Lundin shares surge on Chinese buyer speculation

Shares of copper producer Lundin Mining Corp. surged more than 10% on the Toronto Stock Exchange Friday on speculation the company has found a Chinese buyer, even as the company denied it was on the verge of a deal.

Phil Wright, chief executive with Lundin, told Bloomberg the company is not yet set to reveal the outcome of its strategic review.

“I don’t think people should be sitting on the edge of their seats,” he said.

At mid-morning, shares of Lundin were up 10.4% to $9.21 on the Toronto Stock Exchange. The Globe and Mail had reported interest from a Chinese buying group Friday, including base metal miner Jinchuan Group Ltd. and sovereign wealth fund China Investment Corp., citing sources familiar with the discussions.

Read Full Article from Financial Post

- Posted: 2011-04-29 11:34:37

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