Lundin Mining Expands Credit Facility to US$4.5 Billion

Carey | The Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce, ING Capital and the other lenders were advised on the Chilean law aspects of the amendment, increase and extension of a committed revolving credit facility granted to Lundin Mining Corporation and Lundin Mining AB for up to US$4.5 billion. The financing is supported by personal guarantees provided by five Chilean mining companies within the group, acting as co-debtors and joint and several guarantors.

The transaction closed on February 26, 2026, and involved jurisdictions including Canada, Chile and Argentina.

The facility increased from US$1.75 billion to US$4.5 billion and its maturity was extended to February 26, 2031. The financing also incorporates a phased availability structure, with incremental increases in commitments subject to the satisfaction of certain conditions, including the sanctioning of Stage 1 of the Vicuña Project, a cross-border mining development between Chile and Argentina.

From a Chilean law perspective, the matter required the analysis and structuring of guarantees granted by local mining subsidiaries in connection with a multi-jurisdictional financing, ensuring their proper incorporation into the amended facility and alignment with the broader contractual framework.

Carey advised the lenders through partner Fernando Noriega and associates Magdalena Menchaca and Mateo Weinborn. Fasken acted as counsel to the lenders, with partners Thomas Meagher and Nathan Gates, and associate Gurkirat Batth. Lundin Mining was advised by Bofill Mir Abogados, through partners Pablo Mir and Francisco Ducci and associate Francisco Miranda, and by Cassels Brock, through partners David Budd and Jennifer Wasylyk.

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