Profile: Lundin Mining Corp (LUN.TO)
Lundin Mining Corporation (Lundin Mining), incorporated on July 31, 2007, is a base metals mining company with operations in Chile, Portugal, Sweden and the United States. In addition, the Company holds equity stake in the Tenke Fungurume Mine in the Democratic Republic of Congo (DRC) and in the Freeport Cobalt business, which includes a cobalt refinery located in Kokkola, Finland. Lundin Mining's principal products and sources of sales are copper, nickel, zinc and lead concentrates. The Company's operating properties include Candelaria, Eagle, Neves-Corvo, Zinkgruvan and Tenke Fungurume. The Company's other property include Aguablanca Mine. The Company's subsidiaries include Lundin Mining AB, Lundin Mining US Ltd., Tenke Holding Ltd. and LMC Bermuda Ltd.
The Company's Candelaria Mine includes Compania Contractual Minera Candelaria (CCMC) and Compania Contractual Minera Ojos del Salado (CCMO), and is located near Copiapo in the Atacama Province, Region III of Chile. CCMC consists of an open pit mine and an underground mine, Candelaria Norte, providing copper ore to an on-site processing plant. CCMO consists of over two underground mines, Santos and Alcaparrosa, and the Pedro Aguirre Cerde (PAC) processing plant. The Santos mine provides copper ore to the PAC plant, while ore from the Alcaparrosa mine is treated at the CCMC plant. The CCMC plant has a processing capacity of approximately 24.5 million tons per annum (mtpa), and the PAC plant has a capacity of over 1.3 mtpa, both producing copper in concentrate. The primary metal is copper, with gold and silver as by-product metals.
The Company's CCMO comprises over two underground mines: Santos and Alcaparrosa. The Santos mine provides copper ore to an on-site concentrator with a capacity of over 3,800 tpd, while ore from the Alcaparrosa mine is treated at the Minera Candelaria processing plant. The Candelaria Copper Mining Complex is located in Chile's Atacama Province, Region III, approximately 20 kilometers south of the city of Copiapo and over 650 kilometers north of Santiago. The Minera Candelaria property comprises approximately 280 mining exploitation concessions (over 5,850 hectare) and approximately 60 mining exploration concessions (over 6,280 hectare). The Ojos del Salado property comprises approximately 190 mining exploitation concessions (over 9,290 hectare) and approximately 30 mining exploration concessions (over 3,400 hectare).
The Candelaria sulfide deposit is located at the boundary between the Coastal Cordillera and the Copiapo Precordillera. The Coastal Cordillera of Chanaral and Copiapo is composed of Permian to Lower Cretaceous intrusions within a basement of metasedimentary rocks of Devonian to Carboniferous age. The Candelaria, Santos, and Alcaparrosa mines are located in the district of Punta del Cobre. The polymetallic sulfide deposits are hosted in volcanic rocks of the Punta del Cobre Formation. Polymetallic sulpfide deposits in the Punta del Cobre district are located to the east of the main branches of the Atacama fault zone, a subduction-linked strike-slip fault system stretching over 1,000 kilometers along the Chilean coast.
The Company's Eagle Mine consists of the Eagle underground mine, located approximately 50 kilometers northwest of Marquette, Michigan, United States and the Humboldt mill, located over 40 kilometers west of Marquette in Champion, Michigan. The mill has a processing capacity of approximately 0.7 mtpa, producing nickel and copper in concentrates. The primary metal is nickel, with copper, cobalt, gold and platinum group metals as by-product metals. The Humboldt mill property, a former iron ore processing facility, occupying approximately 140 hectare, is located over 60 kilometers west of Marquette, Michigan. The facility is located in the township of Humboldt, Marquette County, Michigan. Ore from the Eagle Mine is trucked approximately 100 kilometers to the Humboldt mill for processing. The Eagle deposit is covered by both state and private mineral leases. Eagle is an ultramafic-intrusive-hosted high grade nickel-copper deposit, with associated cobalt, platinum, palladium, silver and gold. The Eagle deposit measures approximately 300 meters in strike length, over 80 meters in width and approximately 340 meters in vertical depth.
The Company's Neves-Corvo consists of an underground mine and an on-site processing facility. The mine is located approximately 100 kilometers north of Faro, Portugal, in the western part of the Iberian Pyrite Belt. The copper plant has a processing capacity of over 2.5 mtpa, producing copper in concentrate, and the zinc plant has a capacity of over 1.2 mtpa with the ability to process zinc or copper ore, producing zinc or copper in concentrate. The primary metal is copper, with zinc, lead and silver as by-product metals. Its Neves-Corvo Mine is owned and operated by the Portuguese company Somincor-Sociedade Mineira de Neves-Corvo, S.A. (Somincor), which is a subsidiary of Lundin Mining. It is situated approximately 220 kilometers southeast of Lisbon in the Alentejo district of southern Portugal. The mine site is located approximately 10 kilometers southeast of the town of Castro Verde and exploits over five orebodies from an underground mine.
The ore is processed onsite and tailings are disposed of in the Cerro de Lobo impoundment approximately three kilometers from the plant. The mining operations covers an area of approximately 28.9 square kilometers and are located in the parishes of Santa Barbara de Padroes and Senhora da Graca de Padroes, counties of Castro Verde and Almodovar, district of Beja. The concession comprises the Neves-Corvo area with over 13.5 square kilometers and the Semblana area, covering the Semblana orebody, with approximately 15.4 square kilometers. The concession provides the rights to exploit the Neves-Corvo deposits for Cu, zinc, lead, silver, gold, tin and cobalt. Approximately seven massive sulpfie lenses have been defined at Neves-Corvo comprising Neves (divided into North and South), Corvo, Graca, Zambujal, Lombador (divided North, South and East), Semblana and Monte Branco.
The Company's Zinkgruvan Mine consists of an underground mine and on-site processing facilities, located approximately 250 kilometers south-west of Stockholm, Sweden. The zinc plant has a processing capacity of over 1.1 mtpa, producing zinc and lead in concentrate, and the copper plant has a capacity of kilometers 0.3 mtpa with the ability to process copper or zinc-lead ore, producing copper, or zinc and lead in concentrate. The primary metal is zinc, with lead, silver, and copper as by-product metals. Its Zinkgruvan Mine is owned and operated by Zinkgruvan Mining AB, which is an indirect subsidiary of Lundin Mining. It is located approximately 200 kilometers southwest of Stockholm in south central Sweden. The mine site is approximately 10 kilometers from the town of Askersund and comprises a deep underground mine, a processing plant and associated infrastructure, and tailings disposal facilities. Concentrates are trucked from the mine to the inland port of Otterbacken on Lake Vanern. The Zinkgruvan deposit is situated in an east-west striking synclinal structure.
Tenke Fungurume Mine
The Company's Tenke Fungurume consists of an open-pit mine and on-site processing facilities located in the southeast region of the DRC. The processing facilities have a capacity of approximately 5.6 mtpa of ore. Tenke has an annual nominal production capacity of over 190 kilo tons per annum (ktpa) of copper cathode and approximately 10 ktpa of cobalt in hydroxide. In addition, the Tenke electrowinning tankhouse has excess annual processing capacity of copper cathode. The primary metal is copper, with cobalt as a by-product metal. The Company's Tenke Fungurume's copper-cobalt deposits are located on contiguous concessions, which total approximately 1,500 square kilometers. These concessions are located in the southeast region of the DRC, approximately 170 kilometers northwest of the city of Lubumbash. Tenke Fungurume is classified as a strata-bound copper cobalt deposit.
The Company's Aguablanca Mine consists of an underground mine and an on-site processing facility, located in the province of Badajoz. The mine is located approximately 100 kilometers north of Seville in the Extremadura region of southern Spain. The mine lies approximately 30 kilometers south of the town of Monesterio. The primary metal is nickel, with copper, cobalt, gold, and platinum-group metals as by-product metals. The plant has a processing capacity of approximately 1.9 mtpa, producing nickel-copper bulk concentrate.
Lundin Mining Corp
150 King St W Suite 1500,
P.O Box 38
TORONTO ON M5H 1J9