Mining deals: Lundin says strategic review over, no deals to announce

Toronto-based Lundin Mining has wrapped up its review of strategic options and decided not to pursue any of the proposals it received during the process, the company said on Wednesday.

Lundin launched the review after breaking off an agreement to merge with rival Inmet Mining, and amid a hostile takeover offer from Equinox Minerals. Equinox has since agreed to drop the bid, and will itself be acquired for C$7,3-billion by Barrick Gold, the world's biggest gold miner.  Gold Ore Crusher

The company received "a number" of non-binding expressions of interest for both itself and its various assets, it said in a statement.

"The board of directors, after careful consideration and following the receipt of advice from its financial advisors, has determined that these proposals did not adequately value the company or its assets and that 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 said.   Coke Crusher

CEO Phil Wright, who had originally planned to retire in the first half of this year but stayed with the company to complete the strategic review process, will step down from June 30, the firm said.

Corporate development VP Paul Conibear will be appointed interim CEO and the company will look for a permanent replacement for Wright.  Gravel crushing plant

Lundin operates mines in Portugal and Sweden, and halted production at the Aguablanca operation in Spain late last year after heavy rains caused a slope failure.

The firm also holds a minority interest in Freeport-McMoRan Copper & Gold's big Tenke Fungurume copper/cobalt mine in the Democratic Republic of Congo.

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