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Lundin Mining Announces 2020 Production Guidance Achieved for All Metals; Fourth Quarter and Full Year 2020 Results to be Released February 18, 2021

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Lundin Mining Corporation (TSX: LUN) (Nasdaq Stockholm: LUMI) announces production results for the three and twelve months ended December 31, 2020. The consolidated financial results for the year ended December 31, 2020 will be published on February 18, 2021.

 

Highlights

 

  • 2020 annual production guidance achieved for all metals. Production of 230,781 t of copper was at the upper end of the guidance range and gold production of 163,000 oz exceeded guidance.
  • Candelaria copper and gold production both exceeded annual guidance. The operation safely returned to full production capacity in December 2020 after reaching new collective union agreements and the upgrade installation of the fourth and final ball mill motor as part of the Candelaria Mill Optimization Project (CMOP). The CMOP is now complete.
  • Chapada copper and gold production both exceeded annual guidance. Chapada returned to full processing capacity in December 2020 after installation of a second repaired motor on the ball mill.
  • Eagle achieved strong and consistent operating performance again in 2020. Nickel and copper production both achieved annual guidance, with copper production approaching the upper bound of the guidance range.
  • Neves-Corvo achieved annual copper production guidance and zinc production was within 1kt of guidance. The Zinc Expansion Project (ZEP), to double current zinc production capacity and improve per unit operating cost, was officially restarted in early January 2021.
  • Zinkgruvan zinc and copper production both achieved annual production guidance, with zinc approaching the upper bound of the guidance range. 2020 zinc production finished strong, with a grade-driven significant increase in production during the fourth quarter.
  • Continuing the trend of improvement, Lundin Mining achieved its best ever Total Recordable Injury Frequency (TRIF) rate in 2020 with a rate of 0.55 against a target of 0.60 per 200,000 person hours worked. While this achievement was dampened by the fatality at Neves-Corvo in the third quarter, the excellent overall safety result was realized during a challenging year and reflects project activities at Candelaria and Neves-Corvo ZEP, as well as significant changes to work practices, workplaces and work schedules to ensure our workforce and local communities were protected from the spread of COVID-19.
  • Year-end 2020 net debt position was approximately $65 million.

 

 

Summary of 2020 Production

 

Q4 2020

Production

Full Year 2020

Production

2020 Production

Guidance1

Copper (t)
Candelaria (100% basis) 19,509 126,702 120,000 125,000
Chapada 11,368 50,038 45,000 50,000
Eagle 5,128 18,663 17,000 19,000
Neves-Corvo 5,880 32,032 32,000 34,000
Zinkgruvan 3,346 3,000 4,000
Total Copper 41,885 230,781 217,000 232,000
Zinc (t)
Neves-Corvo 16,750 69,143 70,000 72,000
Zinkgruvan 24,678 73,601 72,000 74,000
Total Zinc 41,428 142,744 142,000 146,000
Gold (oz)
Candelaria (100% basis) 13,000 76,000 70,000 75,000
Chapada 22,000 87,000 80,000 85,000
Total Gold 35,000 163,000 150,000 160,000
Nickel (t)
Eagle 4,909 16,718 15,000 18,000
Total Nickel 4,909 16,718 15,000 18,000

 

About Lundin Mining

 

Lundin Mining is a diversified Canadian base metals mining company with operations in Brazil, Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc, gold and nickel.

 

Posted January 21, 2021

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