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Lundin Mining Q4 and Full Year 2012 Production Results


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© Marketwire 2013
2013-01-22 23:04:57 -

TORONTO, ONTARIO -- (Marketwire) -- 01/22/13 -- Lundin Mining Corporation (TSX:LUN)(OMX:LUMI) ("Lundin Mining" or the "Company") reports the following production results for the fourth quarter and full year 2012:


----------------------------------------------------------------------------
Metal Production                                              FY          Q4
(contained tonnes)                                          2012        2012
----------------------------------------------------------------------------
  Copper, wholly-owned operations                         63,878      14,224
  Tenke attributable (24%)                                38,172      10,669
  --------------------------------------------------------------------------
Total Copper                                             102,050      24,893
Zinc                                                     122,204      29,161
Lead                                                      38,464       8,353
Nickel                                                     2,398       1,705
----------------------------------------------------------------------------



Paul Conibear, President and CEO commented, "We are pleased to achieve the high-end of our production guidance targets for 2012 at each of our operations. Zinkgruvan had a particularly successful year with new records set for production of zinc, lead and copper. Tenke also set new copper production records as Phase II expanded facilities came on line. All of our assets are very well positioned to deliver a solid performance again this year."


Segmented production and guidance is as follows:


----------------------------------------------------------------------------
                                                        2013 Guidance      
                                                   -------------------------
                        Production      Production                   C1 Cost
(contained tonnes)         Results        Guidance      Production     (b,c)
----------------------------------------------------------------------------
Copper    Neves- Corvo      58,559   55,000-60,000   50,000-55,000  $1.80/lb
          Zinkgruvan         3,059     3,000-4,000     2,500-3,500       
          Aguablanca         2,260     1,500-2,000     4,500-5,000       
          ------------------------------------------------------------------
          Wholly-owned      63,878   59,500-66,000   57,000-63,500         
          Tenke (@24%)      38,172          36,200       44,650(a)  $1.03/lb
          ------------------------------------------------------------------
          Total                                                    
           attributable    102,050  95,700-102,200 101,650-108,150
Zinc      Neves-Corvo       30,006   25,000-30,000   45,000-50,000         
          Zinkgruvan        83,209   77,000-83,000   73,000-78,000  $0.20/lb
          Galmoy (in ore)    8,989     8,500-9,000             nil         
          ------------------------------------------------------------------
          Total            122,204 110,500-122,000 118,000-128,000
Lead      Neves-Corvo           87             nil             nil         
          Zinkgruvan        37,246   34,000-39,000   33,000-36,000         
          Galmoy (in ore)    1,131     1,000-1,100             nil         
          ------------------------------------------------------------------
          Total             38,464   35,000-40,100   33,000-36,000         
Nickel    Aguablanca         2,398     1,500-2,000     5,000-5,500  $5.00/lb
----------------------------------------------------------------------------
a. Freeport has provided 2013 sales guidance which has been assumed to      
approximate Tenke's production.                                             
b. Cash costs remain dependent upon exchange rates (EUR/USD: 1.30, USD/SEK: 
6.75) and metal prices (Cu: $3.50, Zn: $0.95, Ni: $8.00, Co: $12.00).       
c. Cash cost is a non-GAAP measure reflecting the sum of direct costs less  
by-product credits.                                                         



Operational Commentary


###PRECONTENT2###

Details of operating statistics by mine, by quarter and for the year follow in the attached table:

###PRECONTENT3###

About Lundin Mining


Lundin Mining Corporation is a diversified base metals mining company with operations in Portugal, Sweden, Spain and Ireland, producing copper, zinc, lead and nickel. In addition, Lundin Mining holds a 24% equity stake in the world-class Tenke Fungurume copper/cobalt mine in the Democratic Republic of Congo.


On Behalf of the Board,


Paul Conibear, President and CEO


Forward Looking Statements


Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Ontario Securities Act. Forward-looking statements 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 foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; 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; 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, lead and zinc; 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.



Contacts:

Lundin Mining Corporation

Sophia Shane

Investor Relations North America

+1-604-689-7842


Lundin Mining Corporation

John Miniotis

Senior Business Analyst

+1-416-342-5565


Lundin Mining Corporation

Robert Eriksson

Investor Relations Sweden

+46 8 545 015 50



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