Lundin Mining Corporation (TSX:LUN) (OMX:LUMI) is pleased to announce that concentrate production has commenced from the high grade Eagle nickel-copper mine. Construction activities at the Eagle Mine are now substantially complete, with the project being delivered on budget and ahead of schedule compared to initial guidance.
Mr. Paul Conibear, President and CEO commented, “We are extremely proud of the tremendous achievement that has been accomplished at the Eagle Mine. The Eagle Mine is a significant new, high-quality, low-cost mine, that has been constructed to the highest of safety, environmental and social responsibility standards.
Our team has done an exemplary job in bringing the mine into production, and we look forward to the operation becoming a significant cash flow generator for the Company and a significant contributor to the local and regional economy. We would like to thank all employees and contractors for their dedication and excellent work in addition to all local stakeholders for their ongoing support.”
The Eagle Mine plans to ship first saleable copper and nickel concentrates during the first half of October 2014 and is expected to reach full design rates in the second quarter of 2015.
Recent development highlights include:
-- Construction activities are now substantially complete, ahead of the Q4
schedule in our original guidance
-- Total capital costs from acquisition to full completion are estimated at
slightly below $400 million, on budget with guidance
-- The project was completed with an excellent safety record, achieving the
best safety performance across all Lundin sites
-- Mine commissioning was completed in April
-- Current truck hauling rate is approximately 1,500 tonnes ore per day
from mine to mill (full mill capacity is 2,000 tpd)
-- State highway and regional road upgrades are approximately 90% complete.
Road construction is expected to conclude in Q4/14 and is well advanced
to enable full production rate ore hauling.
-- Mine and mill site coarse ore storage facilities are fully stocked and
prepared for operations ramp-up
-- Eagle Mine produced its first concentrate the week of September 7
-- Mill commissioning was completed during week of September 15th, with
continuous production commencing at the end of that week
-- Shipping by rail of saleable nickel and copper concentrates is expected
to commence in the first half of October
The Company’s production guidance for the Eagle Mine over the first three full years (2015-2017) remains unchanged and is expected to average approximately 23,000 tonnes of nickel and 20,000 tonnes of copper contained metal in concentrate.
About Lundin Mining
Lundin Mining is a diversified base metals mining company with operations and projects in 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.
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