Lundin Mining Corp. announced a plan Thursday to expand its Neves Corvo mine in Portugal at a cost of $226-million.

The Lombador Phase 1 project would extend the life of the copper-and-zinc mine to at least 2026 and serve as a platform for further extensions, the company said.

The investment will total about €164-million, or $226-million at current exchange rates.

In addition to a mine deepening, the project calls for the expansion of the existing zinc plant ore processing capacity.

“This study confirms the company's view that the Lombador Phase 1 project can be developed into a successful and profitable expansion to the existing operations,” Lundin chief executive Paul Conibear said in a statement.

“The initial phase of Lombador development enables zinc production to ramp up taking advantage of the expected strong zinc markets evolving over the next several years.”

Toronto-listed Lundin has operations in Portugal, Sweden, Spain and Ireland, producing copper, zinc, lead and nickel. The company also holds a stake in the Tenke Fungurume copper-cobalt mine in the Democratic Republic of Congo.