TORONTO, Jan. 12, 2023 /PRNewswire/ -- (TSX: LUN) (Nasdaq
Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining"
or the "Company") announces production results for the year ended
December 31, 2022 and provides
production guidance for the three-year period of 2023 through 2025,
as well as cash cost, capital and exploration expenditure forecasts
for 2023. The Company will hold a conference call and webcast on
January 13, 2023, to answer investor and analyst
questions.
This news release contains non-GAAP measures and
forward-looking information about expected future events and
financial and operating performance of the Company. Please refer to
the Historical Non-GAAP Measure Comparatives section and the risks
and assumptions set out in our Cautionary Statement on
Forward-Looking Information section of this press release. All
dollar amounts are expressed in U.S. dollars, unless otherwise
noted.
2022 Production Highlights
- Guidance was substantially achieved on a consolidated basis for
copper, nickel, and gold. Nickel and gold production achieved the
top end of the guidance ranges.
- 2022 consolidated copper production was approximately 250,000
t, and total copper-equivalent consolidated production was over
390,000 t.1
- Candelaria copper production of 152,042 t was modestly below
guidance, while gold production of 86,000 oz achieved the top end
of the guidance range.
- Chapada copper production of 45,739 t achieved guidance and
gold production of 68,000 oz exceeded the top end of the guidance
range.
- Eagle nickel production of 17,475 t and copper production of
15,895 t both achieved guidance.
Summary of 2022 Production
|
|
Q4
2022
Production
|
|
Full Year
2022
Production
|
|
2022
Production
Guidance2
|
|
Copper
(t)
|
|
|
|
|
|
|
|
|
|
|
|
|
Candelaria (100%
basis)
|
34,398
|
|
152,042
|
|
155,000
|
-
|
165,000
|
|
|
Chapada
|
11,306
|
|
45,739
|
|
45,000
|
-
|
50,000
|
|
|
Eagle
|
3,081
|
|
15,895
|
|
15,000
|
-
|
18,000
|
|
|
Neves-Corvo
|
7,160
|
|
31,906
|
|
33,000
|
-
|
38,000
|
|
|
Zinkgruvan
|
607
|
|
4,077
|
|
2,000
|
-
|
3,000
|
|
|
Total
Copper
|
56,552
|
|
249,659
|
|
250,000
|
-
|
274,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4
2022
|
|
Full Year
2022
|
|
2022
Production
|
|
Production
|
|
Production
|
|
Guidance3
|
Zinc
(t)
|
|
|
|
|
|
|
|
|
|
|
|
|
Neves-Corvo
|
24,523
|
|
82,435
|
|
90,000
|
-
|
100,000
|
|
|
Zinkgruvan
|
19,785
|
|
76,503
|
|
78,000
|
-
|
83,000
|
|
|
Total
Zinc
|
44,308
|
|
158,938
|
|
168,000
|
-
|
183,000
|
|
|
|
|
|
|
|
|
|
|
|
Gold
(oz)
|
|
|
|
|
|
|
|
|
|
Candelaria (100%
basis)
|
20,000
|
|
86,000
|
|
83,000
|
-
|
88,000
|
|
|
Chapada
|
16,000
|
|
68,000
|
|
62,000
|
-
|
67,000
|
|
|
Total
Gold
|
36,000
|
|
154,000
|
|
145,000
|
-
|
155,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nickel
(t)
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle
|
4,096
|
|
17,475
|
|
15,000
|
-
|
18,000
|
|
|
Total
Nickel
|
4,096
|
|
17,475
|
|
15,000
|
-
|
18,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
____________________________________________
|
|
1 Calculated
based on the ratios of 2022 average metal prices of Cu: $3.99/lb,
Zn: $1.56/lb, Ni: $11.62/lb, Pb: $0.97/lb and Au:
$1,802/oz.
|
|
2 Guidance
as most recently disclosed in the Company's Management Discussion
and Analysis for the three and six months ended June 30, 2022, with
trending commentary in the Company's MD&A for the three and
nine months ended September 30, 2022.
|
Three-Year Production Outlook
- Copper production is forecast to be 236,000-260,000 t on a
consolidated basis in 2023. Higher consolidated copper production
of 256,000-280,000 t is forecast for 2024 due mainly to mine
sequencing and the planned copper grade profile at Candelaria.
- Zinc production is forecast to increase to 180,000-195,000 t on
a consolidated basis in 2023, increasing further over the
three-year period to reach 225,000-240,000 t in 2025. The
increasing zinc production profile is primarily due to the ramp up
of the Neves-Corvo Zinc Expansion Project ("ZEP"), which is
expected to consistently achieve nameplate capacity during
2024.
- Consolidated gold production is forecast to be 140,000-150,000
oz in 2023 and to be relatively constant through the three-year
outlook period.
- Nickel production is to be 13,000-16,000 t in 2023 and to
moderate over the three-year period driven by the planned mine
sequencing and nickel grade as the Eagle East and Upper Keel
orebodies at Eagle are mined.
Production Outlook4
|
|
2023
|
|
2024
|
|
2025
|
Copper
(t)
|
|
|
|
|
|
|
|
|
|
|
|
|
Candelaria (100%
basis)
|
145,000
|
-
|
155,000
|
|
165,000
|
-
|
175,000
|
|
150,000
|
-
|
160,000
|
|
Chapada
|
43,000
|
-
|
48,000
|
|
43,000
|
-
|
48,000
|
|
45,000
|
-
|
50,000
|
|
Eagle
|
12,000
|
-
|
15,000
|
|
9,000
|
-
|
12,000
|
|
5,000
|
-
|
8,000
|
|
Neves-Corvo
|
33,000
|
-
|
38,000
|
|
35,000
|
-
|
40,000
|
|
35,000
|
-
|
40,000
|
|
Zinkgruvan
|
3,000
|
-
|
4,000
|
|
4,000
|
-
|
5,000
|
|
3,000
|
-
|
4,000
|
|
Total
Copper
|
236,000
|
-
|
260,000
|
|
256,000
|
-
|
280,000
|
|
238,000
|
-
|
262,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Zinc
(t)
|
|
|
|
|
|
|
|
|
|
|
|
|
Neves-Corvo
|
100,000
|
-
|
110,000
|
|
130,000
|
-
|
140,000
|
|
140,000
|
-
|
150,000
|
|
Zinkgruvan
|
80,000
|
-
|
85,000
|
|
85,000
|
-
|
90,000
|
|
85,000
|
-
|
90,000
|
|
Total
Zinc
|
180,000
|
-
|
195,000
|
|
215,000
|
-
|
230,000
|
|
225,000
|
-
|
240,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023
|
|
2024
|
|
2025
|
Gold
(oz)
|
|
|
|
|
|
|
|
|
|
|
|
|
Candelaria (100% basis)
[5]
|
85,000
|
-
|
90,000
|
|
95,000
|
-
|
100,000
|
|
85,000
|
-
|
90,000
|
|
Chapada
|
55,000
|
-
|
60,000
|
|
55,000
|
-
|
60,000
|
|
45,000
|
-
|
55,000
|
|
Total
Gold
|
140,000
|
-
|
150,000
|
|
150,000
|
-
|
160,000
|
|
130,000
|
-
|
145,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nickel
(t)
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle
|
13,000
|
-
|
16,000
|
|
10,000
|
-
|
13,000
|
|
5,000
|
-
|
8,000
|
|
Total
Nickel
|
13,000
|
-
|
16,000
|
|
10,000
|
-
|
13,000
|
|
5,000
|
-
|
8,000
|
_____________________________________________
|
|
3 Guidance
as most recently disclosed in the Company's Management Discussion
and Analysis for the three and six months ended June 30, 2022, with
trending commentary in the Company's MD&A for the three and
nine months ended September 30, 2022.
|
|
4 Production
guidance is based on certain estimates and assumptions, including
but not limited to Mineral Resources and Mineral Reserves,
geological formations, grade and continuity of deposits and
metallurgical characteristics.
|
- Candelaria: Annual fluctuations in copper and gold
production forecasts for the next three years are mainly due to
sequencing of the Candelaria open pit. Ore mining from the open pit
is to be primarily from the upper benches of Phase 11 in 2023,
mining towards lower benches in 2024. Mining of Phase 10 is to
complete and initial ore from Phase 12 is to commence in 2024.
- Over the guidance period, total mill throughput is forecast to
range between 27-29 million tonnes per annum ("Mtpa").
Debottlenecking initiatives of the Candelaria plant pebble crushing
circuit are planned to begin increasing mill capacity starting late
2023. Based on the planned mill feed blend and the ore hardness
throughput model, annual throughput is expected to approximate 29
Mtpa commencing in 2025.
- Candelaria's 2023 copper and gold production are forecast to be
modestly weighted to the first half of the year, primarily owing to
mine sequencing and the resultant grade profiles.
- Chapada: Production guidance is based on the current
throughput capacity of approximately 23.5 Mtpa over the three-year
period with annual fluctuations primarily due to mine sequencing
and the forecast copper and gold grade profiles.
Ore mining is planned from the Chapada South, Southwest, Central
and North pits through 2023, followed by mining of the Baru and
Chapada Northeast orebodies commencing in 2024, and the North
Buriti orebody commencing in 2025.
Chapada's 2023 copper and gold production are forecast to be
weighted to the second half of the year due to the forecast grade
profiles and seasonal operating considerations. All of Chapada's
gold production remains unencumbered and is to receive full market
pricing.
- Eagle: Guidance incorporates mining of the Upper Keel
zone in production plans, with first ore anticipated in 2024
following development in 2023. Ore mining is to continue from the
Eagle and Eagle East orebodies in 2023 with priority on increasing
ore from Eagle East during the second half of the year. Eagle's
2023 nickel and copper production are forecast to be modestly
weighted to the first half of the year, primarily owing to mine
sequencing and the resultant grade profiles.
- Neves-Corvo: Copper production guidance for the
three-year period is consistent with prior expectations. The zinc
production guidance reflects the slower than anticipated ramp-up to
date of ZEP. Several projects are underway to enable ZEP to
consistently achieve the nameplate processing capacity of 2.5 Mtpa.
These include mine development, additions to increase mine
ventilation capacity, and installation of a redundant SAG feeder,
amongst other initiatives. Full ZEP mining and processing rates are
expected to be achieved during 2024
Neves-Corvo's 2023 copper production is forecast to be equally
weighted throughout the year. Zinc production is forecast to
increase over the course of the year as initiatives to enable ZEP
to consistently achieve nameplate capacity are executed and
expected to result in improved overall throughput and metal
recovery rates.
- Zinkgruvan: Zinc production is forecast to increase over
the three-year period with refinement of operating plans. Zinc head
grades are expected to increase over the period on mine sequencing,
and metal recovery rates and concentrate grades are anticipated to
improve with completion of the sequential flotation project in
mid-2023. Zinkgruvan's 2023 zinc and copper production are forecast
to be modestly weighted to the second half of the year, primarily
owing to mine sequencing and the resultant grade profiles.
|
_________________________________________
|
|
5 68% of
Candelaria's total gold and silver production are subject to a
streaming agreement.
|
2023 Cash Cost6 Guidance
- Candelaria: cash cost is forecast to be $1.80/lb – $1.95/lb
of copper, after by-product credits. The cash cost is expected to
benefit from an approximately 50% reduction in electricity rates as
a new Power Purchase Agreement (PPA) commenced at the beginning of
the year. The PPA also ensures a minimum of 80% renewables in the
energy mix, prioritizing wind and solar. By-product credits have
been adjusted for the terms of the streaming agreement.
- Chapada: cash cost is forecast to be $2.55/lb – $2.75/lb
of copper in 2023, after unencumbered gold by-product credits. The
forecast increase in Chapada's cash costs compared to 2022 reflects
mainly higher consumable costs and lower production volumes.
Effects of copper stream agreements are reflected in the realized
copper revenue.
- Eagle: cash cost is forecast to be $1.50/lb – $1.65/lb
of nickel in 2023, after by-product copper credits. The forecast
increase compared to 2022 is primarily a reflection of planned
lower production volumes.
- Neves-Corvo: cash cost is forecast to be $2.10/lb – $2.30/lb
of copper in 2023, after zinc and lead by-product credits. The cash
cost is expected to continue to improve as zinc and lead production
volumes increase.
- Zinkgruvan: cash cost is forecast to be $0.60/lb – $0.65/lb
of zinc, after copper and lead by-product credits, consistent with
2022 levels.
Cash
Cost
|
20237
|
|
Copper
|
|
|
Candelaria8
|
$1.80/lb
|
-
|
$1.95/lb
|
|
|
Chapada
|
$2.55/lb
|
-
|
$2.75/lb
|
|
|
Neves-Corvo
|
$2.10/lb
|
-
|
$2.30/lb
|
|
|
|
|
|
|
|
Zinc
|
|
|
|
|
|
Zinkgruvan
|
$0.60/lb
|
-
|
$0.65/lb
|
|
|
|
|
|
|
|
Nickel
|
|
|
|
|
|
Eagle
|
$1.50/lb
|
-
|
$1.65/lb
|
|
|
|
|
|
|
|
2023 Capital Expenditure Guidance
- Capital expenditures are forecast to total $1,100 million on a 100% basis, including
expansionary capital expenditures[9] on the Josemaria Project. The
majority of sustaining capital expenditures are for open pit waste
stripping, underground mine development, tailings storage facility
("TSF") and water management works.
______________________________________________
|
6 This is a
non-GAAP measure. For equivalent historical non-GAAP financial
measure comparatives see the Historical Non-GAAP Measure
Comparatives section of this press release. Please also see the
Management's Discussion and Analysis for the year ended December
31, 2021, for discussion of non-GAAP measures under the heading
"Non-GAAP and Other Performance Measures" on page 26, which is
incorporated by reference herein.
|
7 2023 cash
costs are based on various assumptions and estimates, including,
but not limited to: production volumes, commodity prices (2023 -
Cu: $3.75/lb, Zn: $1.30/lb, Pb: $0.90/lb, Au: $1,750/oz: Ag:
$22.00/oz) foreign currency exchange rates (2023- €/USD:1.00,
USD/SEK:10.50, CLP/USD:850, USD/BRL:5.00) and operating
costs.
|
8 68% of
Candelaria's total gold and silver production are subject to a
streaming agreement and as such cash costs are calculated based on
receipt of $425/oz and $4.25/oz, respectively, on gold and silver
sales in the year.
|
|
|
Capital Expenditures
($ millions)
|
202310
|
Sustaining
Capital
|
|
|
Candelaria (100%
basis)
|
400
|
|
Chapada
|
70
|
|
Eagle
|
20
|
|
Neves-Corvo
|
130
|
|
Zinkgruvan
|
70
|
|
Other
|
10
|
|
Total Sustaining
Capital
|
700
|
|
|
|
Josemaria
Project
|
400
|
|
|
|
Total Capital
Expenditures
|
1,100
|
- Candelaria: Capital expenditures at Candelaria in 2023
are forecast to total $400 million.
Of this, capitalized waste stripping is forecast to be $185 million, and underground mine development,
including ramp works, to be approximately $55 million. Capital expenditure for mobile and
mine equipment is forecast to be $55
million, and $55 million is
estimated for the continued building of the Los Diques TSF. Pebble
crushing debottlenecking capital expenditures are forecast to be
approximately $8 million in 2023 and
completed during the year.
- Chapada: Capital expenditures at Chapada in 2023 are
forecast to total $70 million. This
includes approximately $25 million
for capitalized waste stripping, $15
million for TSF and water management systems, and
$5 million for mine and mobile
equipment.
- Eagle: Capital expenditures at Eagle in 2023 are
forecast to total $20 million in
2023, composed of underground mine development, of which
approximately $8 million is for
development of the Upper Keel zone, and for mine and mill
sustaining initiatives.
- Neves-Corvo: Capital expenditures at Neves-Corvo in 2023
are estimated to total $130 million
in 2023. Approximately $50 million is
forecast for underground mine development, including infill
drilling, $60 million for projects to
enable ZEP to consistently achieve nameplate capacity, and
$10 million for mine and mobile
equipment. Projects to enable ZEP to consistently achieve its 2.5
Mtpa processing capacity include raise and chiller additions to
increase capacity of the ventilation system, installation of a
redundant SAG feeder, expansion of the TSF, and process water
treatment plant works.
- Zinkgruvan: Capital expenditures at Zinkgruvan are
forecast to total $70 million in
2023, of which approximately $35
million is for underground development, including
development of the Dalby orebody. Expenditure on the sequential
flotation project, to improve concentrate grades and metal recovery
rates, is forecast to be $8 million.
The remainder of the sustaining capital expenditure is primarily
for TSF works, reduced emissions and energy saving programs and
other improvement initiatives.
- Josemaria Project: Capital expenditures are estimated to
be approximately $400 million in 2023
in support of advancing the project prior to a potential
construction decision. An updated initial capital cost estimate and
project schedule review are progressing well with the updated
Technical Report on-track for publication in the second half of
2023. Capital expenditures primarily include continuation of detail
engineering, procurement of long-lead equipment, and
preconstruction activities such as road upgrades and geotechnical
work.
|
______________________________________
|
|
9
Expansionary capital expenditure is a non-GAAP measure. For
historical comparatives see the Historical Non-GAAP Measure
Comparatives section of this press release. Please also see the
Management's Discussion and Analysis for the year ended December
31, 2021, for discussion of non-GAAP measures. Capital expenditures
have been reported on a cash basis.
|
|
10 Capital
expenditures are based on various assumptions and estimates,
including, but not limited to foreign currency exchange rates
(2023- €/USD:1.00, USD/SEK:10.50, CLP/USD:850,
USD/BRL:5.00).
|
2023 Exploration Investment
Guidance
Exploration expenditures are planned to be $45 million in 2023 primarily for in-mine and
near-mine targets at our operations. The largest portion of the
planned expenditure is to be at Candelaria and Chapada with the
remaining operations and new business development activities
comprising the balance.
Conference Call
The Company will hold a conference call and webcast at
08:00 am ET, 14:00 CET on Friday, January 13, 2023, to
answer analyst and investor questions. Conference call details are
provided below. Please dial-in 15 minutes prior to the call start
to ensure placement into the conference on time.
Call-in number for the conference call (North America): +1 416 764 8658
Call-in number for the conference call (North America Toll Free):
+1 888 886 7786
Call-in number for the conference call (Sweden): 020 089 9189
To view the live webcast presentation, please log on using this
direct link:
https://viavid.webcasts.com/starthere.jsp?ei=1592975&tp_key=12653d08de.
The presentation slideshow will also be available in PDF format
on the Lundin Mining website www.lundinmining.com before the
conference call.
A replay of the telephone conference will be available after the
completion of the call through January 13, 2024.
Call-in numbers for the replay are (North America): +1 888 886 7786 or
(internationally) +1 416 764 8658.
The passcode for the replay is: 352670
A replay of the webcast will be available by clicking on the
direct link above.
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 January 12, 2023 at 18:00
Eastern Time.
Other Information
The Technical Information in this press release has been
prepared in accordance with NI 43-101 and has been reviewed and
approved by Arman Barha, P.Eng.,
Vice President, Technical Services of the Company, a "Qualified
Person" under NI 43-101. Mr. Barha has verified the data disclosed
in this release and no limitations were imposed on his verification
process.
Historical Non-GAAP Measure
Comparatives
Cash Cost and Sustaining and Expansionary Expenditures are
non-GAAP financial measures and are not standardized financial
measures under generally accepted accounting principles under IFRS
and, therefore, amounts presented may not be comparable to similar
data presented by other mining companies.
Cash Cost – Year Ended December 31,
2021
Operations
|
Candelaria
|
Chapada
|
Eagle
|
Neves-Corvo
|
Zinkgruvan
|
|
($ thousands, unless
otherwise noted)
|
(Cu)
|
(Cu)
|
(Ni)
|
(Cu)
|
(Zn)
|
Total
|
Sales volumes (Payable
metal contained metal in concentrate):
|
|
Tonnes
|
148,213
|
47,123
|
15,012
|
36,618
|
64,056
|
|
Pounds
(000s)
|
326,753
|
103,888
|
33,096
|
80,729
|
141,219
|
|
|
Production
costs
|
1,436,278
|
Less: Royalties and
other
|
(57,887)
|
Ore stockpile
inventory write-down
|
(65,025)
|
1,313,366
|
Deduct: By-product
credits
|
(646,950)
|
Add: Treatment and
refining charges
|
122,330
|
Cash cost
|
494,213
|
108,782
|
(40,883)
|
152,416
|
74,218
|
788,746
|
Cash cost per pound
($/lb)
|
1.51
|
1.05
|
(1.24)
|
1.89
|
0.53
|
|
Cash cost is a non-GAAP
measure. See the Management's Discussion and Analysis for the year
ended December 31, 2021, for discussion of non-GAAP measures under
the heading "Non-GAAP and Other Performance Measures" on page 26
which is incorporated by reference herein.
|
Capital Expenditures – Year Ended December 31, 2021
|
|
|
|
|
($
thousands)
|
Sustaining
|
Expansionary
|
Capitalized
Interest
|
Total
|
|
Candelaria
|
312,388
|
-
|
-
|
312,388
|
|
Chapada
|
52,275
|
-
|
-
|
52,275
|
|
Eagle
|
16,279
|
-
|
-
|
16,279
|
|
Neves-Corvo
|
52,552
|
56,388
|
336
|
109,276
|
|
Zinkgruvan
|
41,325
|
-
|
-
|
41,325
|
|
Other
|
554
|
-
|
-
|
554
|
|
|
475,373
|
56,388
|
336
|
532,097
|
|
|
|
|
Capital expenditures
are reported on a cash basis, as presented in the consolidated
statement of cash flows. Expansionary capital expenditures are
non-GAAP measures. See the Management's Discussion and Analysis for
the year ended December 31, 2021, for discussion of non-GAAP
measures heading "Non-GAAP and Other Performance Measures" on page
26 which is incorporated by reference herein.
|
Cautionary Statement on
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 labor;
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: 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; global financial conditions and
inflation; changes in the Company's share price, and volatility in
the equity markets in general; volatility and fluctuations in metal
and commodity demand and prices; changing taxation regimes; delays
or the inability to obtain, retain or comply with permits; reliance
on a single asset; unavailable or inaccessible infrastructure,
infrastructure failures, and risks related to ageing
infrastructure; risks related to negative publicity with respect to
the Company or the mining industry in general; health and safety
risks; pricing and availability of key supplies and services; the
threat associated with outbreaks of viruses and infectious
diseases, including the COVID-19 virus; exchange rate fluctuations;
risks relating to attracting and retaining of highly skilled
employees; risks inherent in and/or associated with operating in
foreign countries and emerging markets; climate change; regulatory
investigations, enforcement, sanctions and/or related or other
litigation; existence of significant shareholders; uncertain
political and economic environments, including in Argentina, Brazil and Chile; 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; indebtedness; liquidity risks and limited financial
resources; funding requirements and availability of financing;
exploration, development or mining results not being consistent
with the Company's expectations; risks related to the environmental
regulation and environmental impact of the Company's operations and
products and management thereof; activist shareholders and proxy
solicitation matters; reliance on key personnel and reporting and
oversight systems, as well as third parties and consultants in
foreign jurisdictions; historical environmental liabilities and
ongoing reclamation obligations; information technology and
cybersecurity risks; risks related to mine closure activities,
reclamation obligations, and closed and historical sites; social
and political unrest, including civil disruption in Chile; the inability to effectively compete in
the industry; financial projections, including estimates of future
expenditures and cash costs, and estimates of future production may
be unreliable; 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; 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; enforcing legal rights in
foreign jurisdictions; community and stakeholder opposition;
changes in laws, regulations or policies including but not limited
to those related to mining regimes, permitting and approvals,
environmental and tailings management, labor, trade relations, and
transportation; risks associated with the structural stability of
waste rock dumps or tailings storage facilities; dilution; risks
relating to dividends; conflicts of interest; counterparty and
credit risks and customer concentration; the estimation of asset
carrying values; challenges or defects in title; internal controls;
relationships with employees and contractors, and the potential for
and effects of labor disputes or other unanticipated difficulties
with or shortages of labor or interruptions in production;
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; compliance with
environmental, health and safety regulations and laws; and other
risks and uncertainties, including but not limited to those
described in the "Risk and Uncertainties" section of the Company's
AIF and the "Managing Risks" section of the Company's MD&A for
the year ended December 31, 2021,
which are available on SEDAR at www.sedar.com 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.
Contact: Mark Turner, Vice
President, Business Valuations and Investor Relations: +1 416 342
5565; Irina Kuznetsova, Manager,
Investor Relations: +1 416 342 5583; Robert
Eriksson, Investor Relations Sweden: +46 8 440 54 50
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content:https://www.prnewswire.co.uk/news-releases/lundin-mining-announces-2022-production-results--provides-2023-guidance-301720888.html