September 29, 2008 / 11:18 PM / in 10 years

Peru's Minsur looking for financing for Brazil buy

LIMA, Sept 29 (Reuters) - Minsur (MINi.LM), a major Peruvian tin miner that last week said it would pay $470 million to buy the Taboca mining company from Brazilian metals group Paranapanema (PMAM3.SA), said on Monday it is looking to line up financing for the deal.

At a time when global financial markets are in turmoil, a company spokeswoman said the subject of financing is part of “ongoing negotiations” and has not been settled.

Asked if the crisis in the U.S. financial system could impact Minsur’s ability to raise funds, Lucio Pareja, head of engineering and projects, said: “No, we do not think so.”

The mine that Taboca operates is located 250 kilometers from the capital city of Manaus in the Brazilian state of Amazonas. It produces tin, niobium and iron ore among other metals. The price of the deal is subject to adjustments under due diligence.

Minsur, whose San Rafael mine is the world’s largest tin mine, produces about 12 percent of the world’s tin. (Reporting by Dana Ford; Editing by Christian Wiessner)

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