On August 22, 2007, Lundin Mining Corporation announced that approximately 92.9% of the outstanding common shares of Rio Narcea Gold Mines, Ltd. had been acquired in response to its take-over bid. Lundin Mining is a mining and exploration company engaged in the extraction, development, acquisition and discovery of base metal deposits internationally with mines in Portugal, Sweden, Ireland and Spain. Rio Narcea is a mineral resource company with operations, development projects and exploration activities in Spain, Mauritania and Portugal. In connection with the acquisition, Lundin established credit facilities of US$800 million to fund the acquisition and general corporate operations. The credit facilities were established by Scotia Capital as sole Lead Arranger and Sole Book Runner, The Bank of Nova Scotia as Administrative Agent, Westlb AG, and BNP Paribas (Suisse) SA as Co-Syndication Agents, Bank of Montreal as Documentation Agent, ING Bank N.V. as Senior Managing Agent, Skandinaviska Enskilda Banken AB as Managing Agent and The Bank of Nova Scotia, BNP Paribas (Suisse) SA, Westlb AG, Toronto Branch, Bank of Montreal, Bank of Montreal Ireland plc, ING Bank N.V., Skandinaviska Enskilda Banken AB (Publ), ABN AMRO Bank N.V., Stockholm Branch, Commonwealth Bank of Australia and HSH Nordbank AG, Copenhagen Branch as Lenders.
The Bank of Nova Scotia and the syndicate were represented in Canada by Fasken Martineau, with a team that included John Torrey, Thomas Meagher and Aaron Stefan.