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2016-05-10

Lundin Mining Receives Notice of Right of First Offer on Tenke Fungurume

e of Right of First Offer on Tenke Fungurume

May 09, 2016 (TSX: LUN; OMX: LUMI) Lundin Mining Corporation (“Lundin Mining”
or the “Company”) acknowledges that Freeport-McMoran Inc. (“Freeport”)
announced today that it has entered into an agreement to sell its interest in
TF Holdings Limited (“TF Holdings”) to China Molybdenum Co., Ltd. (“CMOC”).

TF Holdings is the holding company that indirectly owns an 80 percent interest
in Tenke Fungurume Mining S.A. (“Tenke”). Lundin has a 30 percent interest in
TF Holdings and an effective 24 percent interest in Tenke. Lundin has a Right
of First Offer (“ROFO”) on any change of control transaction over Tenke and the
Freeport Cobalt operations which is valid for 90 days from receipt of the ROFO
notice and will remain open until August 8, 2016.

The Company is currently in the process of reviewing the formal ROFO notice
that was received from Freeport. Upon reviewing the details of the proposal,
Lundin will carefully evaluate all options for its stake in Tenke and will
update the market in due course.

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 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
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 Swedish Securities Market Act and/or the Swedish
Financial Instruments Trading Act. This information was publicly communicated
on May 9, 2016 at 7:30 p.m. Eastern Time.

For further information, please contact:

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

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

Robert Eriksson
Investor Relations Sweden
+46 8 545 015 50

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