Investors

Copper and zinc production improved over the previous quarter; however, production at both Neves-Corvo and Zinkgruvan was curtailed due to a number of issues. We continued to mine low grade stockwork ores at Neves-Corvo and consequently plant recoveries..

Copper production was below expectations as a result of low head grades at Neves-Corvo coupled with annual plant maintenance brought forward to the month of June 2011. Zinc production was in line with expectations; shortfall in production at Zinkgruvan...

Production was in-line with guidance: Neves-Corvo copper metal production was in-line with annual market guidance despite lower average head-grade and milling difficulties with wet weather in January; Zinkgruvan is achieving higher throughput with the commissioning of the daylight ramp, albeit costs are elevated as efforts are now made to reduce waste material stored underground (resulting from ore pass failures in 2010); Galmoy is ahead of expectations on higher throughput and grade...

Overall, production approximated guidance. Wholly-owned operations: mine production was generally in accordance with expectations, while milling/deliveries fell marginally short owing to the extreme weather in Europe and shaft/crusher availability...

Copper and nickel production for the quarter was below expectations owing to: unexpected delays at Neves-Corvo affecting two high-grade stopes (+7% copper grade) limiting ore production and resulting in replacement material coming from lower-grade sourc

Operational and Financial Highlights
Second quarter production is close to expectations: zinc and lead well ahead of plan; Neves-Corvo continued to be affected by industrial action in April and was back above plan in June; Aguablanca was only margin....

Guidance for the first quarter was released at the time of the release of fourth quarter 2009 results. This drew attention to specific items and events that were expected to affect the quarter's production and earnings. The actual results for the quarter accord with this guidance.

Lundin Mining reported net income, before discontinued operations and impairment charges, of $105.2 million ($0.19 per share) for the year and $72.2 million ($0.12 per share) in the fourth quarter of 2009, up from a loss of $131.9 million (loss of $0.32 per share) in the fourth quarter of 2008.

Lundin Mining Corporation ("Lundin Mining" or the "Company") reported unaudited net income for the quarter of $3.7 million, or $0.01 per share. Operating earnings were $91.8 million, up from $68.9 million in the third quarter of 2008. Cash flow from operations during the quarter was $40.0 million, compared to $46.8 million in the third quarter of 2008.

Commenting on the quarter, Mr. Phil Wright, President and CEO said, "We have seen a strong rebound from the low point last quarter with measures taken to improve performance and reduce cost paying off.

Commenting on the quarter, Mr. Phil Wright, President and CEO said "This quarter has probably represented the bottom for us in terms of cash flow and earnings. We paid out $68.1 million in customer settlements that related to last quarter's severe price falls and, post this, all our mining operations are now cash flow positive.

2008 has been a tumultuous year for base metal mining companies best defined by the collapse of metal prices starting in September 2008. De-stocking in supply chains, coupled with collapsing demand, has seen base metal inventories rise, prices fall and profits contract.

Unaudited net earnings, before impairment charges and related taxes, were $2.1 million for the third quarter of 2008. Operating earnings¹ and cash flow from operations for the quarter were $68.9 million and $46.8 million respectively. These compare to $153.9 million and $155.3 million respectively in the prior corresponding quarter.

Unaudited net earnings, before impairment charges and related taxes, of $56.2 million ($0.14 per share) for the second quarter 2008. Operating earnings* for the first six months were $320 million ($0.82 per share), exceeding internal expectations by 8%.

Lundin Mining reported a net earnings of $78.8 million for the first quarter 2008, representing an increase of 51% compared with the first quarter 2007. Earnings per share were up 11%, on the expanded capital, to $0.20 for the quarter.

Delivering growth and operating excellence is my focus. Lundin Mining has secured its position in the industry as a responsible, profitable and growing mining company with a quality, growth-oriented portfolio of assets. Six mines are in operation producing copper, zinc, lead and nickel and the Company has one of the best project development pipelines in the sector.

The Company's potential for volume growth in the future is significant with major expansion programs in two core assets of the Company. Zinc production will be quadrupled at the Neves-Corvo mine from 2011 onward and production of copper concentrates will begin at the Zinkgruvan mine in 2010.

A solid performance in most of our operations and rising metals prices during the spring led to record net earnings. Meanwhile, the growth strategy continues. We recently closed the acquisition of Tenke Mining Corp., which adds a highly promising, world class copper/cobalt project, Tenke Fungurume, in the Democratic Republic of Congo to our asset portfolio. We have also broadened our commodity mix into nickel with the acquisition of Rio Narcea Gold Mines, Ltd.

During the period up to the end of April, Lundin Mining has announced two major transactions. We have entered into an agreement with Canadian listed base metals producer Rio Narcea Gold Mines, Ltd. ("Rio Narcea") and offered to acquire for cash all of the outstanding shares and warrants in Rio Narcea.

On October 19, 2006, the shareholders of Lundin Mining Corporation and of EuroZinc Mining Corporation approved a merger of the two companies to form a premier global base metal mining company and thus forming a new Lundin Mining Corporation. The merger brought together two young and ambitious mining companies with the intent of becoming the next major global mining house in the base metal sector.