TORONTO, ONTARIO — (Marketwired) — 12/04/14 — Lundin Mining Corporation (TSX: LUN)(OMX: LUMI) („Lundin Mining“ or the „Company“), provides the following production guidance for the three-year period of 2015 through 2017.
In the footnote to the C1 cash cost for the Candelaria mine, the following clarification has been added:
C1 cash costs include capital expenditures for deferred stripping in the amount of approximately $160 million in 2015. Excluding the impact of capitalized stripping, the C1 cash costs would approximate $1.55/lb of copper.
All other information in the release remains unchanged.
Key highlights are as follows:
Paul Conibear, President and CEO commented, „Rejuvenation of our asset base over the last two years has transformed the Company–s future production profile with diversified, low risk production both geographically and across copper, nickel and zinc, that we are confident will provide leading returns.“
Production Outlook 2015 – 2017(1):
2015 Cash Costs(3)
2015 Capital Expenditure Guidance
Capital expenditures for 2015 for mines operated by the Company are expected to be $470 million, which includes:
2015 Exploration Investment
Exploration expenditures (not including Tenke) are expected to be in the range of $75 million in 2015 (2014 – estimated at $35 million). Approximately $40 million is expected to be directed toward near mine targets at Candelaria, with the remainder to advance exploration activities at our existing mines and budgeted activities for South American and Eastern European exploration projects.
About Lundin Mining
Lundin Mining Corporation is a diversified Canadian base metals mining company with operations in Chile, Portugal, Sweden, Spain and the US, 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 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. 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, 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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