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Lundin Mining Announces Amendment to Credit Agreement to Extend Term to 2020

t to Credit Agreement to Extend Term to 2020

October 20, 2016 - Lundin Mining Corporation (TSX: LUN; OMX: LUMI) (“Lundin
Mining” or the “Company”) announces that it has executed an amending agreement
to its US$350 million revolving credit facility (the “Facility”) that reduces
the costs of borrowing and extends the term to June 2020, from October 2017.
The amending agreement contains additional revisions, including amending
certain mandatory prepayment clauses and provides for an increase in the
leverage ratio for four quarters following a significant acquisition.

Ms. Marie Inkster, Senior Vice President and Chief Financial Officer,
commented, “We are grateful for the ongoing support of our lenders. This
low-cost facility, combined with our favourable net debt position and cash flow
from operations, offers Lundin Mining significant financial flexibility to
pursue opportunities in the future”.

The Facility remains undrawn, other than a letter of credit issued in the
amount of SEK 162 million ($18.8 million), and bears interest on US dollar
denominated drawn funds at rates of LIBOR+2.5% to LIBOR+3.5%, depending upon
the Company’s leverage ratio.

Scotiabank and ING Capital have acted as Lead Arrangers. The Bank of Nova
Scotia continues as the Administrative Agent, ING Capital LLC as the
Syndication Agent, and Bank of Montreal as the Documentation Agent, in the
syndicate along with Export Development Canada, Bank of America, N.A., Société
Générale and Skandinaviska Enskilda Banken AB.

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining company with
operations in Chile, the USA, Portugal, and Sweden, primarily producing copper,
nickel and zinc. In addition, Lundin Mining holds an indirect 24% equity stake
in the world-class Tenke Fungurume copper/cobalt mine in the Democratic
Republic of Congo and in the Freeport Cobalt Oy business, which includes a
cobalt refinery located in Kokkola, Finland.

On Behalf of the Board,

Paul Conibear

President and CEO

The information in this release is subject to the disclosure requirements of
Lundin Mining under the EU Market Abuse Regulation and the Swedish Securities
Market Act. This information was publicly communicated on October 20, 2016 at
5:00 p.m. Eastern Time.

For further information, please contact:

Mark Turner
Director, Business Valuations and Investor Relations

Sonia Tercas
Senior Associate, Investor Relations

Robert Eriksson
Investor Relations Sweden
+46 8 545 015 50

Författare SSE

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