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Lundin Mining Announces 2020 Production Guidance Achieved for All Metals; Fourth Quarter and Full Year 2020 Results to be Released February 18, 2021
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PR Newswire
TORONTO, Jan. 20, 2021
TORONTO, Jan. 20, 2021 /PRNewswire/ -- (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") announces production results for the three and twelve months ended December 31, 2020. The consolidated financial results for the year ended December 31, 2020 will be published on February 18, 2021.
Highlights
- 2020 annual production guidance achieved for all metals. Production of 230,781 t of copper was at the upper end of the guidance range and gold production of 163,000 oz exceeded guidance.
- Candelaria copper and gold production both exceeded annual guidance. The operation safely returned to full production capacity in December 2020 after reaching new collective union agreements and the upgrade installation of the fourth and final ball mill motor as part of the Candelaria Mill Optimization Project (CMOP). The CMOP is now complete.
- Chapada copper and gold production both exceeded annual guidance. Chapada returned to full processing capacity in December 2020 after installation of a second repaired motor on the ball mill.
- Eagle achieved strong and consistent operating performance again in 2020. Nickel and copper production both achieved annual guidance, with copper production approaching the upper bound of the guidance range.
- Neves-Corvo achieved annual copper production guidance and zinc production was within 1kt of guidance. The Zinc Expansion Project (ZEP), to double current zinc production capacity and improve per unit operating cost, was officially restarted in early January 2021.
- Zinkgruvan zinc and copper production both achieved annual production guidance, with zinc approaching the upper bound of the guidance range. 2020 zinc production finished strong, with a grade-driven significant increase in production during the fourth quarter.
- Continuing the trend of improvement, Lundin Mining achieved its best ever Total Recordable Injury Frequency (TRIF) rate in 2020 with a rate of 0.55 against a target of 0.60 per 200,000 person hours worked. While this achievement was dampened by the fatality at Neves-Corvo in the third quarter, the excellent overall safety result was realized during a challenging year and reflects project activities at Candelaria and Neves-Corvo ZEP, as well as significant changes to work practices, workplaces and work schedules to ensure our workforce and local communities were protected from the spread of COVID-19.
- Year-end 2020 net debt position was approximately $65 million.
Summary of 2020 Production
| | Q4 2020 Production | | Full Year 2020 Production | | 2020 Production Guidance1 | ||||||||||||
| Copper (t) | | | | | | ||||||||||||
| Candelaria (100% basis) | 19,509 | | 126,702 | | 120,000 | - | 125,000 | ||||||||||
| Chapada | 11,368 | | 50,038 | | 45,000 | - | 50,000 | ||||||||||
| Eagle | 5,128 | | 18,663 | | 17,000 | - | 19,000 | ||||||||||
| Neves-Corvo | 5,880 | | 32,032 | | 32,000 | - | 34,000 | ||||||||||
| Zinkgruvan | - | | 3,346 | | 3,000 | - | 4,000 | ||||||||||
| Total Copper | 41,885 | | 230,781 | | 217,000 | - | 232,000 | ||||||||||
| | | | | | | | | ||||||||||
| Zinc (t) | | | | | | | | ||||||||||
| Neves-Corvo | 16,750 | | 69,143 | | 70,000 | - | 72,000 | ||||||||||
| Zinkgruvan | 24,678 | | 73,601 | | 72,000 | - | 74,000 | ||||||||||
| Total Zinc | 41,428 | | 142,744 | | 142,000 | - | 146,000 | ||||||||||
| | | | | | | | | ||||||||||
| Gold (oz) | | | | | | | | ||||||||||
| Candelaria (100% basis) | 13,000 | | 76,000 | | 70,000 | - | 75,000 | ||||||||||
| Chapada | 22,000 | | 87,000 | | 80,000 | - | 85,000 | ||||||||||
| Total Gold | 35,000 | | 163,000 | | 150,000 | - | 160,000 | ||||||||||
| | | | | | | | | ||||||||||
| Nickel (t) | | | | | | | | ||||||||||
| Eagle | 4,909 | | 16,718 | | 15,000 | - | 18,000 | ||||||||||
| Total Nickel | 4,909 | | 16,718 | | 15,000 | - | 18,000 | ||||||||||
| | | | | | | | | | | | | | | | | ||
Fourth Quarter and Full Year 2020 Results Date
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