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Lundin Mining announces 2018 production results

Mining News - Published on Thu, 17 Jan 2019

Image Source: lundinmining.com
Lundin Mining Corporation announced production results for the three and twelve months ended December 31,2018 and provides an update on operations and capital projects. Marie Inkster, President and CEO, said “We finished 2018 with strong fourth quarter operating performance at each of our mines and excellent progress advancing our growth projects. We are well positioned to deliver significant copper and zinc production growth in 2019 and the next several years from our existing portfolio of high-quality mines. We remain focused on value creation through disciplined investment in our existing assets and potential external acquisition initiatives. In the fourth quarter, we announced a normal course issuer bid and significantly reduced our borrowing costs with the early redemption of our Senior Secured Notes. We maintain financial liquidity and flexibility to act quickly on opportunities with a substantive cash position and having increased and extended our low-cost revolving credit facility."

Highlights:

• Annual production guidance was achieved or exceeded for all metals at all operations.

• Safety performance in 2018 was in line with the Company's five-year health and safety improvement strategy. The 2018 Total Recordable Injury Frequency (TRIF) rate was 0.67.

• Candelaria achieved its full year copper production guidance. The low-risk capital projects focused on delivering the improved life-of-mine production profile continue on schedule and on budget.

• Eagle continued its robust operational performance achieving and exceeding full year copper and nickel production guidance, respectively. The Eagle East project continues to advance well with first ore expected in the fourth quarter of 2019.

• Neves-Corvo achieved full year zinc production guidance and exceeded copper production guidance. The zinc plant set an annual throughput record of 1,125 kt and the copper plant set an annual throughput record of 2,692 kt.

• Zinkgruvan exceeded annual zinc production guidance. Fourth quarter zinc production was the best quarter of the year on improved zinc head grades and mill throughput.

• Year-end cash balance was approximately $800 million reflecting the fourth quarter investment spend and early redemption of $429 million principal amount of 7.875% Senior Secured Notes.

Source :

Posted By : Rabi Wangkhem on Thu, 17 Jan 2019
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