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
