VANCOUVER, BC, Jan. 30,
2025 /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI)
Minera Ojos del Salado, a subsidiary of Lundin Mining
Corporation ("Lundin Mining" or the "Company") has received a
notice from the Superintendencia del Medio Ambiente ("SMA")
following its investigative proceedings involving the sinkhole that
occurred at the Alcaparrosa mine in 2022. The notice levies a fine
of $3.3 million and orders the
continued closure of the Alcaparrosa mine, based on four violations
investigated.
Mining operations at Alcaparrosa have been suspended since the
incident occurred in 2022. At the time, Mineral Reserve estimates
for the Alcaparrosa mine were removed from the Company's reserve
statement and have not been included in any future production
estimates. The Company's Candelaria operation is unaffected and
generated record production in the second half of 2024. The
Candelaria mine is forecast to produce 140,000 tonnes to 150,000
tonnes of copper in 2025.
The Company has collaborated with investigative proceedings
initiated by the national environmental regulator (SMA), including
providing monitoring technology, studies and experts to guide the
process. The Company will review the notification and determine the
next steps relating to the charges that it allegedly
breached its environmental permit at its Minera Ojos del Salado
operation which owns the Alcaparrosa mine.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining
company with operations or projects in Argentina, Brazil, Chile, and the
United States of America, primarily producing copper, gold
and nickel. In December 2024 the
Company announced the sale of their European assets to Boliden, the
transaction is expected to close in mid-2025 subject to customary
conditions and regulatory approvals.
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 30, 2025 at 19:00
Eastern Time.
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained
herein are "forward-looking information" within the meaning of
applicable Canadian securities Certain of the statements made and
information contained herein are "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 operation of Vicuña with BHP; the
realization of synergies and economies of scale in the Vicuña
district; estimated capital expenditures; the timing and
expectations for studies and updated estimates; the completion of
the sale of the Company's European assets and the timing thereof;
the conditions to close the sale of the Company's European assets;
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 and
timing of any Preliminary Economic Assessment, Pre-Feasibility
Study, 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 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; expansion projects and the realization of
additional value; the Company's integration of acquisitions and
expansions 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 information.
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 labour;
assumed and future price of copper, zinc, nickel, gold and other
metals; anticipated costs; that the conditions to close the sale of
the Company's European assets will be satisfied; the ability to
achieve goals and identify and realize opportunities; the prompt
and effective integration of acquisitions, including the
acquisition of Filo, the establishment of the joint arrangement
with BHP and the realization of synergies and economies of scale in
connection therewith; 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 information and undue reliance
should not be placed on such information. Such factors include, but
are not limited to: the failure to obtain required approvals for
the sale of the Company's European assets; global financial
conditions, market volatility and inflation, including pricing and
availability of key supplies and services; 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; project financing risks, liquidity
risks and limited financial resources; volatility and fluctuations
in metal and commodity demand and prices; delays or the inability
to obtain, retain or comply with permits; significant reliance on
assets in Chile; reputation risks
related to negative publicity with respect to the Company or the
mining industry in general; health and safety risks; risks relating
to the development of the Filo del Sol project and the Josemaria
project; inability to attract and retain highly skilled employees;
risks associated with climate change; compliance with
environmental, health and safety laws and regulations; unavailable
or inaccessible infrastructure, infrastructure failures, and risks
related to ageing infrastructure; risks inherent in and/or
associated with operating in foreign countries and emerging
markets, including with respect to foreign exchange and capital
controls; economic, political and social instability and mining
regime changes in the Company's operating jurisdictions, including
but not limited to those related to permitting and approvals,
nationalization or expropriation without fair compensation,
environmental and tailings management, labour, trade relations, and
transportation; risks relating to indebtedness; the inability to
effectively compete in the industry; 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, including the joint acquisition of Filo and
the joint arrangement with BHP; changing taxation regimes; risks
related to mine closure activities, reclamation obligations,
environmental liabilities and closed and historical sites; reliance
on key personnel and reporting and oversight systems, as well as
third parties and consultants in foreign jurisdictions; information
technology and cybersecurity risks; 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; 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;
community and stakeholder opposition; financial projections,
including estimates of future expenditures and cash costs, and
estimates of future production may not be reliable; enforcing legal
rights in foreign jurisdictions; environmental and regulatory risks
associated with the structural stability of waste rock dumps or
tailings storage facilities; activist shareholders and proxy
solicitation matters; risks relating to dilution; regulatory
investigations, enforcement, sanctions and/or related or other
litigation; risks relating to payment of dividends; counterparty
and customer concentration risks; the estimation of asset carrying
values; risks associated with the use of derivatives; risks
relating to joint ventures, joint arrangements and operations;
relationships with employees and contractors, and the potential for
and effects of labour disputes or other unanticipated difficulties
with or shortages of labour or interruptions in production;
conflicts of interest; existence of a significant shareholder;
exchange rate fluctuations; challenges or defects in title;
internal controls; 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; the threat associated with outbreaks of viruses and
infectious diseases; risks relating to minor elements contained in
concentrate products; and other risks and uncertainties, including
but not limited to those described in the "Risk and Uncertainties"
section of the Company's MD&A for the year three and nine
months ended September 30, 2024 and
the "Risk and Uncertainties" section of the Company's Annual
Information Form for the year ended December
31, 2023, which are available on SEDAR+ at www.sedarplus.com
under the Company's profile.
All of the forward-looking information 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, forecasted 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.
SOURCE Lundin Mining Corporation