VANCOUVER, BC, Feb. 8, 2024 /PRNewswire/ -- (TSX: LUN) (Nasdaq
Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining"
or the "Company") today reported its Mineral Resource and Mineral
Reserve estimates effective as of December
31, 2023 (or otherwise specified herein). On a 100%
consolidated basis, the estimated Proven and Probable Mineral
Reserve of contained copper is 10,630 kt (23.4 Blb) an increase of
2,220 kt (4.9 Blb) over the previous year. Lundin Mining also has
significant Proven and Probable Mineral Reserves in other base and
precious metals including 2,554 kt (5.6 Blb) of zinc, 51 kt (112
Mlb) of nickel, 12.0 Moz of gold, and 157.0 Moz of silver.
|
Proven &
Probable Copper Reserves
|
|
In thousands of
tonnes (kt)
|
|
|
2022 Copper Reserves
(P&P)
|
8,410
|
|
Depletion
|
(-) 482
|
|
Acquisition
|
(+) 2,550
|
|
Net
Revisions
|
(+) 152
|
|
2023 Copper Reserves
(P&P)
|
10,630
|
Net revisions (increases/decreases) are primarily the result of
changes to mining regulations that impacted underground
geotechnical parameters at Candelaria and additions from
exploration and resource input updates at Caserones.
Jack Lundin, President and
CEO, commented "This year, we grew our Mineral Reserve base through
the strategic acquisition of Caserones, which contributed to an
increase in our overall Proven and Probable copper Reserves by 26%
on a 100% basis. Since the acquisition the Company has added an
additional 350 kt of copper Proven and Probable Mineral Reserves at
Caserones. We have also initiated the first significant exploration
drill program at Caserones since the mine began operating in 2013
targeting Mineral Resources and mine life extension.
At Candelaria, additional drilling at La Espanola and Santos
contributed to an increase in overall Mineral Resources, offsetting
changes to underground mining regulations which have impacted
underground Mineral Resources.
The additional drilling at the Sauva deposit in 2023 grew the
Measured and Indicated copper Mineral Resources by 25%, Sauva now
contains a Measured and Indicated Mineral Resource of 245 Mt at 0.29% copper and 0.17 g/t gold. We will
continue to evaluate options for future processing, which might
include, among other options, integrating this material into
Chapada's processing facility.
At Neves-Corvo and Zinkgruvan, infill drilling campaigns
successfully replaced Mineral Reserve depletion from mining during
the year."
Mineral Resource and Mineral
Reserve Highlights
- Candelaria (Chile):
Mineral Reserve reductions at Candelaria were primarily driven by
depletion from production and new geotechnical constraints for
underground mining. Decreases were partially offset by the addition
of Mineral Reserves at La Espanola, Santos and the Candelaria main
pit. The underground expansion project ("CUGEP") will be evaluated
to include changes in the geotechnical parameters recommended by
the local authorities. A total of 42,190 metres were drilled for
exploration purposes at Candelaria underground (north and south),
Candelaria west and south extensions, and at Santos.
- Caserones (Chile):
Caserones Mineral Reserves and Mineral Resources increased from
higher metal price forecasts, block model updates and changes to
Mineral Resource classification.
- Chapada (Brazil):
Mineral Reserve changes were mainly the result of mine depletion,
updated metallurgical recoveries and increased operating cost
assumptions. Total exploration drilling at Chapada for 2023 was
23,614 metres, primarily focused on Baru northeast, Chapada
southwest, Cava Norte, Sucupira and
Corpo Sul.
- Sauva (Brazil): The
deposit, which is located approximately 15 km north of Chapada,
remains open in all directions. Additional drilling during the year
tested step-out anomalies along the broader Sauva-Formiga trend
which contributed to an increase in Mineral Resources. The Sauva
deposit increased by 25% from 578 kt to 721 kt of copper in the
Measured and Indicated Mineral Resource categories.
- Eagle (USA): The
increase in Mineral Reserves at Eagle is primarily due to the
increase in metal price assumptions and a change in mining method
in the Keel zone which extends the mine life into 2029. Lower
cut-off grades from the application of bulk mining methods have
decreased average head grades.
- Neves Corvo (Portugal):
Mineral Reserves remain in-line with last year's estimate.
Conversion of previously Inferred Mineral Resources has helped
offset mining depletion during the year. In 2023, exploration
drilling focused on extending near-mine mineralization. A total of
29,635 metres of exploration drilling were completed in 2023.
- Zinkgruvan (Sweden):
Additions to Mineral Reserves at Zinkgruvan were primarily driven
by increases in metal prices, improvement in metallurgical
recovery, and Mineral Resource conversion from infill drilling. In
2023, exploration drilling at Zinkgruvan was primarily focused on
near-mine expansion along known mineralized trends. A total of
31,820 metres were drilled from underground and surface targeting
extensions of known resources.
Mineral Resource and Reserve
Summary
The tables below summarize the Mineral Resource and Mineral
Reserve estimates for each of the Company's sites effective as of
December 31, 2023 on a 100% basis (or
otherwise stated therein), important information is included in the
notes following this news release. Table totals may not summate
correctly due to rounding. Mineral Resources are inclusive of
Mineral Reserves. For more information on the prior Mineral
Resource and Mineral Reserve estimates for each of the Company's
sites effective as of December 31,
2022 that are referred to herein please see the news release
dated February 8, 2023, which is
available on the Company's SEDAR+ profile at www.sedarplus.com and
on the Company's website at www.lundinmining.com.
|
Mineral Resource
Estimates - December 31st, 2023
|
|
|
|
|
|
|
|
|
|
|
Grade
|
|
|
|
|
|
|
|
Contained
Metal
|
|
|
|
|
|
|
Site
|
Category
|
000's
Tonnes
|
Cu
%
|
Zn
%
|
Pb
%
|
Au
g/t
|
Ag
g/t
|
Ni
%
|
Mo
%
|
|
Cu
kt
|
Zn
kt
|
Pb
kt
|
Au
Koz
|
Ag
Koz
|
Ni
kt
|
Mo
kt
|
Interest
%
|
|
Candelaria
|
Measured
|
477,451
|
0.41
|
-
|
-
|
0.10
|
1.41
|
-
|
-
|
|
1,958
|
-
|
-
|
1,532
|
21,644
|
-
|
-
|
80 %
|
|
Open Pit
|
Indicated
|
53,428
|
0.26
|
-
|
-
|
0.08
|
0.95
|
-
|
-
|
|
139
|
-
|
-
|
130
|
1,632
|
-
|
-
|
80 %
|
|
M&I
|
530,878
|
0.39
|
-
|
-
|
0.10
|
1.36
|
-
|
-
|
|
2,096
|
-
|
-
|
1,662
|
23,276
|
-
|
-
|
80 %
|
|
Inferred
|
9,701
|
0.20
|
-
|
-
|
0.05
|
0.82
|
-
|
-
|
|
19
|
-
|
-
|
17
|
256
|
-
|
-
|
80 %
|
|
La Espanola
|
Measured
|
47,901
|
0.37
|
-
|
-
|
0.08
|
0.33
|
-
|
-
|
|
177
|
-
|
-
|
123
|
508
|
-
|
-
|
80 %
|
|
Indicated
|
87,624
|
0.34
|
-
|
-
|
0.07
|
0.33
|
-
|
-
|
|
298
|
-
|
-
|
197
|
930
|
-
|
-
|
80 %
|
|
M&I
|
135,525
|
0.35
|
-
|
-
|
0.07
|
0.33
|
-
|
-
|
|
475
|
-
|
-
|
320
|
1,438
|
-
|
-
|
80 %
|
|
Inferred
|
135,349
|
0.33
|
-
|
-
|
0.04
|
0.23
|
-
|
-
|
|
447
|
-
|
-
|
174
|
1,001
|
-
|
-
|
80 %
|
|
Underground
|
Measured
|
196,203
|
0.85
|
-
|
-
|
0.19
|
3.58
|
-
|
-
|
|
1,659
|
-
|
-
|
1,199
|
22,612
|
-
|
-
|
80 %
|
|
Indicated
|
270,562
|
0.78
|
-
|
-
|
0.18
|
3.20
|
-
|
-
|
|
2,106
|
-
|
-
|
1,539
|
27,861
|
-
|
-
|
80 %
|
|
M&I
|
466,764
|
0.81
|
-
|
-
|
0.18
|
3.36
|
-
|
-
|
|
3,765
|
-
|
-
|
2,737
|
50,474
|
-
|
-
|
80 %
|
|
Inferred
|
44,327
|
0.74
|
-
|
-
|
0.18
|
2.09
|
-
|
-
|
|
327
|
-
|
-
|
258
|
2,976
|
-
|
-
|
80 %
|
|
Stockpile
|
Measured
|
0
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
80 %
|
|
Indicated
|
74,255
|
0.30
|
-
|
-
|
0.08
|
1.30
|
-
|
-
|
|
223
|
-
|
-
|
191
|
3,104
|
-
|
-
|
80 %
|
|
M&I
|
74,255
|
0.30
|
-
|
-
|
0.08
|
1.30
|
-
|
-
|
|
223
|
-
|
-
|
191
|
3,104
|
-
|
-
|
80 %
|
|
Inferred
|
0
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
80 %
|
|
Ojos del
Salado
|
Measured
|
84,453
|
0.91
|
-
|
-
|
0.20
|
1.47
|
-
|
-
|
|
765
|
-
|
-
|
548
|
4,000
|
-
|
-
|
80 %
|
|
Underground
|
Indicated
|
77,972
|
0.84
|
-
|
-
|
0.17
|
1.72
|
-
|
-
|
|
656
|
-
|
-
|
436
|
4,311
|
-
|
-
|
80 %
|
|
M&I
|
162,425
|
0.87
|
-
|
-
|
0.19
|
1.59
|
-
|
-
|
|
1,421
|
-
|
-
|
984
|
8,311
|
-
|
-
|
80 %
|
|
Inferred
|
27,301
|
0.90
|
-
|
-
|
0.18
|
2.37
|
-
|
-
|
|
247
|
-
|
-
|
157
|
2,081
|
-
|
-
|
80 %
|
|
Measured
|
806,007
|
0.57
|
-
|
-
|
0.13
|
1.88
|
-
|
-
|
|
4,558
|
-
|
-
|
3,402
|
48,765
|
-
|
-
|
80 %
|
|
Candelaria
|
Indicated
|
563,841
|
0.61
|
-
|
-
|
0.14
|
2.09
|
-
|
-
|
|
3,422
|
-
|
-
|
2,493
|
37,837
|
-
|
-
|
80 %
|
|
Total
|
M&I
|
1,369,847
|
0.58
|
-
|
-
|
0.13
|
1.97
|
-
|
-
|
|
7,980
|
-
|
-
|
5,895
|
86,602
|
-
|
-
|
80 %
|
|
Inferred
|
216,677
|
0.48
|
-
|
-
|
0.09
|
0.91
|
-
|
-
|
|
1,039
|
-
|
-
|
606
|
6,313
|
-
|
-
|
80 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Caserones
|
Measured
|
390,547
|
0.34
|
-
|
-
|
-
|
-
|
-
|
0.01
|
|
1,343
|
-
|
-
|
-
|
-
|
-
|
41
|
51 %
|
|
Indicated
|
1,111,318
|
0.26
|
-
|
-
|
-
|
-
|
-
|
0.01
|
|
2,936
|
-
|
-
|
-
|
-
|
-
|
113
|
51 %
|
|
M&I
|
1,501,865
|
0.28
|
-
|
-
|
-
|
-
|
-
|
0.01
|
|
4,279
|
-
|
-
|
-
|
-
|
-
|
154
|
51 %
|
|
Inferred
|
186,215
|
0.22
|
-
|
-
|
-
|
-
|
-
|
0.01
|
|
412
|
-
|
-
|
-
|
-
|
-
|
16
|
51 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chapada
|
Measured
|
509,076
|
0.25
|
-
|
-
|
0.12
|
-
|
-
|
-
|
|
1,271
|
-
|
-
|
2,031
|
-
|
-
|
-
|
100 %
|
|
Open Pit
|
Indicated
|
411,609
|
0.22
|
-
|
-
|
0.11
|
-
|
-
|
-
|
|
898
|
-
|
-
|
1,438
|
-
|
-
|
-
|
100 %
|
|
M&I
|
920,684
|
0.24
|
-
|
-
|
0.12
|
-
|
-
|
-
|
|
2,169
|
-
|
-
|
3,469
|
-
|
-
|
-
|
100 %
|
|
Inferred
|
54,230
|
0.22
|
-
|
-
|
0.10
|
-
|
-
|
-
|
|
119
|
-
|
-
|
167
|
-
|
-
|
-
|
100 %
|
|
Stockpile
|
Measured
|
0
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
100 %
|
|
Indicated
|
136,472
|
0.18
|
-
|
-
|
0.11
|
-
|
-
|
-
|
|
245
|
-
|
-
|
477
|
-
|
-
|
-
|
100 %
|
|
M&I
|
136,472
|
0.18
|
-
|
-
|
0.11
|
-
|
-
|
-
|
|
245
|
-
|
-
|
477
|
-
|
-
|
-
|
100 %
|
|
Inferred
|
0
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
100 %
|
|
Suruca
|
Measured
|
16,608
|
-
|
-
|
-
|
0.32
|
-
|
-
|
-
|
|
-
|
-
|
-
|
173
|
-
|
-
|
-
|
100 %
|
|
Gold
|
Indicated
|
141,715
|
-
|
-
|
-
|
0.45
|
-
|
-
|
-
|
|
-
|
-
|
-
|
2,062
|
-
|
-
|
-
|
100 %
|
|
M&I
|
158,323
|
-
|
-
|
-
|
0.44
|
-
|
-
|
-
|
|
-
|
-
|
-
|
2,235
|
-
|
-
|
-
|
100 %
|
|
Inferred
|
4,997
|
-
|
-
|
-
|
0.63
|
-
|
-
|
-
|
|
-
|
-
|
-
|
101
|
-
|
-
|
-
|
100 %
|
|
Sauva
|
Measured
|
0
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
100 %
|
|
Open Pit
|
Indicated
|
244,679
|
0.29
|
-
|
-
|
0.17
|
-
|
-
|
-
|
|
721
|
-
|
-
|
1,339
|
-
|
-
|
-
|
100 %
|
|
M&I
|
244,679
|
0.29
|
-
|
-
|
0.17
|
-
|
-
|
-
|
|
721
|
-
|
-
|
1,339
|
-
|
-
|
-
|
100 %
|
|
Inferred
|
1,364
|
0.20
|
-
|
-
|
0.07
|
-
|
-
|
-
|
|
3
|
-
|
-
|
3
|
-
|
-
|
-
|
100 %
|
|
Sauva
|
Measured
|
0
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
100 %
|
|
Underground
|
Indicated
|
0
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
100 %
|
|
M&I
|
0
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
100 %
|
|
Inferred
|
53,333
|
0.41
|
-
|
-
|
0.26
|
-
|
-
|
-
|
|
221
|
-
|
-
|
445
|
-
|
-
|
-
|
100 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mineral Resource
Estimates - December 31st, 2023
|
|
|
|
|
|
|
|
|
|
|
|
Grade
|
|
|
|
|
|
|
Contained
Metal
|
|
|
|
|
Site
|
Category
|
000's
Tonnes
|
Cu
%
|
Zn
%
|
Pb
%
|
Au
g/t
|
Ag
g/t
|
Ni
%
|
Mo
%
|
|
Cu
kt
|
Zn
kt
|
Pb
kt
|
Au
Koz
|
Ag
Koz
|
Ni
kt
|
Mo
kt
|
Interest
%
|
|
|
Eagle
|
Measured
|
305
|
1.73
|
-
|
-
|
0.15
|
9.48
|
2.15
|
-
|
|
5
|
-
|
-
|
1
|
93
|
7
|
-
|
100 %
|
|
|
Indicated
|
4,569
|
1.03
|
-
|
-
|
0.11
|
4.34
|
1.34
|
-
|
|
47
|
-
|
-
|
16
|
637
|
61
|
-
|
100 %
|
|
|
M&I
|
4,873
|
1.07
|
-
|
-
|
0.12
|
4.66
|
1.40
|
-
|
|
52
|
-
|
-
|
18
|
730
|
68
|
-
|
100 %
|
|
|
Inferred
|
207
|
0.66
|
-
|
-
|
0.07
|
2.61
|
0.90
|
-
|
|
1
|
-
|
-
|
0
|
17
|
2
|
-
|
100 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Josemaria
|
Measured
|
196,774
|
0.43
|
-
|
-
|
0.34
|
1.34
|
-
|
-
|
|
846
|
-
|
-
|
2,176
|
8,503
|
-
|
-
|
100 %
|
|
|
Indicated
|
962,067
|
0.26
|
-
|
-
|
0.18
|
0.86
|
-
|
-
|
|
2,501
|
-
|
-
|
5,629
|
26,601
|
-
|
-
|
100 %
|
|
|
M&I
|
1,158,841
|
0.29
|
-
|
-
|
0.21
|
0.90
|
-
|
-
|
|
3,348
|
-
|
-
|
7,806
|
35,104
|
-
|
-
|
100 %
|
|
|
Inferred
|
704,158
|
0.19
|
-
|
-
|
0.10
|
0.82
|
-
|
-
|
|
1,338
|
-
|
-
|
2,309
|
18,609
|
-
|
-
|
100 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Neves-Corvo
|
Measured
|
7,637
|
3.4
|
1.0
|
0.3
|
-
|
44
|
-
|
-
|
|
260
|
75
|
24
|
-
|
10,683
|
-
|
-
|
100 %
|
|
|
Copper
|
Indicated
|
46,673
|
2.0
|
0.8
|
0.3
|
-
|
44
|
-
|
-
|
|
949
|
387
|
161
|
-
|
66,775
|
-
|
-
|
100 %
|
|
|
M&I
|
54,310
|
2.2
|
0.9
|
0.3
|
-
|
44
|
-
|
-
|
|
1,209
|
462
|
185
|
-
|
77,458
|
-
|
-
|
100 %
|
|
|
Inferred
|
14,010
|
1.8
|
0.6
|
0.2
|
-
|
28
|
-
|
-
|
|
248
|
88
|
33
|
-
|
12,752
|
-
|
-
|
100 %
|
|
|
Neves-Corvo
|
Measured
|
12,082
|
0.4
|
7.7
|
1.8
|
-
|
65
|
-
|
-
|
|
42
|
928
|
215
|
-
|
25,264
|
-
|
-
|
100 %
|
|
|
Zinc and
Lead
|
Indicated
|
51,520
|
0.3
|
6.6
|
1.3
|
-
|
60
|
-
|
-
|
|
165
|
3409
|
680
|
-
|
99,398
|
-
|
-
|
100 %
|
|
|
M&I
|
63,602
|
0.3
|
6.8
|
1.4
|
-
|
61
|
-
|
-
|
|
207
|
4,337
|
895
|
-
|
124,664
|
-
|
-
|
100 %
|
|
|
Inferred
|
4,094
|
0.3
|
5.7
|
1.6
|
-
|
63
|
-
|
-
|
|
14
|
232
|
64
|
-
|
8,321
|
-
|
-
|
100 %
|
|
|
Semblana
|
Measured
|
0
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
100 %
|
|
|
Indicated
|
0
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
100 %
|
|
|
M&I
|
0
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
100 %
|
|
|
Inferred
|
7,807
|
2.9
|
-
|
-
|
-
|
25
|
-
|
-
|
|
223
|
-
|
-
|
-
|
6,299
|
-
|
-
|
100 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zinkgruvan
|
Measured
|
7,255
|
-
|
8.0
|
2.9
|
-
|
65
|
-
|
-
|
|
-
|
580
|
210
|
-
|
15,161
|
-
|
-
|
100 %
|
|
|
Zinc and
Lead
|
Indicated
|
10,139
|
-
|
7.7
|
3.6
|
-
|
78
|
-
|
-
|
|
-
|
781
|
364
|
-
|
25,540
|
-
|
-
|
100 %
|
|
|
M&I
|
17,394
|
-
|
7.8
|
3.3
|
-
|
73
|
-
|
-
|
|
-
|
1,362
|
574
|
-
|
40,701
|
-
|
-
|
100 %
|
|
|
Inferred
|
15,700
|
-
|
8.4
|
3.8
|
-
|
91
|
-
|
-
|
|
-
|
1,319
|
592
|
-
|
46,075
|
-
|
-
|
100 %
|
|
|
Zinkgruvan
|
Measured
|
3,003
|
2.3
|
-
|
-
|
-
|
35
|
-
|
-
|
|
68
|
-
|
-
|
-
|
3,383
|
-
|
-
|
100 %
|
|
|
Copper
|
Indicated
|
431
|
1.3
|
-
|
-
|
-
|
23
|
-
|
-
|
|
6
|
-
|
-
|
-
|
312
|
-
|
-
|
100 %
|
|
|
M&I
|
3,434
|
2.1
|
-
|
-
|
-
|
33
|
-
|
-
|
|
73
|
-
|
-
|
-
|
3,695
|
-
|
-
|
100 %
|
|
|
Inferred
|
208
|
1.8
|
-
|
-
|
-
|
29
|
-
|
-
|
|
4
|
-
|
-
|
-
|
193
|
-
|
-
|
100 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mineral Reserves
Estimates - December 31st, 2023
|
|
|
|
Grade
|
|
|
Contained
Metal
|
|
|
|
Site
|
Category
|
000's
Tonnes
|
Cu
%
|
Zn
%
|
Pb
%
|
Au
g/t
|
Ag
g/t
|
Ni
%
|
Mo
%
|
|
Cu
kt
|
Zn
kt
|
Pb
kt
|
Au
Koz
|
Ag
Koz
|
Ni
kt
|
Mo
kt
|
Interest
%
|
|
Candelaria
|
Proven
|
322,138
|
0.45
|
-
|
-
|
0.11
|
1.51
|
-
|
-
|
|
1,440
|
-
|
-
|
1,108
|
15,660
|
-
|
-
|
80 %
|
|
Open Pit
|
Probable
|
26,758
|
0.29
|
-
|
-
|
0.08
|
1.07
|
-
|
-
|
|
77
|
-
|
-
|
70
|
921
|
-
|
-
|
80 %
|
|
Total
|
348,896
|
0.44
|
-
|
-
|
0.11
|
1.48
|
-
|
-
|
|
1,518
|
-
|
-
|
1,178
|
16,579
|
-
|
-
|
80 %
|
|
La Espanola
|
Proven
|
34,685
|
0.38
|
-
|
-
|
0.08
|
0.33
|
-
|
-
|
|
133
|
-
|
-
|
91
|
370
|
-
|
-
|
80 %
|
|
Probable
|
41,255
|
0.36
|
-
|
-
|
0.07
|
0.34
|
-
|
-
|
|
149
|
-
|
-
|
98
|
450
|
-
|
-
|
80 %
|
|
Total
|
75,940
|
0.37
|
-
|
-
|
0.08
|
0.34
|
-
|
-
|
|
282
|
-
|
-
|
190
|
818
|
-
|
-
|
80 %
|
|
Underground
|
Proven
|
37,284
|
0.76
|
-
|
-
|
0.17
|
2.92
|
-
|
-
|
|
281
|
-
|
-
|
209
|
3,495
|
-
|
-
|
80 %
|
|
Probable
|
70,282
|
0.70
|
-
|
-
|
0.16
|
3.08
|
-
|
-
|
|
494
|
-
|
-
|
366
|
6,964
|
-
|
-
|
80 %
|
|
Total
|
107,566
|
0.72
|
-
|
-
|
0.17
|
3.03
|
-
|
-
|
|
776
|
-
|
-
|
574
|
10,461
|
-
|
-
|
80 %
|
|
Stockpile
|
Proven
|
0
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
80 %
|
|
Probable
|
73,512
|
0.28
|
-
|
-
|
0.08
|
1.30
|
-
|
-
|
|
206
|
-
|
-
|
189
|
3,073
|
-
|
-
|
80 %
|
|
Total
|
73,512
|
0.28
|
-
|
-
|
0.08
|
1.30
|
-
|
-
|
|
206
|
-
|
-
|
189
|
3,073
|
-
|
-
|
80 %
|
|
Ojos del
Salado
|
Proven
|
8,503
|
0.84
|
-
|
-
|
0.21
|
2.01
|
-
|
-
|
|
71
|
-
|
-
|
57
|
550
|
-
|
-
|
80 %
|
|
Underground
|
Probable
|
8,856
|
0.77
|
-
|
-
|
0.16
|
2.16
|
-
|
-
|
|
68
|
-
|
-
|
46
|
614
|
-
|
-
|
80 %
|
|
Total
|
17,359
|
0.80
|
-
|
-
|
0.19
|
2.09
|
-
|
-
|
|
139
|
-
|
-
|
103
|
1,164
|
-
|
-
|
80 %
|
|
Candelaria
|
Proven
|
402,610
|
0.48
|
-
|
-
|
0.11
|
1.55
|
-
|
-
|
|
1,926
|
-
|
-
|
1,465
|
20,076
|
-
|
-
|
80 %
|
|
Combined
|
Probable
|
220,664
|
0.45
|
-
|
-
|
0.11
|
1.69
|
-
|
-
|
|
994
|
-
|
-
|
769
|
12,021
|
-
|
-
|
80 %
|
|
Total
|
623,274
|
0.47
|
-
|
-
|
0.11
|
1.60
|
-
|
-
|
|
2,921
|
-
|
-
|
2,235
|
32,095
|
-
|
-
|
80 %
|
|
Caserones
|
Proven
|
352,876
|
0.35
|
-
|
-
|
-
|
-
|
-
|
0.01
|
|
1,223
|
-
|
-
|
-
|
-
|
-
|
37
|
51 %
|
|
Probable
|
533,485
|
0.28
|
-
|
-
|
-
|
-
|
-
|
0.01
|
|
1,494
|
-
|
-
|
-
|
-
|
-
|
57
|
51 %
|
|
Total
|
886,361
|
0.31
|
-
|
-
|
-
|
-
|
-
|
0.01
|
|
2,717
|
-
|
-
|
-
|
-
|
-
|
94
|
51 %
|
|
Chapada
|
Proven
|
334,237
|
0.25
|
-
|
-
|
0.14
|
-
|
-
|
-
|
|
848
|
-
|
-
|
1,507
|
-
|
-
|
-
|
100 %
|
|
Open Pit
|
Probable
|
138,077
|
0.22
|
-
|
-
|
0.11
|
-
|
-
|
-
|
|
302
|
-
|
-
|
498
|
-
|
-
|
-
|
100 %
|
|
Total
|
472,314
|
0.24
|
-
|
-
|
0.13
|
-
|
-
|
-
|
|
1,150
|
-
|
-
|
2,004
|
-
|
-
|
-
|
100 %
|
|
Stockpile
|
Proven
|
0
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
100 %
|
|
Probable
|
136,472
|
0.18
|
-
|
-
|
0.11
|
-
|
-
|
-
|
|
245
|
-
|
-
|
477
|
-
|
-
|
-
|
100 %
|
|
Total
|
136,472
|
0.18
|
-
|
-
|
0.11
|
-
|
-
|
-
|
|
245
|
-
|
-
|
477
|
-
|
-
|
-
|
100 %
|
|
Suruca
|
Proven
|
10,451
|
-
|
-
|
-
|
0.36
|
-
|
-
|
-
|
|
-
|
-
|
-
|
119
|
-
|
-
|
-
|
100 %
|
|
Gold
|
Probable
|
10,564
|
-
|
-
|
-
|
0.35
|
-
|
-
|
-
|
|
-
|
-
|
-
|
118
|
-
|
-
|
-
|
100 %
|
|
Total
|
21,015
|
-
|
-
|
-
|
0.35
|
-
|
-
|
-
|
|
-
|
-
|
-
|
237
|
-
|
-
|
-
|
100 %
|
|
Eagle
|
Proven
|
222
|
1.52
|
-
|
-
|
0.12
|
8.66
|
1.98
|
-
|
|
3
|
-
|
-
|
1
|
62
|
4
|
-
|
100 %
|
|
Probable
|
3,837
|
0.93
|
-
|
-
|
0.10
|
3.98
|
1.22
|
-
|
|
36
|
-
|
-
|
14
|
491
|
47
|
-
|
100 %
|
|
Total
|
4,060
|
0.96
|
-
|
-
|
0.11
|
4.24
|
1.26
|
-
|
|
39
|
-
|
-
|
15
|
553
|
51
|
-
|
100 %
|
|
Josemaria
|
Proven
|
196,774
|
0.43
|
-
|
-
|
0.34
|
1.33
|
-
|
-
|
|
837
|
-
|
-
|
2,143
|
8,430
|
-
|
-
|
100 %
|
|
Probable
|
815,051
|
0.27
|
-
|
-
|
0.19
|
0.85
|
-
|
-
|
|
2,205
|
-
|
-
|
4,872
|
22,285
|
-
|
-
|
100 %
|
|
Total
|
1,011,825
|
0.30
|
-
|
-
|
0.22
|
0.94
|
-
|
-
|
|
3,041
|
-
|
-
|
7,015
|
30,715
|
-
|
-
|
100 %
|
|
Neves-Corvo
|
Proven
|
2,641
|
3.1
|
0.7
|
0.2
|
-
|
32
|
-
|
-
|
|
81
|
18
|
5
|
-
|
2,699
|
-
|
-
|
100 %
|
|
Copper
|
Probable
|
18,576
|
1.8
|
0.6
|
0.2
|
-
|
33
|
-
|
-
|
|
340
|
108
|
41
|
-
|
19,810
|
-
|
-
|
100 %
|
|
Total
|
21,217
|
2.0
|
0.6
|
0.2
|
-
|
33
|
-
|
-
|
|
420
|
127
|
46
|
-
|
22,510
|
-
|
-
|
100 %
|
|
Zinc and
Lead
|
Proven
|
3,981
|
0.3
|
8.3
|
2.2
|
-
|
68
|
-
|
-
|
|
13
|
328
|
86
|
-
|
8,696
|
-
|
-
|
100 %
|
|
Probable
|
17,588
|
0.3
|
7.4
|
1.8
|
-
|
62
|
-
|
-
|
|
53
|
1305
|
313
|
-
|
35,120
|
-
|
-
|
100 %
|
|
Total
|
21,569
|
0.3
|
7.6
|
1.9
|
-
|
63
|
-
|
-
|
|
65
|
1633
|
399
|
-
|
43,688
|
-
|
-
|
100 %
|
|
Zinkgruvan
|
Proven
|
4,302
|
-
|
7.5
|
2.8
|
-
|
62
|
-
|
-
|
|
-
|
324
|
120
|
-
|
8,587
|
-
|
-
|
100 %
|
|
Zinc and
Lead
|
Probable
|
6,734
|
-
|
7.0
|
3.6
|
-
|
81
|
-
|
-
|
|
-
|
470
|
243
|
-
|
17,519
|
-
|
-
|
100 %
|
|
Total
|
11,036
|
-
|
7.2
|
3.3
|
-
|
74
|
-
|
-
|
|
-
|
794
|
363
|
-
|
26,108
|
-
|
-
|
100 %
|
|
Copper
|
Proven
|
1,267
|
2.2
|
-
|
-
|
-
|
34
|
-
|
-
|
|
28
|
-
|
-
|
-
|
1,404
|
-
|
-
|
100 %
|
|
Probable
|
167
|
2.2
|
-
|
-
|
-
|
39
|
-
|
-
|
|
4
|
-
|
-
|
-
|
208
|
-
|
-
|
100 %
|
|
Total
|
1,434
|
2.2
|
-
|
-
|
-
|
35
|
-
|
-
|
|
32
|
-
|
-
|
-
|
1,612
|
-
|
-
|
100 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining
company with operations and projects in Argentina, 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 February 8, 2024 at 14:30
Pacific Time.
Cautionary Notes to Investors – Mineral Resource and Reserve
Estimates
In accordance with applicable Canadian securities laws, all
Mineral Reserve and Mineral Resource estimates of the Company
disclosed or referenced in this news release have been prepared in
accordance with the disclosure standards of Canadian National
Instrument 43-101 - Standards of Disclosure for Mineral Projects of
the Canadian Securities Administrators ("NI 43-101"), and have been
classified in accordance with Canadian Institute of Mining
Metallurgy and Petroleum's "Definition Standards for Mineral
Resources and Reserves" (the "CIM Standards"). Mineral Resources
that are not Mineral Reserves do not have demonstrated economic
viability.
Notes on Mineral Resource and Mineral Reserve Tables
Mineral Resource and Mineral Reserve estimates are shown on a
100% basis. The Measured and Indicated Mineral Resource estimates
are inclusive of those Mineral Resource estimates modified to
produce the Mineral Reserve estimates. All estimates, with the
exception of Josemaria are effective as at December 31, 2023. The Josemaria Mineral Resource
estimates are effective as at July 10,
2020 and the Mineral Reserve estimates are effective as at
September 28, 2020.
Reference herein to $ or USD is to United States dollars, CLP is to Chilean
pesos, BRL is to Brazilian real, EUR refers to euros, and SEK is to
Swedish kronor. Unless noted otherwise, Mineral Reserves for all
active mines have been estimated using metal prices of $3.65/lb copper, $1.15/lb zinc, $0.90/lb lead, $10.0/lb nickel and $1,600/oz gold, whereas Mineral Resources have
been estimated using metal prices of $4.20/lb copper and $1,840/oz gold. Exchange rates used were
EUR/USD 1.10, USD/SEK 9.00, USD/CLP
800 and USD/BRL 5.00 for
Mineral Reserve and Mineral Resource estimates. For the Josemaria
Mineral Reserve, the metal prices used were $3.00/lb copper, $1,500/oz gold and $18.00/oz silver.
For a better understanding of each of the Company's deposits
readers are encouraged to read the technical reports and other
public disclosure of the Company, including all qualifications,
assumptions, exclusions and risks that relate to the Mineral
Resource and Mineral Reserve estimates. The technical reports are
listed below, are intended to be read as a whole, and sections
should not be read or relied upon out of context.
Unless noted otherwise, the Mineral Resource and Mineral Reserve
estimates were prepared under the supervision of and verified by
Cole Mooney, P.Geo., Director,
Resource Geology, and Arkadius
Tarigan, P.Eng., former Director, Reserves and Mine
Planning, respectively for all sites below. They have also
reviewed, verified and approved the technical and scientific
information in this news release. No limitations were imposed on
their verification process. Both Messrs. Mooney and Tarigan are
Qualified Persons as defined under NI 43-101.
Candelaria and Ojos del Salado
Candelaria and La Española open pit Mineral Resource estimates
are reported within a conceptual pit shell with cut-off grades of
0.13% and 0.15% copper, respectively. Underground Mineral Resources
are estimated at cut-off grades of 0.38% and 0.47% copper for
Candelaria underground and Ojos del Salado, respectively. Mineral
Reserves for the Candelaria open pit, Española open pit, and
Candelaria underground are estimated at cut-off grades of 0.14%,
0.16% and 0.44% copper, respectively. Mineral Reserves for the
Santos mine at Ojos del Salado is estimated at a cut-off grade of
0.51% copper.
For further information on Candelaria, refer to the Technical
Report entitled Technical Report for the Candelaria Copper Mining
Complex, Atacama Region, Region III, Chile, dated February
22, 2023, which is filed under the Company's profile on
SEDAR+ at www.sedarplus.ca.
Caserones
Caserones Mineral Resource estimates are reported within
conceptual pit shell using a cut-off grade of 0.13% copper. Mineral
Reserves for the Caserones open pit are estimated using open pit
discard NSR cut-off values of $11.70/t for ore processed at concentrating and
$3.65/t for ore delivered to the heap
leach and SX/EW processing.
For further information on Caserones, refer to the Technical
Report entitled NI 43-101 Technical Report on the Caserones Mining
Operation, Atacama Region, Chile,
dated July 13, 2023 which is filed
under the Company's profile on SEDAR+ at
www.sedarplus.ca.
Chapada
The Chapada and Suruca copper-gold Mineral Resource estimates
are reported within a conceptual pit shell at an open pit discard
NSR cut-off value of $5.80/t.
For the Suruca copper-gold, NSR cut-off value of $6.80/t was used for oxide (heap leach) and
sulphide portion, and $11.42/t for
oxide (carbon-in-leach). For the Suruca gold only Mineral Resource
estimates, NSR cut-off values of $6.80/t for oxides and $11.42/t for mixed and sulphide were used.
Mineral Reserves are estimated using open pit discard NSR cut-off
values of $5.80/t and $6.80/t for the Chapada open pit and Suruca gold
oxides respectively.
For further information on Chapada, refer to the Technical
Report entitled Technical Report on the Chapada Mine, Goiás State,
Brazil, dated October 10, 2019 which is available on Lundin
Mining's SEDAR+ profile atwww.sedarplus.ca.
Eagle
The Eagle Mineral Resource and Mineral Reserve estimates are
reported using NSR cut-off values of $143.9/t, $150.4/t,
$176.4/t and $151.2/t for Eagle, Upper Keel and Eagle East cut
and fill and stope zones, respectively. The NSR is calculated on a
recovered payable basis considering nickel, copper, cobalt, gold
and PGM grades, metallurgical recoveries, prices and realization
costs.
Josemaria
The Josemaria open pit Mineral Resource estimates are reported
within a conceptual pit shell based on metal prices of $3.00/lb copper, $1,500/oz gold and $18.00/oz silver with a cut-off grade of 0.10%
copper. Mineral Reserve estimates for Josemaria are estimated at
NSR cut-off values ranging from $5.16/t to $5.22/t,
based on metallurgical unit. Mr. Dustin
Smiley, P.Eng., Manager, Mine
Engineering and Costing, Lundin Mining reviewed and verified
the Mineral Reserves estimates for Josemaria project.
For further information on Josemaria, refer to the Technical
Report entitled NI 43-101 Technical Report, Feasibility Study for
the Josemaria Copper-Gold Project, San
Juan Province, Argentina
dated November 5, 2020, which is
available on the Company's subsidiary, Josemaria Resources Inc.'s
SEDAR+ profile at www.sedarplus.ca
Neves-Corvo and Semblana
The copper Mineral Resource estimates are reported within
geological volumes based on a nominal cut-off grade of 1.0% copper
and the zinc Mineral Resource estimates are reported within
geological volumes based on a nominal zinc cut-off grade of 4.5%
zinc. The copper and zinc Mineral Reserve estimates have been
calculated using variable NSR values ranging from €49/t to €82/t
based on mineralization, areas and mining methods. The NSR is
calculated on a recovered payable basis considering copper, lead,
zinc and silver grades, metallurgical recoveries, prices and
realization costs.
The Mineral Resources at Semblana are estimated above a cut-off
grade of 1.0% copper.
For further information on Neves-Corvo and Semblana, refer to
the Technical Report entitled NI 43-101 Technical Repot on the
Neves-Corvo Mine, Portugal, dated
February 22, 2023 which is filed
under the Company's profile on SEDAR+ at www.sedarplus.ca.
Saúva
The Saúva open pit Mineral Resource estimates are reported
within a conceptual pit shell with NSR cut-off value of
$7.80/t.
Zinkgruvan
The zinc and lead Mineral Resources are estimated within
optimized stope volumes, using a 3.5 m minimum mining width,
based on an area dependent marginal NSR cut-off between
SEK 740/t and SEK 920/t. The copper Mineral Resource
estimates are reported within optimized stope volumes above a
cut-off NSR values ranging from SEK
800/t to SEK 830/t. The zinc
and copper Mineral Reserves are estimated at NSR cut-off values
ranging from SEK 950/t to
SEK 1,100/t depending on the
mineralization, areas and mining methods. The NSR is
calculated on a recovered payable basis considering copper, lead,
zinc and silver grades, metallurgical recoveries, prices and
realization costs.
Cautionary Statement in
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;
the Company's integration of acquisitions and any anticipated
benefits thereof; 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 labour;
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: global financial
conditions, market volatility and inflation, including pricing and
availability of key supplies and services; 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; project financing risks, liquidity
risks and limited financial resources; volatility and fluctuations
in metal and commodity demand and prices; delays or the inability
to obtain, retain or comply with permits; significant reliance on a
single asset; reputation risks related to negative publicity with
respect to the Company or the mining industry in general; health
and safety risks; risks relating to the development of the
Josemaria Project; inability to attract and retain highly skilled
employees; risks associated with climate change; compliance with
environmental, health and safety laws and regulations; unavailable
or inaccessible infrastructure, infrastructure failures, and risks
related to ageing infrastructure; risks inherent in and/or
associated with operating in foreign countries and emerging
markets, including with respect to foreign exchange and capital
controls; economic, political and social instability and mining
regime changes in the Company's operating jurisdictions, including
but not limited to those related to permitting and approvals,
environmental and tailings management, labour, trade relations, and
transportation; risks relating to indebtedness; the inability to
effectively compete in the industry; 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; changing taxation regimes; risks related to
mine closure activities, reclamation obligations, environmental
liabilities and closed and historical sites; reliance on key
personnel and reporting and oversight systems, as well as third
parties and consultants in foreign jurisdictions; information
technology and cybersecurity risks; 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; 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;
community and stakeholder opposition; financial projections,
including estimates of future expenditures and cash costs, and
estimates of future production may not be reliable; enforcing legal
rights in foreign jurisdictions; environmental and regulatory risks
associated with the structural stability of waste rock dumps or
tailings storage facilities; activist shareholders and proxy
solicitation matters; risks relating to dilution; regulatory
investigations, enforcement, sanctions and/or related or other
litigation; risks relating to payment of dividends; counterparty
and customer concentration risks; the estimation of asset carrying
values; risks associated with the use of derivatives; relationships
with employees and contractors, and the potential for and effects
of labour disputes or other unanticipated difficulties with or
shortages of labour or interruptions in production; conflicts of
interest; existence of a significant shareholder; exchange rate
fluctuations; challenges or defects in title; internal controls;
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; the threat
associated with outbreaks of viruses and infectious diseases; risks
relating to minor elements contained in concentrate products; and
other risks and uncertainties, including but not limited to those
described in the "Risk and Uncertainties" section of the Company's
Annual Information Form and the "Managing Risks" section of the
Company's MD&A for the year ended December 31, 2022, which are available on SEDAR+
at www.sedarplus.ca 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.
Stephen Williams, Vice President,
Investor Relations: +1 604 806 3074; Robert
Eriksson, Investor Relations Sweden: +46 8 440 54 50
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