Lundin Mining Receives Approval of Environmental Impact Assessment for the Candelaria Mine
TORONTO, ONTARIO--(Marketwired - July 23, 2015) - Lundin Mining Corp. (TSX:LUN) (OMX:LUMI) ("Lundin" or the "Company") is pleased to announce that it has received approval of the Environmental Impact Assessment ("EIA") for the extension of operations and mine life for its Candelaria Mine in Chile (the "Candelaria 2030 project").
The Candelaria 2030 project includes a number of enhancements to the current operation, the most important one being the construction of the new Los Diques tailings facility. The EIA was submitted to the authorities in September 2013 and this approval represents a key milestone towards successfully extending the mine life of the Candelaria operation.
Mr. Paul Conibear, President and CEO of Lundin Mining stated, "We are very pleased to announce the receipt of the EIA approval at Candelaria. This announcement is the culmination of a comprehensive process and we wish to acknowledge the extensive efforts of, and support from the Chilean authorities, our employees and the local communities who worked together to achieve this important milestone."
The approval of the EIA is a major step towards allowing the Company to begin construction of the new Los Diques tailings management facility. This approval enables immediate commencement of the early works infrastructure relocation program for Los Diques, and the Company may now advance normal course construction permitting for the major civil works. The Los Diques dam civil works are expected to commence in 2016 once sectorial permits are in place and portions of the road, power and other existing infrastructure are relocated. An extension of the current tailings storage facility is being advanced concurrently to align with the commissioning of Los Diques, which is expected to occur in 2018.
About Lundin Mining
Lundin Mining is a diversified base metals mining company with operations in Chile, Portugal, Sweden, Spain and the United States 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.
On Behalf of the Board,
Paul Conibear, CEO
The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. This information was publicly communicated on July 23, 2015 at 5:00 p.m. Eastern Time.
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.
Contact
John Miniotis
Senior Manager, Corporate Development & Investor Relations
+1-416-342-5565
Robert Eriksson
Investor Relations, Sweden
+46 8 545 015 50
Sonia Tercas
Senior Associate, Investor Relations
+1-416-342-5583