Lundin Mining Reports Third Quarter 2011 Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 10/26/11 -- Lundin Mining Corporation (TSX: LUN)(OMX: LUMI) ("Lundin Mining" or the "Company") today reported net income of $12.4 million ($0.02 per share) for the third quarter of 2011 and year-to-date net income of $141.3 million ($0.24 per share).
Paul Conibear, President and CEO commented, "At Neves-Corvo, mining and milling volumes continued at high levels, but lower overall grades in the quarter resulted in reduced metal production and consequently higher cash costs on a per pound basis. These higher costs as well as declining metal prices significantly impacted our operating earnings. During late September we moved into higher grade stopes and this contributed to improved production compared to the previous period. Significant increases in production are expected in the fourth quarter as we continue mining in high grade areas.
Zinkgruvan incurred operating issues with both its zinc and copper grinding mills which affected production. The copper mill gearbox was repaired and was back on line in September and a zinc mill vibration issue is expected to be resolved by the end of October to get back up to full production.
Our investment in Tenke achieved new important milestones during the quarter, with the Phase 2 expansion feasibility study being completed by Freeport. The project paid off the remaining $32.0 million on the Excess Overrun Cost facility and Lundin Mining also received its first cash distribution of $7.8 million for total benefit of $39.8 million during the quarter. Both these milestones illustrate the important contribution that Tenke is making to the Company's future."
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 development project pipeline which includes an expansion project at its Neves-Corvo mine along with its equity stake in the world class Tenke Fungurume copper/cobalt project 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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Datum: 27.10.2011 - 00:20 Uhr
Sprache: Deutsch
News-ID 80723
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TORONTO, ONTARIO
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Mining & Metals
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