Lundin Mining not to buy copper mine in Spain

Sept 25 Tue Sep 25, 2012 5:40pm EDT

Sept 25 (Reuters) - Lundin Mining Corp said it will not exercise its option to buy a stake in the Touro copper mine in northern Spain as it sees insufficient returns from the project.

The base metals miner signed an agreement in April for an option to buy an 80 percent stake in the copper project for 60 million euros ($77.49 million) by Oct. 1.

Shares of Lundin closed at C$4.96 on the Toronto Stock Exchange on Tuesday.

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