Vancouver-headquartered Lundin Mining Corp. (TSX:LUN) has filed with the TSX to repurchase up to 5% of the company's shares in the next year.
The buyback will involve up to 19.6 million out of the company's 392.4 million shares outstanding and is aimed at improving shareholder value using part of the company's recent strong cashflow. For the nine-month period ending September 30, 2007, the company's revenue increased 165% to US$806.6 million from US$303.6 million and net profit rose to US$336.7 million from US$89.3 compared with the same period in 2006.
Lundin's share price range during the past week: between $8.59 and $9.63; 52-week high: $15.84; 52-week low: $8.52.