Lundin Mining Corporation Announces Production Results for the Fourth Quarter and Full Year 2019; Provides Production Guidance for the Full Year 2020
January 22, 2020 at 05:00 pm EST
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Lundin Mining Corporation announced production results for the fourth quarter and full year 2019. For the quarter, the company produced copper of 67,131 tonnes, Zinc produced of 38,925 tonnes and Nickel produced of 2,651 tonnes.
For the year to date, the company produced copper of 235,498 tonnes, Zinc produced of 151,515 tonnes and Nickel produced of 13,494 tonnes.
Nickel and copper production are forecast to increase 22% and 15%, respectively, at the midpoint of the 2020 guidance range as higher grade Eagle East ore contributes to the mill feed. Zinc production at the midpoint of the 2020 guidance range is forecast to increase 37% over that of 2019 as the ZEP ramps-up during 2020. Candelaria copper production is forecast to increase to approximately 190,000 tonnes per annum by 2022 and remain above this level through 2025 as the benefits of reinvestment initiatives undertaken over the last two years are realized. At the midpoint of the guidance range, copper production is forecast to increase by over 20,600 t (16%) year-over-year in 2020 to 165,000-175,000 t. Chapada is forecast to produce 51,000-56,000 t of copper and 90,000-95,000 oz of gold in 2020. Eagle nickel production at the midpoint of the 2020 guidance range is forecast to increase more than 3,000 t (22%) over that of 2019, to 15,000-18,000 t, as higher grade Eagle East ore contributes to the mill feed. Copper production at the midpoint of the 2020 guidance range is forecast to increase more than 2,200 t (15%) over that of 2019 to 15,000-18,000 t. Neves-Corvo zinc production at the midpoint of the 2020 guidance range is forecast to increase nearly 26,800 t (37%) over that of 2019, to 95,000-105,000 t, as the ZEP is commissioned and ramped-up during the year. Copper production at the midpoint of the 2020 guidance range of 38,000-43,000 t is forecast to be consistent with 2019. Zinc production, at the midpoint of 77,000-82,000 t guidance, is expected to be at a similar level in 2020 as 2019. Copper production in 2020 is forecast to increase over that of 2019 to 3,000-4,000 t.
Lundin Mining Corp. is a Canada-based diversified base metals mining company. The Company is engaged in metals mining with projects and operations in Argentina, Brazil, Chile, Portugal, Sweden and the United States primarily producing copper, zinc, gold and nickel. The Companyâs operations include Candelaria, Caserones, Chapada, Eagle, Neves-Corvo, Josemaria and Zinkgruvan. Candelaria comprises two adjacent copper mining operations, Candelaria and Ojos del Salado, which produce copper concentrates. Caserones is an open pit copper-molybdenum mine which produces copper concentrate, copper cathode and molybdenum concentrate. Chapada is an open pit copper-gold mine producing copper concentrate. Eagle is an underground mine producing nickel and copper concentrates. Neves-Corvo is a mainly copper and zinc mine producing copper, zinc and lead concentrates. Josemaria is a large-scale copper-gold-silver project. Zinkgruvan is engaged in producing zinc, lead and copper concentrates.
LUNDIN MINING CORPORATION 
