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2015-12-03

LUNDIN MINING PROVIDES PRODUCTION OUTLOOK FOR 2016-2018

Lundin Mining Corporation
Börsmeddelande

LUNDIN MINING PROVIDES PRODUCTION OUTLOOK FOR 2016-2018

Toronto, December 2, 2015 (TSX: LUN; OMX: LUMI) Lundin Mining Corporation
(“Lundin Mining” or the “Company”), provides the following production guidance
for the three-year period of 2016 through 2018. Key highlights are as follows:

-- Annual attributable copper production guidance for 2016 and 2017 has
improved from last year’s three year production guidance due primarily to
the improved production profile at Candelaria.
-- Zinc production is expected to increase by 2018 due to a low-cost plant
improvement project at Zinkgruvan.
-- This outlook does not include guidance for the Aguablanca nickel/copper
mine. The mine is under suspension and recommencement of operations will
depend on timing of receipt of environmental approval for underground
operations and the outlook for nickel and copper prices.
-- This production profile does not incorporate any expansions for the zinc
plant at Neves-Corvo or further debottlenecking at Tenke, each of which
could further increase the Company’s production profile.

Given current depressed market conditions, the Company continues to refine
planned investments in capital programs and exploration. The Company is also
conducting a further review of operating costs and considering actions required
in order to preserve healthy operating margins under a sustained period of low
commodity prices. The 2016 outlook for cash costs, capital spending and
exploration programs will be disclosed towards the end of January 2016.

Mr. Paul Conibear, President and CEO commented: “The Company’s near term
strategy is focused on stable production with low capital investment and
improving operating costs, in order to maximize profitability and cash flows,
preserving a strong balance sheet. The stability of our producing assets
combined with the strength of our balance sheet, ideally positions the Company
to generate leading returns to shareholders in any commodity price
environment.”

Attributable Production Outlook 2016 - 20181:

2016 2017 2018
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Copper: Tonnes Tonnes Tonnes
Candelaria (80%) 118,000 – 123,000 120,000 – 125,000 113,000 –
120,000
Eagle 20,000 – 23,000 17,000 – 20,000 14,000 – 17,000
Neves-Corvo 50,000 – 55,000 50,000 – 55,000 50,000 – 55,000
Zinkgruvan 3,500 – 4,000 3,500 – 4,000 3,000 – 3,500
--------------------------------------------------------------------------------
Wholly-owned operations 191,500 – 205,000 190,500 – 204,000 180,000 –
195,500
Tenke2 (24%) ~50,000 ~50,000 ~50,000
--------------------------------------------------------------------------------
Total Attributable 241,500 – 255,000 240,500 – 254,000 230,000 –
Copper 245,500
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

Nickel:
Eagle 21,000 – 24,000 18,000 – 21,000 15,000 – 18,000
Total Nickel 21,000 – 24,000 18,000 – 21,000 15,000 – 18,000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

Zinc:
Neves-Corvo 65,000 – 70,000 65,000 – 70,000 65,000 – 70,000
Zinkgruvan 80,000 – 85,000 80,000 – 85,000 90,000 – 95,000
Total Zinc 145,000 – 155,000 145,000 – 155,000 155,000 –
165,000
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

1. Production guidance is based on certain estimates and assumptions, including
but not limited to; mineral resources and reserves, geological formations,
grade and continuity of deposits and metallurgical characteristics.

2. Tenke guidance has not yet been provided by operator, Freeport McMoRan Inc.
("Freeport"). Lundin Mining anticipates future production from Tenke to be
comparable to expected 2015 production.

-- Candelaria:
As previously guided, attributable share of Candelaria production is
expected to decline modestly from 2015 production levels, which benefited
from better rock fragmentation and softer ore. Gold and silver production
are expected to remain as significant by-product credits.
-- Eagle:
Consistent with original plans, year over year production levels of nickel
and copper are expected to gradually decline as the highest grade ore is
mined early in the mine plan.
-- Neves-Corvo:
Copper production is expected to be maintained above 50,000 tonnes per
annum with a significant zinc by-product credit. The zinc expansion project
has not been reflected in this outlook. Lead by-products are expected to
increase as Lombador zinc ore is mined.
-- Zinkgruvan:
Zinc production is expected to increase over the outlook period as planned
expansion activities are expected to initiate in 2016 and take effect
within a year.
-- Tenke Fungurume:
2016 production guidance has not yet been provided by Freeport, the mine’s
operator. Lundin Mining anticipates production from Tenke in 2016 to be
largely consistent with that of 2015. The three year outlook for Tenke does
not reflect potential increases in copper production that could occur from
expansion or other debottlenecking initiatives. The Lundin Mining estimate
and comments do not represent the official guidance for the mine which will
ultimately be provided by Freeport.

About Lundin Mining

Lundin Mining Corporation is a diversified Canadian base metals mining company
with operations in Chile, Portugal, Sweden and the US, producing copper, nickel
and zinc. In addition, Lundin Mining holds a 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
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 Swedish Securities Market Act and/or the Swedish
Financial Instruments Trading Act. This information was publicly communicated
on December 2, 2015 at 5:00 p.m. Eastern Time.

Forward Looking Statements

Certain of the statements made and information contained herein is
“forward-looking information” within the meaning of the Ontario Securities Act.
This release includes, but is not limited to, forward looking statements with
respect to the Company’s estimated annual metal production, C1 cash costs, and
capital expenditures. These estimates and other forward-looking statements are
based on a number of assumptions and are subject to a variety of risks and
uncertainties which could cause actual events or results to differ from those
reflected in the forward-looking statements, including, without limitation,
risks and uncertainties relating to estimated operating and cash costs, foreign
currency fluctuations; risks inherent in mining including environmental
hazards, industrial accidents, unusual or unexpected geological formations,
ground control problems and flooding; including risks associated with the
estimation of mineral resources and reserves and the geology, grade and
continuity of mineral deposits; the possibility that future exploration,
development or mining results will not be consistent with the Company’s
expectations; the potential for and effects of labour disputes or other
unanticipated difficulties with or shortages of labour or interruptions in
production; actual ore mined varying from estimates of grade, tonnage, dilution
and metallurgical and other characteristics; the inherent uncertainty of
production and cost estimates and the potential for unexpected costs and
expenses, commodity price fluctuations; inability to successfully integrate the
Candelaria operations or realize its anticipated benefits; uncertain political
and economic environments; changes in laws or policies, foreign taxation,
delays or the inability to obtain necessary governmental permits; and other
risks and uncertainties, including those described under Risk Factors Relating
to the Company’s Business in the Company’s Annual Information Form and in each
management discussion and analysis. Forward-looking information is in addition
based on various assumptions including, without limitation, the expectations
and beliefs of management, the assumed long term price of copper, nickel, zinc
and other metals; that the Company can access financing, appropriate equipment
and sufficient labour and that the political environment where the Company
operates will continue to support the development and operation of mining
projects. Should one or more of these risks and uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may vary
materially from those described in forward-looking statements. Accordingly,
readers are advised not to place undue reliance on forward-looking statements.

For further information, please contact:

John Miniotis
Senior Manager, Corporate Development & Investor Relations
+1-416-342-5565

Robert Eriksson
Investor Relations, Sweden
+46 8 545 015 50

Sonia Tercas
Senior Associate, Investor Relations
+1-416-342-5583

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