VANCOUVER

ANDY HOFFMAN
RTGAM



VANCOUVER - The chief executive officer of Lundin Mining Corp. is retiring after the Canadian base-metals producer said it is retreating from plans to sell the company and its stake in a massive copper mine in Africa.

Vancouver-based Lundin says it received proposals from several suitors interested in acquiring the entire company as well as other offers for individual assets. However, Lundin says it has decided that all of the offers were too low.

"After careful consideration and following the receipt of advice from its financial advisers, [Lundin] has determined that these proposals did not adequately value the company or its assets and that the best way to create shareholder value is to continue to manage and develop the company's quality asset and to actively seek growth opportunities," Lundin said in a statement.

Phil Wright, Lundin's CEO will step down effective June 30. Lundin's head of corporate development Paul Conibear, who has spearheaded the development of the company's 24-per-cent interest in the Tenke Fungurume copper mine in the Democratic Republic of Congo, will take over as interim CEO.