05/03/2015


Valoriza Minería, the Sacyr subsidiary specialising in mining operations, has signed an option agreement to collaborate with leading Canadian multinational Lundin Mining Corporation on exploration projects at the Ossa Morena and Iberian Pyrite Belt mining areas in southwest Spain

Lundin Mining's contribution includes its ownership of twenty-four Research Permits encompassing 1,120 km2, and Valoriza Minería handles operation and management of the mineral exploration. Once the initial option period obligations of the agreement have been met, a 50:50 Joint Venture will be set up between Valoriza and Lundin for the further development and possible future exploitation of the evaluated mineral resources. 

The Ossa Morena area is located within a metallogenic geological province with potential for economic concentrations of metals including copper, gold, iron, and nickel, extending 400 km from Portugal to the Guadalquivir basin in the north of Andalucia and Extremadura. The Aguablanca nickel-copper mine, a Lundin Mining group mine, is located within the Ossa Morena area. 

The Iberian Pyrite Belt is well known internationally with a mining history stretching back over 3,000 years and contains the world's largest concentrations of massive sulphide deposits. It is a rich source of base metals such as copper, lead and zinc, as well as precious metals including gold and silver. 

Valoriza Minería enjoys both the endorsement and know-how of the multi-disciplinary Sacyr Group, which is made up of companies that boast vast experience in all manner of industrial projects as well as the financial support of Macquarie, the world's largest financing group within the mining industry. 

Lundin Mining is a diversified base metals mining company with operations and projects in Chile, Portugal, Sweden, Spain and the U.S.A producing copper, zinc, lead and nickel. In addition, Lundin Mining holds a 24% equity stake in the world-class Tenke Fungurume copper/cobalt mine in the Democratic Republic of Congo and in the Freeport Cobalt Oy business, which includes a cobalt refinery located in Kokkola, Finland.

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