TORONTO, April 26,
2022 /PRNewswire/ -- (TSX: LUN) (Nasdaq Stockholm:
LUMI) Lundin Mining Corporation ("Lundin Mining" or the
"Company") is pleased to announce that it has executed a fourth
amended and restated credit agreement that increases its revolving
credit facility (the "Credit Facility") to $1.75 billion, reduces the cost of borrowing, and
extends the term to April 2027, from
August 2023.
Ms. Jinhee Magie, Senior Vice
President and Chief Financial Officer, commented, "With this
low-cost facility and our current net cash position, Lundin Mining
maintains significant financial liquidity and flexibility as we
look towards the anticipated development of Josemaria and growth
projects of our current operations. We thank our lenders for their
continuing support."
This amendment and restatement provides the Company with more
favourable covenants, reduced security on assets, and includes
additional customary revisions. The Credit Facility is unsecured,
save and except for a charge over certain assets in the United States of America. The amended
Credit Facility bears interest on US dollar denominated drawn funds
at rates of Term Secured Overnight Financing Rate ("Term SOFR") +
Credit Spread Adjustment ("CSA") + 1.45% to Term
SOFR+CSA+2.50% depending upon the Company's net leverage ratio,
reduced from LIBOR+1.75% to LIBOR+2.75%, previously.
The Bank of Nova Scotia, ING
Capital LLC and BMO Capital Markets have acted as Joint Lead
Arrangers and Joint Bookrunners. The Bank of Nova Scotia continues as the Administrative
Agent, ING Capital LLC as the Syndication Agent and Bank of
Montreal as the Documentation
Agent, in the syndicate along with Bank of America N.A.,
Canada Branch, Canadian Imperial
Bank of Commerce, Royal Bank of Canada, and The Toronto-Dominion Bank as
lenders.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining
company with operations in Brazil,
Chile, Portugal, Sweden and the
United States of America, primarily producing copper, zinc,
gold and nickel.
The information in this release is subject to the disclosure
requirements of Lundin Mining under the EU Market Abuse Regulation.
The information was submitted for publication, through the agency
of the contact persons set out below on April 26, 2022 at 17:00
Eastern Time.
Cautionary Statement on
Forward-Looking Information
Certain of the statements made and information contained
herein is "forward-looking information" within the meaning of
applicable Canadian securities laws. All statements other than
statements of historical facts included in this document constitute
forward-looking information, including but not limited to
statements regarding the Company's plans, prospects and business
strategies; the Company's guidance on the timing and amount of
future production and its expectations regarding the results of
operations; expected costs; permitting requirements and timelines;
timing and possible outcome of pending litigation; the results of
any Preliminary Economic Assessment, Feasibility Study, or Mineral
Resource and Mineral Reserve estimations, life of mine estimates,
and mine and mine closure plans; anticipated market prices of
metals, currency exchange rates, and interest rates; the
development and implementation of the Company's Responsible Mining
Management System; the Company's ability to comply with contractual
and permitting or other regulatory requirements; anticipated
exploration and development activities at the Company's projects;
its expectations and ability to complete the Josemaria Resources
Inc. transaction on the timelines anticipated or at all; and
expectations for other economic, business, and/or competitive
factors. Words such as "believe", "expect", "anticipate",
"contemplate", "target", "plan", "goal", "aim", "intend",
"continue", "budget", "estimate", "may", "will", "can", "could",
"should", "schedule" and similar expressions identify
forward-looking statements.
Forward-looking information is necessarily based upon various
estimates and assumptions including, without limitation, the
expectations and beliefs of management, including that the Company
can access financing, appropriate equipment and sufficient labor;
assumed and future price of copper, nickel, zinc, gold and other
metals; anticipated costs; ability to achieve goals; the prompt and
effective integration of acquisitions; that the political
environment in which the Company operates will continue to support
the development and operation of mining projects; and assumptions
related to the factors set forth below. While these factors and
assumptions are considered reasonable by Lundin Mining as at the
date of this document in light of management's experience and
perception of current conditions and expected developments, these
statements are inherently subject to significant business, economic
and competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements and undue reliance
should not be placed on such statements and information. Such
factors include, but are not limited to: risks inherent in mining
including but not limited to risks to the environment, industrial
accidents, catastrophic equipment failures, unusual or unexpected
geological formations or unstable ground conditions, and natural
phenomena such as earthquakes, flooding or unusually severe
weather; uninsurable risks; global financial conditions and
inflation; changes in the Company's share price, and volatility in
the equity markets in general; volatility and fluctuations in metal
and commodity demand and prices; changing taxation regimes; delays
or the inability to obtain, retain or comply with permits; reliance
on a single asset; unavailable or inaccessible infrastructure,
infrastructure failures, and risks related to ageing
infrastructure; risks related to negative publicity with respect to
the Company or the mining industry in general; health and safety
risks; pricing and availability of key supplies and services; the
threat associated with outbreaks of viruses and infectious
diseases, including the COVID-19 virus; the inability to currently
control Josemaria Resources Inc. and the ability to satisfy the
conditions and consummate the Josemaria Resources Inc. transaction
on the proposed terms and expected schedule; exchange rate
fluctuations; risks relating to attracting and retaining of highly
skilled employees; risks inherent in and/or associated with
operating in foreign countries and emerging markets; climate
change; regulatory investigations, enforcement, sanctions and/or
related or other litigation; existence of significant shareholders;
uncertain political and economic environments, including in
Brazil and Chile; risks associated with acquisitions and
related integration efforts, including the ability to achieve
anticipated benefits, unanticipated difficulties or expenditures
relating to integration and diversion of management time on
integration; indebtedness; liquidity risks and limited financial
resources; funding requirements and availability of financing;
exploration, development or mining results not being consistent
with the Company's expectations; risks related to the environmental
regulation and environmental impact of the Company's operations and
products and management thereof; activist shareholders and proxy
solicitation matters; reliance on key personnel and reporting and
oversight systems, as well as third parties and consultants in
foreign jurisdictions; historical environmental liabilities and
ongoing reclamation obligations; information technology and
cybersecurity risks; risks related to mine closure activities,
reclamation obligations, and closed and historical sites; social
and political unrest, including civil disruption in Chile; the inability to effectively compete in
the industry; financial projections, including estimates of future
expenditures and cash costs, and estimates of future production may
be unreliable; actual ore mined and/or metal recoveries varying
from Mineral Resource and Mineral Reserve estimates, estimates of
grade, tonnage, dilution, mine plans and metallurgical and other
characteristics; ore processing efficiency; risks associated with
the estimation of Mineral Resources and Mineral Reserves and the
geology, grade and continuity of mineral deposits including but not
limited to models relating thereto; enforcing legal rights in
foreign jurisdictions; community and stakeholder opposition;
changes in laws, regulations or policies including but not limited
to those related to mining regimes, permitting and approvals,
environmental and tailings management, labor, trade relations, and
transportation; risks associated with the structural stability of
waste rock dumps or tailings storage facilities; dilution; risks
relating to dividends; conflicts of interest; counterparty and
credit risks and customer concentration; the estimation of asset
carrying values; challenges or defects in title; internal controls;
relationships with employees and contractors, and the potential for
and effects of labor disputes or other unanticipated difficulties
with or shortages of labor or interruptions in production;
compliance with foreign laws; potential for the allegation of fraud
and corruption involving the Company, its customers, suppliers or
employees, or the allegation of improper or discriminatory
employment practices, or human rights violations; compliance with
environmental, health and safety regulations and laws; and other
risks and uncertainties, including but not limited to those
described in the "Risk and Uncertainties" section of this AIF and
the "Managing Risks" section of the Company's MD&A for the year
ended December 31, 2021, which are
available on SEDAR at www.sedar.com under the Company's profile.
All of the forward-looking statements made in this document are
qualified by these cautionary statements. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated, forecast or intended
and readers are cautioned that the foregoing list is not exhaustive
of all factors and assumptions which may have been used. 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 information.
Accordingly, there can be no assurance that forward-looking
information will prove to be accurate and forward-looking
information is not a guarantee of future performance. Readers are
advised not to place undue reliance on forward-looking information.
The forward-looking information contained herein speaks only as of
the date of this document. The Company disclaims any intention or
obligation to update or revise forward-looking information
or to explain any material difference between such and subsequent
actual events, except as required by applicable law.
Contact: Mark Turner, Vice
President, Business Valuations and Investor Relations: +1 416 342
5565; Irina Kuznetsova, Manager,
Investor Relations: +1 416 342 5583; Robert
Eriksson, Investor Relations Sweden: +46 8 440 54 50