Lundin Mining Corporation Provides Production and Capital Expenditures Guidance for the Year 2015 and Production Guidance for the Years 2016 and 2017
Dec 4 14
Lundin Mining Corporation provided production guidance for the years 2015, 2016 and 2017. For the year 2015, the company expected total attributable Copper production guidance of 258,000 tonnes to 272,000 tonnes, total Zinc production guidance of 146,000 tonnes to 155,000 tonnes, total lead of 31,000 tonnes to 35,000 tonnes and total Nickel of 30,800 tonnes to 34,500 tonnes.
For the year 2016, the company expected total attributable Copper production guidance of 237,500 tonnes to 251,500 tonnes, total Zinc production guidance was 143,000 tonnes to 151,000 tonnes, total lead of 35,000 tonnes to 41,000 tonnes and total Nickel of 26,500 tonnes to 30,000 tonnes.
For the year 2017, the company expected total attributable Copper production guidance of 225,500 tonnes to 244,500 tonnes, total Zinc production guidance was 150,000 tonnes to 158,000 tonnes, total lead of 37,000 tonnes to 43,000 tonnes and total Nickel of 22,500 tonnes to 26,000 tonnes.
For the year 2015, the company’s capital expenditures for mines operated by the company are expected to be $470 million, which includes: Sustaining capital: $455 million Europe: $140 million, consisting of approximately $80 million for Neves-Corvo, $45 million for Zinkgruvan and $15 million at Aguablanca. Neves-Corvo's capital spending program includes approximately $30 million for underground development, $15 million for equipment replacement and $10 million for commencement of a water treatment plant, and the balance for miscellaneous other sustaining capital investment such as infill drilling and small projects. Zinkgruvan is expected to spend approximately $20 million for underground development, $5 million for expanded tailings storage, $5 million for paste backfill and delivery improvements, and the balance for plant and infrastructure refurbishment projects. Aguablanca has allocated approximately $10 million for underground development. Americas: $315 million, consisting of approximately $300 million for Candelaria, of which approximately $160 million is for deferred stripping activities in the open pit, $80 million for commencement of the expanded tailings storage facility project, $15 million for replacement and rebuild of mobile equipment and $15 million for Eagle which is predominantly for underground development. New investment: $15 million consisting of approximately $15 million for Neves-Corvo. Tenke: Capital expenditures for Tenke are not included above. All of the Tenke capital expenditures and exploration programs are expected to be self-funded by cash flow from Tenke operations. If current metal prices and operating conditions prevail, the Company believes it is reasonable to expect Lundin Mining's attributable cash distributions to range between $50 to $60 million in 2015, taking into account self-funding of the new acid plant project, and other expenditures such as exploration, small projects and routine sustaining capital. Exploration expenditures are expected to be in the range of $75 million in 2015. Approximately $40 million is expected to be directed toward near mine targets at Candelaria, with the remainder to advance exploration activities at existing mines and budgeted activities for South American and Eastern European exploration projects.
Lundin Mining Doesnt Seek To Buy Chilean Copper Assets
Dec 1 14
Lundin Mining Corporation (TSX:LUN) is not planning to acquire Chilean copper assets from Anglo American plc (LSE:AAL). Paul Conibear, Chief Executive Officer of Lundin Mining said, “Lundin Mining would cool its heels for some time as it folds in its recent purchases.” “If those assets are formally for sale, we have no intention to be in that process. We have lots on our plate right now. Don't expect anything of any size or materiality out of us for probably the next couple of years," he said. Although Lundin has been tracking Anglo's moves for the past few years expecting new Chief Executive Officer Mark Cutifani to sell some assets, it is not after the Chilean mines that sources say the global miner has put up for sale.
Lundin Mining Corporation Announces Production Results for the Months of October 2014 at Eagle Mine
Nov 24 14
Lundin Mining Corporation announced the commercial production at the Eagle Mine (Eagle), a high-grade nickel-copper mine located in the Upper Peninsula of Michigan, USA. The mine began operations on September 23 ahead of schedule and on budget. The milestone was reached within two months of start-up and well before the target of Quarter 1, 2015. For the month, the company's copper production was 1,259 tonnes, nickel production was 1,301 tonnes and Throughput was 1,536 tonnes per day.