor is found.

Since the company’s C$9 billion tie-up with Inmet collapsed earlier in the year, analysts have been expecting Lundin to be a participant in some small scale-consolidation.

The "merger of equals" collapsed after Lundin was the target of a hostile C$4.7 billion takeover bid from Australia’s Equinox Minerals, a deal which also collapsed after Equinox was bought out by Barrick Gold in April.

One of Lundin's most attractive assets is its 24.75% stake in the Tenke Fungurume copper mine in the Democratic Republic of Congo, a prime target as miners seek to boost production in the face of tight supply and high prices.

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Tsuen Wan International is a leading independent investment company, based in the heart of Hong Kong. Tsuen Wan International offers a variety of investment products for institutional, corporate and high net worth investors in equity debt and FX markets.