February 25, 2018 / 9:49 PM / 4 months ago

Australia's Newcrest Mining buys stake in Canada's Lundin Gold for $250 mln

Feb 26 (Reuters) - Newcrest Mining Ltd said on Monday it had invested $250 million to buy a 27.1 percent stake Canadian miner Lundin Gold Inc.

Newcrest said the total $400 million to be raised by Lundin Gold would be used to develop Lundin's Fruta del Norte gold mine in Ecuador.

Newcrest also said it signed a joint venture with Lundin to earn up to 50 percent direct interest in eight Ecuadoran exploration concessions by spending up to $20 million over five years. (Reporting by Aaron Saldanha in Bengaluru, editing by David Evans)

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