Lundin Sees 2009 Copper Output At 90,000 Tons
May 07 2009 - 11:10AM
Dow Jones News
Lundin Mining Corp. (LUN.T) said Thursday it expects to produce
about 90,000 metric tons of copper in 2009, excluding its share in
the Tenke Fungurume mine in Congo.
This is down about 8% from the 97,944 tons produced in 2008, but
is in line with previous company expectations.
Tenke, located in the mineral-rich Katanga province in Congo,
produced its first copper cathode at the end of March, followed
shortly afterwards by the first shipment.
Lundin said the project was still expected to reach commercial
production in the second half of 2009, targeting full production
for Phase I of 115,000 tons of copper a year and at least 8,000
tons a year of cobalt.
Lundin has a 24.75% stake in the mine, while Freeport-McMoRan
Copper and Gold Inc. (FCX) - the project's operator - has a 57.75%
stake and Congo's state-owned miner, Gecamines, holds the
remainder.
Meanwhile, Lundin reiterated production expectations of 98,000
tons of zinc and 40,000 tons of lead in 2009, as well as 6,800 tons
of nickel. This is down on the year from 151,157 tons of zinc,
44,799 tons of lead and 8,136 tons of nickel.
This year, Lundin warned that its production in 2009 would be
lower due to the closure of its Storliden and Galmoy mines in May,
increased throughput at Zinkgruvan and slightly lower copper
head-grade at Neves-Corvo.
-By Andrea Hotter, Dow Jones Newswires; +44 (0)20 7842 9413;
andrea.hotter@dowjones.com