TORONTO, ONTARIO--(Marketwire - Jan. 16, 2012) - Lundin Mining Corporation (TSX:LUN)(OMX:LUMI) ("Lundin Mining" or the "Company") reports the following production results for the fourth quarter and full year 2011:
Wholly-owned operations (tonnes) |
FY 2011 |
Q4 2011 |
FY 2010 |
Q4 2010 |
Copper | 75,877 | 27,488 | 80,035 | 24,908 |
Zinc | 111,445 | 27,053 | 90,129 | 23,482 |
Lead | 41,130 | 9,273 | 39,568 | 9,470 |
Nickel | - | - | 6,296 | 1,062 |
The figures above do not include the Company's attributable share of copper and cobalt production from the Tenke Fungurume mine, pending public release of those statistics by the operator, Freeport McMoRan.
Paul Conibear, President and CEO commented, "As expected, the fourth quarter was our best quarter of the year. Copper production for the quarter from our own operations exceeded expectations while zinc and lead approximated latest guidance. The Neves-Corvo mine finished the year very strongly. Both Zinkgruvan and Neves-Corvo continued to mine and mill record tonnes with an improving safety record. Our staff have responded very well to issues experienced earlier in the year, providing an excellent basis heading into 2012."
The results by mine are as follows:
(contained tonnes) |
2011 Production Results |
2011 Production Guidance |
2010 Actual Production | |
Neves-Corvo | Cu | 74,109 | 70,000 | 74,011 |
Zn | 4,227 | 4,500 | 6,422 | |
Zinkgruvan | Zn | 75,147 | 76,000 | 72,206 |
Pb | 32,339 | 34,000 | 36,636 | |
Cu | 1,768 | 1,500 | 540 | |
Galmoy | Zn | 32,071 | 31,000 | 11,501 |
(in ore) | Pb | 8,791 | 8,000 | 2,932 |
Aguablanca | Ni | nil | nil | 6,296 |
Cu | nil | nil | 5,484 | |
Total: Wholly-owned operations | Cu | 75,877 | 71,500 | 80,035 |
Zn | 111,445 | 111,500 | 90,129 | |
Pb | 41,130 | 42,000 | 39,568 | |
Ni | nil | nil | 6,296 |
Operational Commentary
-
Neves-Corvo: Higher grade stopes averaging 3.4% copper
and the utilization of the zinc plant for copper ore
processing in the fourth quarter helped make up for
shortfalls resulting from issues that hampered production
earlier in 2011. The newly expanded zinc plant that was
temporarily converted to copper ore processing in August
2011 has now been converted back to zinc processing.
Of particular note is the achievement of another annual tonnage record. In 2010, operations hoisted approximately 2.6 million tonnes of ore and 0.8 million tonnes of waste. In 2011, operations hoisted more than 3.2 million tonnes of ore and 1.0 million tonnes of waste. Total hoisting and milling was up 25% compared to the previous year. For five consecutive years, Neves-Corvo has exceeded the previous year's mined and milled tonnages. - Zinkgruvan: Despite down time late in October to complete maintenance on the zinc grinding mill, Zinkgruvan finished 2011 with its best quarter of zinc and copper production of the year. Zinkgruvan also achieved another annual zinc and copper metal production record. Operations mined and milled approximately 1.0 million tonnes of ore in 2010 and 1.1 million in 2011, which represents a new record in the history of the mine.
- Aguablanca: The new mining contractor continued pre-stripping operations throughout the fourth quarter. Restart of open pit operations and first concentrate production is scheduled for late in 2012.
- Galmoy: Mining production from remnant ores exceeded expectations for the year. Mining of residual ores is expected to cease during the first quarter of 2012. The mine closure plan has been approved by regulatory authorities and remains on schedule to be completed prior to the end of 2012.
- Safety: It is notable that in addition to achieving record tonnages mined and milled, the Company also achieved a significant improvement in safety performance. In 2011, Total Recordable Incident Frequency ("TRIF") was the lowest in the Company's history at 1.61. This is a TRIF reduction of more than 50% compared to 2010. A similar reduction was achieved in the frequency of Lost Time Incidents. The improvement in our safety performance over the last two years is attributed to the implementation of a safety system modernization program and a commendable effort to improve safety across the Company.
2011 Operating Statistics
Total | Q4 | Q3 | Q2 | Q1 | ||
Neves-Corvo | ||||||
Ore mined, copper (tonnes) | 3,126,005 | 899,669 | 749,999 | 768,806 | 707,531 | |
Ore mined, zinc (tonnes) | 86,202 | - | 8,973 | 34,552 | 42,677 | |
Ore milled, copper (tonnes) | 3,197,783 | 920,480 | 797,470 | 736,050 | 743,783 | |
Ore milled, zinc (tonnes) | 63,074 | - | 63,074 | - | - | |
Grade per tonne | ||||||
Copper (%) | 2.7 | 3.4 | 2.3 | 2.2 | 2.9 | |
Recovery | ||||||
Copper (%) | 85 | 85 | 83 | 83 | 86 | |
Concentrate grade | ||||||
Copper (%) | 24.4 | 24.3 | 24.5 | 24.2 | 24.5 | |
Production- tonnes (metal contained) | ||||||
Copper | 74,109 | 26,866 | 15,070 | 13,475 | 18,698 | |
Zinc | 4,227 | 382 | 1,874 | 1,020 | 951 | |
Zinkgruvan | ||||||
Ore mined, zinc (tonnes) | 1,028,523 | 226,995 | 257,365 | 255,995 | 288,168 | |
Ore mined, copper (tonnes) | 103,349 | 5,326 | 36,097 | 36,269 | 25,657 | |
Ore milled, zinc (tonnes) | 999,280 | 256,160 | 235,949 | 231,145 | 276,026 | |
Ore milled, copper (tonnes) | 109,666 | 37,651 | 22,186 | 20,677 | 29,152 | |
Grade per tonne | ||||||
Zinc (%) | 8.2 | 8.5 | 8.0 | 8.5 | 8.0 | |
Lead (%) | 3.9 | 3.7 | 3.7 | 4.1 | 4.2 | |
Copper (%) | 1.8 | 1.8 | 1.7 | 1.9 | 1.7 | |
Recovery | ||||||
Zinc (%) | 92 | 93 | 93 | 90 | 90 | |
Lead (%) | 82 | 80 | 83 | 83 | 82 | |
Copper (%) | 90 | 91 | 91 | 90 | 89 | |
Concentrate grade | ||||||
Zinc (%) | 52.6 | 52.4 | 53.0 | 52.7 | 52.4 | |
Lead (%) | 74.8 | 73.7 | 75.4 | 75.5 | 74.7 | |
Copper (%) | 25.2 | 25.6 | 24.3 | 24.4 | 26.2 | |
Production- tonnes (metal contained) | ||||||
Zinc | 75,147 | 20,337 | 17,459 | 17,582 | 19,769 | |
Lead | 32,339 | 7,621 | 7,368 | 7,829 | 9,521 | |
Copper | 1,768 | 622 | 349 | 356 | 441 | |
Galmoy | ||||||
Ore mined (tonnes) | 302,446 | 77,113 | 78,996 | 76,927 | 69,410 | |
Ore milled (tonnes) | 192,535 | 46,828 | 50,125 | 53,874 | 41,708 | |
Grade per tonne | ||||||
Zinc (%) | 22.7 | 20.3 | 24.8 | 22.5 | 23.4 | |
Lead (%) | 7.5 | 5.7 | 8.9 | 8.2 | 7.4 | |
Production- tonnes (metal contained) | ||||||
Zinc | 32,071 | 6,334 | 9,458 | 8,802 | 7,477 | |
Lead | 8,791 | 1,652 | 2,709 | 2,538 | 1,892 |
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