Lundin Mining Corporation

2017 - 2019 Production Guidance

Attributable Production Outlook 2017 - 20191

    2017   2018   2019  
Copper Tonnes   Tonnes   Tonnes  
Candelaria (80%) 145,000 - 150,000 131,000 - 136,000 126,000 - 131,000
Eagle 15,000 - 18,000 14,000 - 17,000 14,000 - 17,000
Neves-Corvo 41,000 - 46,000 42,000 - 47,000 45,000 - 50,000
Zinkgruvan 1,000 - 2,000 2,000 - 3,000 3,000 - 4,000
Total Attributable Copper 202,000 - 216,000   189,000 - 203,000   188,000 - 202,000
                         
Zinc                      
Neves-Corvo 72,000 - 77,000 70,000 - 75,000 66,000 - 71,000
Zinkgruvan 80,000 - 85,000 87,000 - 92,000 86,000 - 91,000
Total Zinc 152,000 - 162,000   157,000 - 167,000   152,000 - 162,000
                         
Nickel                      
Eagle 17,000 - 20,000 14,000 - 17,000 11,000 - 14,000
Total Nickel 17,000 - 20,000   14,000 - 17,000   11,000 - 14,000

2017 Cash Costs3
  • At Candelaria, estimated C1 cash costs are expected to approximate $1.20/lb Cu after by-product credits. By-product credits have been adjusted for the terms of the streaming agreement but exclude any allocation of upfront cash received.
  • At Eagle, estimated C1 cash costs are expected to approximate $2.00/lb Ni after by-product credits.
  • At Neves-Corvo, estimated C1 cash costs for 2017 are expected to approximate $1.00/lb Cu after zinc and lead by-product credits.
  • At Zinkgruvan, estimated C1 cash costs are expected to approximate $0.40/lb Zn after copper and lead by-product credits. Zinkgruvan is expected to remain one of the lower cost zinc producers for the foreseeable future.

1 Production Guidance is based on certain estimates and assumptions, including but not limited to; mineral resources and reserves, geological formations, grade and continuity of deposits and metallurgical characteristics.
2 a. Cash costs remain dependent upon exchange rates (forecast at €/USD:1.10, USD/SEK:8.40, USD/CLP:650) and metal prices (forecast at Cu: $2.50/lb, Ni: $5.00/lb, Zn: $1.15/lb, Pb: $0.90/lb, Au: $1,250/oz, Ag: $16.50/oz). Exchange rate of €/USD:1.15 and metal prices of Cu: $2.25/lb and Zn: $1.00/lb were previously assumed.
2 b. C1 cash cost guidance at Neves‐Corvo and Eagle were previously forecast at $1.35/lb and $2.45/lb, respectively.