The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Marketwire

Lundin Mining Corporation: Tenke Amended Contracts Receive Presidential Decree

Monday, April 18, 2011

Lundin Mining Corporation: Tenke Amended Contracts Receive Presidential Decree20:28 EDT Monday, April 18, 2011TORONTO, ONTARIO--(Marketwire - April 18, 2011) -Lundin Mining Corporation(TSX:LUN)(OMX:LUMI) ("Lundin Mining" or the "Company") is pleased to report that the government of the Democratic Republic of Congo (DRC) has issued a Presidential Decree approving the amendments to the Tenke Fungurume Mining (TFM) contracts and the decree has been published in the DRC Official Gazette.This formalizes the conclusion of the review process by the DRC government that confirmed that the Tenke Fungurume contracts are in good standing, and acknowledges the parties' continuing commitment to the rights and benefits granted under the TFM contracts. More specifically, the amended TFM agreements that were signed between the parties in early December 2010, and the revised terms within, now become operative. The Tenke Fungurume mining concessions are located in the Katanga Province of the DRC approximately 110 miles northwest of Lubumbashi. Copper production commenced in 2009 and for the year ended December 31, 2010, Tenke produced 120,271 tonnes of copper cathode. Forecast production is approximately 130,000 tonnes of copper cathode in 2011 and expansion planning is progressing as a priority.About Lundin MiningLundin 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‐Corvo mine along with its equity stake in the world class Tenke Fungurume copper/cobalt mine in the Democratic Republic of Congo.On Behalf of the Board, Phil Wright President and CEOForward Looking StatementsCertain 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.FOR FURTHER INFORMATION PLEASE CONTACT: Sophia ShaneLundin Mining CorporationInvestor Relations North America+1-604-689-7842ORJohn MiniotisLundin Mining CorporationSenior Business Analyst+1-416-342-5565ORRobert ErikssonLundin Mining CorporationInvestor Relations Sweden+46 8 545 015 50www.lundinmining.com