TORONTO — Equinox Minerals Limited (TSX:EQN) is planning to make a hostile bid for Vancouver-based Lundin Mining Corporation (TSX:LUN).
Lundin said in a new release on Sunday that it has been advised that Equinox intends to make an unsolicited take-over bid before the markets open today.
Lundin said it is not aware of the terms of the bid and it will not comment until it reviews the proposal.
The news comes less than a month after Lundin signed a deal to merge with Inmet Mining Corp. (TSX:IMN) on a merger of equals basis to create Symterra Corp., with shareholder votes scheduled for March 14.
Equinox is an international mining company listed on the Toronto and Australian stock exchanges.
Its main asset is the 100 per cent owned Lumwana Copper Mine in Zambia, one of the largest new copper mines to be developed globally over the last few years.
Lundin has operations in Portugal, Spain and Sweden, producing copper, nickel, lead and zinc as well as an equity stake in the Tenke Fungurume copper-cobalt project in the Democratic Republic of Congo.
Lundin said shareholders do not need to take any action in response to the bid at this time.
Stock in Equinox closed up 11 cents at $6.27 Friday on the Toronto Stock Exchange. Lundin stock closed down one cent at $6.45.