NEW YORK (TheStreet) -- Shares of Lumina Copper Corp. (LCPRF) are jumping 23.43% to $8.92 in early afternoon trading today after First Quantum Minerals (FQVLF) agreed to purchase the Canada-based resource exploration company for $470 million.
The acquisition will be paid for in cash and stock, and the deal will give First Quantum the Taca Taca project in Argentina, Canada's Financial Post reports.
The Argentine project is one of the most promising underdeveloped copper deposits in the world, the Financial Post added.
Must Read: Warren Buffett's 25 Favorite Stocks
STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV