Lundin Mining Provides Operating Outlook for 2012-2014
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 12/12/11 -- Lundin Mining Corporation (TSX: LUN)(OMX: LUMI) ("Lundin Mining" or the "Company"), subsequent to its annual budget Board meeting held today, provides the following operating guidance for the three-year period of 2012 through 2014. Guidance for 2011 remains unchanged for the year as noted in our Third Quarter release and therefore has not been included below. Key highlights are as follows:
Commenting on the production guidance, Mr. Paul Conibear, President and CEO of Lundin Mining said, "We are very focused on improving our performance and meeting and improving on current production and cost targets. We have added depth both corporately and at the operations to facilitate better reliability from our mines. Lundin Mining is in a unique position as we offer meaningful near-term production growth to copper, zinc and nickel, all of which is expected to be fully-funded from operational cash flow going forward."
The 2012 cash cost estimates were calculated using the following metals prices and exchange rates (royalties included where applicable).
2012 Capital Expenditure Guidance
Capital expenditures for 2012 are expected to be $410 million (2011 - guidance $290 million) which includes:
2012 Exploration Investment
Exploration expenditures are expected to increase from around $43 million in 2011 to $50 million in 2012. Approximately $34 million of this will be spent at Neves-Corvo, where a 90,000 metre surface drilling program is planned for 2012 which will continue to test resource expansion targets at Semblana in addition to drill-testing the multiple high priority targets recently identified within the Neves-Corvo near mine area. Additionally, next year's exploration program will also test several greenfield targets in the Iberian Region, as well as continued resource definition drilling at the Company's Clare exploration project in Ireland.
Other Opportunities
The Company is evaluating several optimization projects and expansions of current operations that could further increase production over the next few years. The following projects could contribute to production above the current planed levels in the near to medium term horizon:
Commenting on the three year outlook for the Company, Mr. Conibear said, "As we enter 2012, we are very well positioned to continue to increase output with a good balance sheet, several internal optimization opportunities and a strong exploration focus. We look forward to delivering on our objectives of internal growth, to maximize the value of our existing assets and we are now in pursuit of the additional near term and existing production assets with the intent of acquiring value accretive investments complimentary to our existing business."
About Lundin Mining
Lundin Mining Corporation is a diversified Canadian 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 expansion projects at Neves-Corvo mine along with its 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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Datum: 12.12.2011 - 06:00 Uhr
Sprache: Deutsch
News-ID 95717
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TORONTO, ONTARIO
Kategorie:
Mining & Metals
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