(Bloomberg) -- Lundin Mining Corp. agreed to pay $950 million for control of a Chilean copper mine, adding to a flow of deals as miners seek a bigger slice of metals needed for the world’s energy transition.

The Toronto-based miner will buy a 51% stake in the company that operates the Caserones mine in Chile from its owner, Japan’s JX Nippon Mining & Metals Corp., the companies said. Lundin will pay $800 million in cash upfront, plus $150 million over six years from the deal’s completion.

The mining sector is in the midst of major structural changes as companies prepare for a wave of demand for materials needed by clean-tech industries. Glencore Plc. Chief Executive Officer Gary Nagle earlier this month predicted a renewed spree of deal-making, while over the past year Rio Tinto Group and BHP Group have both made big moves in copper.

Lundin said the addition of Caserones will boost its output of the metal by 50%. 

“We add another long-life copper mine of material size and with significant growth potential to our portfolio, in a region in which we have considerable knowledge and experience,” Lundin Chief Executive Officer Peter Rockandel said. The Canadian firm already operates the Candelaria mine in Chile, about 160 kilometers (100 miles) from Caserones.

Lundin’s deal with JX Nippon also includes an option — valid over a five-year period from the first anniversary of the purchase — to buy an additional 19% interest in Caserones for $350 million. 

The Japanese firm said it was selling the stake to Lundin to focus on advanced materials, control volatility in its resource business, and strengthen its long-term earnings base in metals.

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