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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (42046)	8/25/2009 6:27:37 PM
From: LoneClone	Read Replies (1) of 194002

UPDATE 1-Lundin Mining says won't bid on Chariot Resources Tue Aug 25, 2009 2:24pm EDT reuters.com * Lundin Mining says no plans to bid on Chariot or project * Chariot shareholders to vote on dissident slate (In U.S. dollars unless noted) TORONTO, Aug 25 (Reuters) - Lundin Mining (LUN.TO) said on Tuesday does not plan to acquire Chariot Resources (CHD.TO) or its key project and is not directly involved in a proxy fight led by its chairman to remove Chariot's board. Speculation that Lundin Mining could try to acquire Chariot or its Mina Justa copper project in Peru has skyrocketed since the proxy fight -- led by Lundin chairman Lukas Lundin and Lundin Mining director Brian Edgar -- was revealed last week. Lundin Mining owns 18 percent of Chariot Resources. "Lundin Mining wishes to make clear that it has taken no part in the dissident proxy solicitation launched by certain concerned shareholder of Chariot Resources Ltd," the company said in a statement. "Lundin Mining has no intention of acquiring the Mina Justa project or in making a bid to acquire Chariot." However, Lundin Chief Executive Phil Wright said the company would support the alternative slate of directors. The dissident slate includes Lundin, Edgar, Colin Benner and Donald Charter, all of whom sit on Lundin Mining's board. Lukas Lundin said last week that Chariot's current board has failed to progress the $750 million Mina Justa project, which is expected to produce about 1.3 million tonnes of copper over its 11-1/2 year life once it begins production. Chariot shareholders will vote on the dissident board at the company's annual general meeting on September 4. Chariot's shares were up 1 Canadian cent at 46 Canadian cents on the Toronto Stock Exchange, while Lundin was up 6 Canadian cents at C$3.87. ($1=$1.08 Canadian) (Reporting by Cameron French; Editing by Frank McGurty)

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