TORONTO, ONTARIO -- (Marketwired) -- 11/24/14 -- Lundin Mining Corporation (TSX: LUN)(OMX: LUMI) ("Lundin Mining" or the "Company") announced today the achievement of commercial production at the Eagle Mine ("Eagle"), a high-grade nickel-copper mine located in the Upper Peninsula of Michigan, USA. The mine began operations on September 23 ahead of schedule and on budget. The milestone was reached within two months of start-up and well before the target of Quarter 1, 2015.
Mr. Paul Conibear, President and CEO commented, "The team at Eagle Mine has done an excellent job in accelerating the ramp up and delivering commercial operations ahead of expectations. Going forward, the Eagle Mine will be significant to the earnings and cash flow of Lundin Mining, and a major employer and economic contributor in northern Michigan. We wish to thank all employees, contractors and the community for their efforts in bringing the mine into commercial production safely, and sooner than expected."
Lundin Mining defines commercial production as the ability to maintain average production metrics of 75% of designed throughput, 75% nickel recovery, and the production of on target grade nickel concentrate (11 - 16%) for a period of 30 days. The table below highlights Eagle's performance from October 1 through November 18.
October Month to Design Per Day Averages 2014 November 18(a) rates --------------------------------------------------------------------------- Throughput (tonnes per day) 1,536 1,865 2,000 Nickel recovery 79% 85% 83% Copper recovery 94% 95% 96% Nickel concentrate grade 14% 16% 11 - 16% Copper concentrate grade 29% 28% 31% Nickel metal (tonnes) 1,301 660 n/a Copper metal (tonnes) 1,259 423 n/a (a) The per day averages reported for November are calculated over normal operating days only with any extended down time for scheduled maintenance or other anomalous events excluded.
About Lundin Mining
Lundin Mining is a diversified base metals mining company with operations and projects in Chile, Portugal, Sweden, Spain and the U.S.A. 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 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
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 Manager Corporate Development and Investor Relations
+1-416-342-5565
Lundin Mining Corporation
Robert Eriksson
Investor Relations Sweden
+46 8 545 015 50
