Toronto, February 22, 2012 (TSX: LUN; OMX: LUMI) Lundin Mining Corporation (“Lundin Mining” or the “Company”) today reported net earnings of $183.8 million ($0.32 per share) for the fiscal year ended December 31, 2011 and $42.5 million for the fourth quarter of 2011 ($0.07 per share).
Paul Conibear, President and CEO commented, “We ended the year with a strong quarter of production, achieving record tonnages of ore mined and milled at both our Neves-Corvo and Zinkgruvan mines. These production records occurred in parallel to achieving the best annual safety record in the Company's history, attesting to improvements made in operations company wide.
The successful start up of the expanded zinc plant at Neves-Corvo in mid-2011 has positioned the mine to become a significant by-product producer of zinc. In parallel we advanced other internal growth studies to develop strategies to access deeper Lombador mineralization and the exploitation of Semblana. We also have committed to our largest exploration program ever for 2012 to extract value from the multiple new high potential exploration targets in and around Neves-Corvo.
Internally we have staffed up in our corporate development, technical and project execution capabilities and have begun to evaluate new growth opportunities.
Tenke finished the year with strong production results and we are very excited about construction progress being made on the Phase II expansion. The significant contribution this outstanding copper operation makes to the Company is becoming quite evident and several catalysts for increasing asset value in the year ahead are expected as expanded production milestones are achieved.
As the year progressed the Company achieved improved operating cashflow, and we ended the year with a healthy balance sheet and a strong net cash position."
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For complete report, please see attached file.
For further information, please contact:
Sophia Shane, Investor Relations North America: +1-604-689-7842
John Miniotis, Senior Business Analyst: +1-416-342-5565
Robert Eriksson, Investor Relations Sweden: +46 8 545 015 50
