TORONTO (CP) - Shares of Lundin Mining Corp. (TSX:LUN) dropped more than 19 per cent early Thursday after the company said it had ended its strategic review without finding a compelling merger.
The company's stock was down $1.64 to $6.92 in morning trading on the Toronto Stock Exchange with a heavy volume changing hands.
Late Wednesday, Lundin announced that it would remain an independent company after its board of directors and financial advisers decided it couldn't find an attractive agreement.
The strategic review was launched after a proposed friendly tie-up with Inmet Mining Corp. (TSX:IMN) was abandoned in March.
At the time, Lundin was the target of a hostile takeover attempt by Equinox Minerals Ltd. (TSX:EQN) -- now being acquired by Barrick Gold Corp. (TSX:ABX) -- and a cloud hovered over the future of an Inmet copper project.
As recently as two weeks ago, chief executive Phil Wright said the strategic review had generated strong interest -- but he was noncommittal about whether a deal would be done.
On Wednesday, Wright announced that he would retire at the end of June after serving as CEO since January 2008.