Lundin Mining Corporation announced unaudited consolidated earnings results for the first quarter ended March 31, 2012. The company reported that the operating earnings for the first quarter of 2013 were $68.1 million, a decrease of $37.3 million from the $105.4 million reported in the comparable quarter of 2012. The decrease was primarily attributable to lower sales volume at Neves-Corvo and Zinkgruvan of $18.3 million and lower metal prices and price adjustments from prior period sales of $27.0 million, partially offset by earnings at Aguablanca following the restart of operations of $15.1 million. For the quarter ended March 31, 2013, sales of $188.2 million decreased $24.6 million from the first quarter of prior year of $212.8 million mainly due to lower sales volumes at Neves-Corvo and Zinkgruvan, as well as lower realized copper and zinc prices. Net earnings of $50.1 million or $0.09 per share for the current quarter were $8.2 million lower than the $58.3 million or $0.10 per share reported for the quarter ended March 31, 2012. Earnings were impacted by: lower operating earnings primarily due to lower realized metal prices and prior period price adjustments of $37.3 million; and higher depreciation, depletion and amortization expense of $10.7 million, reflecting restart of production at Aguablanca; offset by higher net other income of $25.7 million representing an increase in foreign exchange gain of $10.8 million and proceeds from an insurance claim relating to Aguablanca's ramp failure in 2010 of $15.1 million; and higher income from equity investment in Tenke Fungurume of $6.3 million. Cash flow from operations for the current quarter was $45.8 million compared to $51.3 million in the first quarter of 2012. The comparative decrease is attributable to lower net earnings in the current quarter. Earnings before income taxes were $60,804,000 against $77,292,000 a year ago. Net cash provided by operating activities was $45,757,000 against $51,296,000 a year ago. Investment in mineral properties, plant and equipment was $36,641,000 against $45,505,000 a year ago. Acquisition of Kokkola was $116,253,000. For 2013, the company expects copper total attributable to be in the range of 104,300 tonnes to 110,800 tonnes; total zinc to be in the range of 118,000 tonnes to 128,000 tonnes; lead at Zinkgruvan be in the range of 33,000 tonnes to 36,000 tonnes; Nickel at Aguablanca be in the range of 5,000 tonnes to 5,500 tonnes. The company announced that capital expenditures for 2013 are expected to be $285 million (unchanged from previous guidance), as; Sustaining capital in European operations - $110 million, consisting of approximately $70 million for Neves-Corvo and $40 million for Zinkgruvan; New investment capital in European operations - $60 million, consisting of approximately $30 million for Lombador Phase I, $9 million for an industrial dam at Neves-Corvo, $13 million for Zinkgruvan's ore dressing plant and other improvement initiatives; New investment in Tenke - $115 million, estimated by the Company as its share of the remaining Phase II expansion costs, exploration and Phase III and IV expansion related initiatives and sustaining capital funding for 2013. All of the capital expenditures are expected to be self-funded by cash flow from Tenke operations. Assuming current metal prices and operating conditions prevail, the company expects to continue to receive regular distributions from Tenke for the remainder of 2013. In aggregate, the company fully expects Lundin Mining to produce in the neighborhood of 60,000 tonnes of copper in concentrate from own operations.

Lundin Mining Corporation, Q1 2013 Earnings Call, Apr 25, 2013

Lundin Mining Corporation proposed amendments to its by-laws to include an advance notice policy which requires advance notice to the company in circumstances where nominations of persons for election to the Board of Directors are made by shareholders of the company other than pursuant to: (i) the requisition of a meeting, or (ii) a shareholder proposal, both made pursuant to the provisions of the Canada Business Corporations Act. The amended by-laws, which include the Policy, are effective as of the date they were approved by the Board of Directors, being February 21, 2013. In accordance with the Act, the amendments to the company's by-laws are subject to confirmation by shareholders at the Meeting to be held on May 10, 2013.