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Lundin Mining Corporation
Global Operations Zinkgruvan, Sweden Storliden, Sweden Galmoy, Ireland Neves-Corvo, Portugal Aljustrel, Portugal Ozernoe, Russia Tenke Fungurume, DRC Aguablanca, Spain Production Statistics
Reserves & Resources
Qualified Persons Quarterly Operations Update



Neves-Corvo, Portugal

 

December 31, 2007

December 31, 2006

 

Tonnes

Cu

Zn

Pb

Tonnes

Cu

Zn

Pb

Category

'000s

%

%

%

'000s

%

%

%
 

Mineral Reserves

 

 

 

 

 

 

 

 

Proven, Copper

17,184

4.4

0.9

0.2

6,230

5.2

1.2

0.2

Probable, Copper

530

2.8

0.2

0.3

11,009

4.7

0.7

0.2

Proven + Probable Copper

17,714

4.4

0.9

0.2

17,239

4.9

0.9

0.2

 

 

 

 

 

 

 

 

 

Proven, Zinc

19,072

0.4

6.1

1.2

145

0.3

6.4

1.3

Probable, Zinc

14,439

0.4

7.3

1.9

10,785

0.4

7.9

1.5

Proven + Probable Zinc

33,511

0.4

6.6

1.5

10,930

0.4

7.9

1.5

 

 

 

 

 

 

 

 

 

Mineral Resources

 

 

 

 

 

 

 

 

Measured, Copper

19,239

5.1

1.0

0.3

6,589

6.1

1.5

0.3

Indicated, Copper

1,198

4.0

1.2

0.3

12,832

5.3

0.8

0.3

Measured + Indicated Copper

20,437

5.1

1.0

0.3

19,421

5.6

1.0

0.3

 

 

 

 

 

 

 

 

 

Measured, Zinc

38,657

0.5

5.7

1.1

1,234

0.4

4.9

1.0

Indicated, Zinc

17,855

0.4

7.4

1.9

29,438

0.6

6.2

1.2

Measured + Indicated Zinc

56,512

0.5

6.2

1.4

30,672

0.6

6.2

1.2

 

 

 

 

 

 

 

 

 

Inferred, Copper

3,338

3.4

0.8

0.2

3,002

4.5

0.8

0.2

Inferred, Zinc

20,456

0.5

4.6

1.4

25,465

0.6

5.5

1.5

The 2006 and 2007 Neves-Corvo Mineral Resources are inclusive of Mineral Reserves. The 2006 Mineral Resources were reported above cut-off grades of 2% for copper and 3.3% for zinc. The 2006 Mineral Reserves were reported above cut-offs of 1.91% for copper and 5.8% for zinc. The 2007 Mineral Resources have been reported above cut-off grades of 1.0% for copper and 3% for zinc. The 2007 Mineral reserves have been calculated at a cut-off of 1.6% for copper and 4.6% for zinc.

Zinkgruvan, Sweden

 

December 31, 2007

December 31, 2006

 

Tonnes

Zn

Pb

Ag

Cu

Tonnes

Zn

Pb

Ag

Cu

Category

'000s

%

%

g/t

%

'000s

%

%

g/t

%
 

Mineral Reserves

 

 

 

 

 

 

 

 

 

 

Proven, Zinc

8,306

10.3

5.5

114.0

 

6,635

10.0

5.5

113.0

 

Probable, Zinc

2,249

8.4

2.8

62.0

 

2,013

8.9

2.7

59.0

 

Prov + Prob Zinc

10,555

9.9

4.9

102.9

 

8,648

9.7

4.8

100.4

 

 

 

 

 

 

 

 

 

 

 

 

Mineral Resources

 

 

 

 

 

 

 

 

 

 

Measured, Zinc

553

6.3

0.9

24.0

 

537

6.3

0.9

24.0

 

Indicated, Zinc

3,677

9.3

4.5

109.0

 

1,251

9.1

3.3

85.0

 

Mea + Ind Zinc

4,230

8.9

4.0

97.9

 

1,788

8.3

2.6

66.7

 

 

 

 

 

 

 

 

 

 

 

 

Indicated, Copper

3,100

0.5

0.0

32.0

2.9

2,800

0.5

0.0

32.0

2.9

 

 

 

 

 

 

 

 

 

 

 

Inferred, Zinc

4,320

9.4

2.9

67.0

 

7,790

10.6

4.4

101.0

 

Inferred, Copper

770

0.2

0.0

20.0

2.8

890

0.2

0.0

28.0

3.1

The 2006 and 2007 Zinkgruvan Mineral Resources are exclusive of Mineral Reserves. In 2006 and 2007 Mineral Resources and Mineral Reserves were reported above 250 SEK NSR cut-off. In 2006 the NSR value was based on metal prices of US$1,213/t for zinc, US$661/t for lead, US$ 5.75/oz for silver and an exchange rate of 8.25 SEK/ US$. In 2007 the NSR value was based on metal prices of US$1,653/t for zinc, US$3,307/t for copper, US$ 992/t for lead, US$ 10/oz for silver and an exchange rate of 7.75 SEK/ US$. In both 2006 and 2007 the copper Mineral Resources were reported above a cut-off of 2.0% copper.

Aljustrel, Portugal

 

December 31, 2007

December 31, 2006

 

Tonnes

Cu

Zn

Pb

Ag

Tonnes

Cu

Zn

Pb

Ag

Category

'000s

%

%

%

g/t

'000s

%

%

%

g/t
 

Mineral Reserves

 

 

 

 

 

 

 

 

 

 

Probable, Zinc

13,130

0.2

5.6

1.8

62.9

14,352

0.3

5.5

1.8

62.6

 

 

 

 

 

 

 

 

 

 

 

Probable, Copper

1,664

2.2

1.0

0.3

14.6

1,612

2.2

1.0

0.3

14.3

 

 

 

 

 

 

 

 

 

 

 

Mineral Resources

 

 

 

 

 

 

 

 

 

 

Measured, Zinc

5,529

0.4

5.0

1.8

50.5

2,582

0.3

5.2

1.8

52.2

Indicated, Zinc

20,337

0.2

5.7

1.8

62.2

20,997

0.2

5.7

1.8

61.8

Mea + Ind Zinc

25,867

0.3

5.6

1.8

59.7

23,579

0.2

5.7

1.8

60.7

 

 

 

 

 

 

 

 

 

 

 

Measured, Copper

938

2.2

1.2

0.4

24.1

260

1.8

1.3

0.4

20.3

Indicated, Copper

5,271

2.1

0.9

0.2

13.9

6,660

2.1

1.1

0.4

17.1

Mea + Ind Copper

6,209

2.1

0.9

0.3

15.4

6,920

2.1

1.1

0.4

17.2

 

 

 

 

 

 

 

 

 

 

 

Inferred, Zinc

10,624

0.3

5.1

1.6

48.6

9,321

0.3

5.3

1.6

51.2

Inferred, Copper

2,204

2.1

0.7

0.2

11.7

1,990

2.1

0.8

0.2

11.7

The 2006 and 2007 Aljustrel Mineral Resources are inclusive of Mineral Reserves. For both 2006 and 2007 the Resource and Reserve cut-off grade for copper is 1.5% for all deposits and the zinc cut-offs are 4.5%, 4.0% and 4.0% respectively for the Feitais, Moinho and Estação deposits.

Aguablanca, Spain

 

December 31, 2007

 

Tonnes

Ni

Cu

Category

'000s

%

%
 

Mineral Reserves

 

 

 

Proven

6,337

0.64

0.51

Probable

4,339

0.59

0.47

Proven + Probable

10,676

0.62

0.49

 

 

 

 

Mineral Resources

 

 

 

Measured

7,922

0.64

0.53

Indicated

5,809

0.61

0.51

Measured + Indicated

13,731

0.62

0.52

 

 

 

 

Inferred

2,656

0.41

0.32

The 2006 and 2007 Mineral Resources are inclusive of Mineral Reserves. Reserves have been reported above a 0.2% nickel cut-off. The 2007 in-pit Resources and Reserves have been reported above a 0.2% nickel cut-off. The 2007 underground Resources are reported above a 0.3% Ni cut-off and the Reserves above a 0.5% nickel cut-off.


Galmoy, Ireland

 

December 31, 2007

December 31, 2006

 

Tonnes

Zn

Pb

Ag

Tonnes

Zn

Pb

Ag

Category

'000s

%

%

g/t

'000s

%

%

g/t
 

Mineral Reserves

 

 

 

 

 

 

 

 

Proven

1,877

16.1

4.6

44.3

2,349

15.4

4.4

41.5

Probable

143

12.3

1.4

10.1

228

11.8

2.4

20.0

Proven + Probable

2,020

15.8

4.4

41.9

2,577

15.0

4.3

39.6

 

 

 

 

 

 

 

 

 

Mineral Resources

 

 

 

 

 

 

 

 

Measured

1,435

15.3

3.6

36.8

997

17.9

4.3

39.7

Indicated

510

13.9

2.2

15.6

461

14.0

2.1

15.0

Measured + Indicated

1,945

14.9

3.2

31.3

1,458

16.7

3.6

31.9

 

 

 

 

 

 

 

 

 

Inferred

33

13.2

0.9

8.0

89

13.0

2.9

26.0

The 2006 and 2007 Galmoy Mineral Resources are exclusive of the Mineral Reserves. In 2006 and 2007 the Mineral Reserve reported above a cut-off grade of 6% zinc equivalent and the Mineral Resources above a cut-off of 4.5% zinc equivalent. Zinc equivalency is based on the formula of ZnEq = Zn+0.5xPb.

Storliden, Sweden

 

December 31, 2007

December 31, 2006

 

Tonnes

Zn

Cu

Au

Ag

Tonnes

Zn

Cu

Au

Ag

Category

'000s

%

%

g/t

g/t

'000s

%

%

g/t

g/t
 

Mineral Reserves

 

 

 

 

 

 

 

 

 

 

Proven

112

5.6

1.3

0.3

19.0

244

6.8

2.0

0.2

16.1

The 2006 and 2007 Storliden Reserve estimate was reported above a NSR cut-off of 400 SEK. In 2006 the NSR value was based on metal prices of US$ 2,756/t for zinc, US$ 6,063/t for copper, US$ 590/oz for gold, US$11/oz for silver and an exchange rate of 7.0 SEK/US$. The 2007 NSR value was based on metal prices of US$ 2,381/t for zinc, US$ 6,923/t for copper, US$ 2,513/t for lead, US$ 855/oz for gold, US$ 14.12/oz for silver and an exchange rate of 6.1 SEK/US$.

Mining at Storliden was scheduled to be completed during the fourth quarter of 2007. However, the mine has continued to encounter additional mineralization and is now scheduled to finish production during the second quarter of 2008.

Tenke Fungurume, Democratic Republic of Congo

 

December 31, 2007

 

Tonnes

TCu

TCo

Category*

'000s

%

%
 

Mineral Reserves

 

 

 

Proven

56,000

2.11

0.36

Probable

44,000

2.47

0.30

Proven + Probable

100,000

2.27

0.33

 

 

 

 

Measured Resources

 

 

 

Oxide

58,551

3.57

0.34

Mixed

64,658

3.27

0.33

Sulfide

3,107

4.37

0.36

Total

126,316

3.44

0.33

 

 

 

 

Indicated Resources

 

 

 

Oxide

33,714

2.69

0.33

Mixed

74,137

2.42

0.26

Sulfide

937

3.75

0.43

Total

108,788

2.52

0.28

 

 

 

 

Measured + Indicated Resources

 

 

 

Oxide

92,265

3.25

0.34

Mixed

138,795

2.82

0.29

Sulfide

4,044

4.22

0.37

Total

235,104

3.01

0.31

 

 

 

 

Inferred Resources

 

 

 

Oxide

70,152

2.75

0.20

Mixed

176,043

2.61

0.20

Sulfide

17,557

1.82

0.13

Total

263,752

2.60

0.19

 

 

 

 

*Lundin has a 24.75% equity interest in the Tenke Fungurume project in
the DRC with Freeport-McMoran as operator.

TCu% - Total copper grade
TCo% - Total cobalt grade

Tenke Mineral Reserves are reported at a 1.3% Cu equivalent cut-off based on metal prices of US$2,646/t for copper and US$ 26,455/t for cobalt. Mineral Resources are reported at 1% Cu equivalent cut-off based on a ratio of 5.7 to 1 Co to Cu.

Reserve estimates have been prepared by Freeport-McMoran technical staff and Resource estimates by John Nilsson who is an independent consultant and a Qualified Person pursuant to NI 43-101.  
Zinkgruvan Reserves & Resources Storliden Reserves & Resources Galmoy Reserves & Resources Neves-Corvo Reserves & Resources Aljustrel Reserves & Resources Aguablanca Reserves & Resources Tenke Fungurume Reserves & Resources


2007 Annual Report


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