Reserves & Resources
June 30, 2011
Mineral
Reserves |
Contained Metal 000's (Ounces millions) |
| |
Category |
000's |
Cu |
Zn |
Pb |
Ag |
Ni |
Co |
Cu |
Zn |
Pb |
Ag |
Ni |
Co |
Lundin |
| |
|
Tonnes |
% |
% |
% |
g/t |
% |
% |
T |
T |
T |
Oz |
T |
T |
Interest |
| Copper |
|
| Neves-Corvo |
Proven |
23,235 |
3.6 |
1.0 |
0.3 |
44 |
|
|
737 |
230 |
75 |
33 |
|
|
100% |
|
Probable |
4,508 |
2.3 |
0.5 |
0.4 |
45 |
|
|
105 |
25 |
17 |
7 |
|
|
100% |
| |
Total |
27,744 |
3.0 |
0.9 |
0.3 |
44 |
|
|
842 |
254 |
92 |
39 |
|
|
100% |
| |
|
| Zinkgruvan |
Proven |
2,768 |
2.6 |
0.4 |
|
32 |
|
|
72 |
11 |
|
3 |
|
|
100% |
|
Probable |
78 |
2.4 |
0.4 |
|
29 |
|
|
2 |
- |
|
- |
|
|
100% |
| |
Total |
2,846 |
2.6 |
0.4 |
|
32 |
|
|
74 |
11 |
|
3 |
|
|
100% |
| |
|
| Tenke |
Proven |
58,717 |
3.1 |
|
|
|
|
0.4 |
1,822 |
|
|
|
|
206 |
24% |
| Fungurume |
Probable |
78,040 |
2.8 |
|
|
|
|
0.3 |
2,215 |
|
|
|
|
219 |
24% |
| |
Total |
136,757 |
3.0 |
|
|
|
|
0.3 |
4,038 |
|
|
|
|
408 |
24% |
| |
|
| Zinc |
|
| Neves-Corvo |
Proven |
19,361 |
0.4 |
7.1 |
1.6 |
67 |
|
|
70 |
1,380 |
316 |
42 |
|
|
100% |
|
Probable |
3,769 |
0.4 |
8.0 |
12.1 |
64 |
|
|
14 |
301 |
80 |
8 |
|
|
100% |
| |
Total |
23,130 |
0.4 |
7.3 |
1.7 |
66 |
|
|
84 |
1,680 |
396 |
49 |
|
|
100% |
| |
|
| Zinkgruvan |
Proven |
8,212 |
|
9.3 |
4.8 |
103 |
|
|
|
764 |
394 |
27 |
|
|
100% |
|
Probable |
2,442 |
|
9.0 |
2.9 |
60 |
|
|
|
220 |
71 |
5 |
|
|
100% |
| |
Total |
10,654 |
|
9.2 |
4.4 |
93 |
|
|
|
983 |
465 |
32 |
|
|
100% |
| |
|
| Galmoy |
Proven |
201 |
|
16.5 |
6.2 |
56 |
|
|
|
33 |
12 |
0 |
|
|
100% |
|
Probable |
3 |
|
11.0 |
1.2 |
10 |
|
|
|
- |
- |
- |
|
|
100% |
| |
Total |
204 |
|
16.4 |
6.1 |
55 |
|
|
|
33 |
12 |
0 |
|
|
100% |
| |
|
| Nickel |
|
| Aguablanca |
Proven |
6,214 |
0.4 |
|
|
|
0.6 |
|
25 |
|
|
|
37 |
|
100% |
|
Probable |
332 |
0.2 |
|
|
|
0.3 |
|
1 |
|
|
|
2 |
|
100% |
| |
Total |
6,546 |
0.4 |
|
|
|
0.6 |
|
26 |
|
|
|
38 |
|
100% |
| |
|
|
|
|
Lundin's share |
1,994 |
2,963 |
966 |
124 |
38 |
102 |
|
|
|
|
|
Mineral
Resources - inclusive of reserves |
Contained Metal 000's (Ounces millions) |
| |
Category |
000's |
Cu |
Zn |
Pb |
Ag |
Ni |
Co |
Cu |
Zn |
Pb |
Ag |
Ni |
Co |
Lundin |
| |
|
Tonnes |
% |
% |
% |
g/t |
% |
% |
T |
T |
T |
Oz |
T |
T |
Interest |
| Copper |
|
| Neves-Corvo |
Measured |
37,621 |
3.2 |
1.2 |
0.4 |
49 |
|
|
1,193 |
451 |
147 |
59 |
|
|
100% |
| |
Indicated |
7,688 |
2.3 |
0.9 |
0.5 |
49 |
|
|
175 |
68 |
36 |
12 |
|
|
100% |
| |
Inferred |
28,490 |
1.8 |
0.9 |
0.4 |
40 |
|
|
524 |
259 |
100 |
37 |
|
|
100% |
| Zinkgruvan |
Measured |
5,304 |
2.2 |
0.5 |
|
29 |
|
|
117 |
27 |
|
5 |
|
|
100% |
| |
Indicated |
172 |
2.5 |
0.3 |
|
35 |
|
|
4 |
1 |
|
- |
|
|
100% |
| |
Inferred |
772 |
2.2 |
0.2 |
|
36 |
|
|
17 |
2 |
|
1 |
|
|
100% |
| Tenke |
Measured |
119,349 |
3.0 |
|
|
|
|
0.3 |
3,530 |
|
|
|
|
376 |
24% |
| |
Indicated |
336,361 |
2.6 |
|
|
|
|
0.2 |
8,594 |
|
|
|
|
777 |
24% |
| |
Inferred |
218,172 |
2.0 |
|
|
|
|
0.2 |
4,287 |
|
|
|
|
500 |
24% |
| Zinc |
|
| Neves-Corvo |
Measured |
61,252 |
0.4 |
6.1 |
1.4 |
59 |
|
|
221 |
3,724 |
833 |
117 |
|
|
100% |
| |
Indicated |
18,094 |
0.4 |
6.5 |
1.7 |
53 |
|
|
63 |
1,172 |
300 |
31 |
|
|
100% |
| |
Inferred |
32,985 |
0.4 |
4.9 |
1.2 |
55 |
|
|
119 |
1,610 |
386 |
58 |
|
|
100% |
| Zinkgruvan |
Measured |
8,464 |
|
11.0 |
5.5 |
119 |
|
|
|
931 |
466 |
32 |
|
|
100% |
| |
Indicated |
5,494 |
|
10.4 |
4.6 |
93 |
|
|
|
571 |
253 |
16 |
|
|
100% |
| |
Inferred |
5,572 |
|
9.6 |
3.2 |
69 |
|
|
|
535 |
178 |
12 |
|
|
100% |
| Galmoy |
Measured |
689 |
|
15.6 |
3.1 |
26 |
|
|
|
107 |
21 |
1 |
|
|
100% |
| |
Indicated |
131 |
|
10.5 |
0.8 |
7 |
|
|
|
14 |
1 |
- |
|
|
100% |
| |
Inferred |
7 |
|
9.2 |
0.4 |
8 |
|
|
|
1 |
- |
- |
|
|
100% |
| Nickel |
|
| Aguablanca |
Measured |
11,320 |
0.5 |
|
|
|
0.6 |
|
55 |
|
|
|
65 |
|
100% |
| |
Indicated |
1,210 |
0.2 |
|
|
|
0.3 |
|
2 |
|
|
|
4 |
|
100% |
| |
Inferred |
442 |
0.1 |
|
|
|
0.3 |
|
1 |
|
|
|
3 |
|
100% |
| |
Lundin's share |
4,739 |
7,066 |
2,057 |
273 |
69 |
277 |
|
| |
not including Inferred Resources |
|
Notes on Mineral Reserves and Resources Table
Mineral Reserves and Resources are shown on a 100 percent basis for each mine. Mineral Resources for all operations are inclusive of Reserves and all estimates, with the exception of Tenke Fungurume, are prepared as at June 30, 2011. The Tenke Fungurume estimate is dated December 31, 2010.
Estimates for all 100% owned operations are prepared by or under the supervision of a Qualified Person as defined in National Instrument 43-101. Tenke Proven and Probable Mineral Reserves are estimated by the operator Freeport-McMoRan Copper & Gold Inc. ("Freeport"), and are prepared to SEC standards and are reviewed by Lundin Mining's independent Qualified Persons.
Except as noted below, Mineral Reserves have been calculated using assumed long-term average prices of US$2.50/lb copper, US$1.00/lb zinc, US$0.90/lb lead, US$8.50/lb nickel and exchange rates of EUR/USD 1.35 and USD/SEK 7.50. Reserves at Tenke Fungurume have been calculated using assumed long-term average prices of US$2.00/lb copper and US$10.00/lb cobalt.
Neves-Corvo
The Mineral Resources are reported above cut-off grades of 1.0% for copper and 3.0% for zinc. The copper Mineral Reserves are reported above a cut-off of 1.4% while for zinc Mineral Reserves a cut-off of 5.0% is used for orebodies other than Lombador. For the Lombador Phase 1 a zinc cut-off of 6.0% was applied for Mineral Reserve reporting. Mineral Reserves and Resources for Neves-Corvo were estimated by the mine's geology and mine engineering departments under the guidance of Nelson Pacheco, Chief Geologist and Fernando Cartaxo, Chief Mine Planning Engineer. Qualified Persons are Graham Greenway, Group Resource Geologist and Stephen Gatley, Director Technical Services, both employed by Lundin Mining.
Zinkgruvan
The zinc Mineral Resources and Reserves are reported above a 3.7% zinc equivalent cut-off. The Copper Mineral Resources and Reserves are reported above cut-off grades of 1.0% copper and 1.8% copper respectively. The Zinkgruvan Mineral Resource and Reserve estimates are prepared by the mine's geology and mine engineering department under the guidance of Lars Malmström, Resource Manager, employed by Zinkgruvan mine. Qualified Persons are Graham Greenway and Stephen Gatley.
Aguablanca
The Mineral Resources and Reserves are reported above a 0.18% nickel cut off. Mineral Resources and Reserves for Aguablanca were estimated by the mine's geology and mine engineering departments under the guidance of César Martinez and Jorge Llidó. Qualified Persons are Graham Greenway and Stephen Gatley.
Galmoy
The Mineral Resources are reported above a cut-off of 4.5% zinc equivalent. The Mineral Reserves are those tonnes above a 6.0% zinc equivalent cut off that are amenable to mining and treatment at an adjacent mine. The Qualified Person responsible for the Galmoy Mineral Resource and Reserve estimate is Paul McDermott, Technical Services Superintendent, an employee of Galmoy mine.
Tenke Fungurume
The 2010 mineral resources are based on a cutoff of 1.30% copper equivalent and a cobalt-to-copper factor of 4.00. The 2010 mineral reserves are based on pit limits defined in the current mine plan, use a cutoff grade of 0.99% copper equivalent and a cobalt-to-copper equivalency factor of 4.00. The mineral resources and mineral reserves were prepared by staff of Freeport. The mineral reserve estimates for Tenke have been reviewed by John Nilsson, P.Eng of Nilsson Mine Services Ltd on behalf of Lundin Mining. The mineral resource estimates have been reviewed by John Nilsson, P.Eng, and Ron Simpson, P.Geo of GeoSim Services Inc. who are independent consultants and Qualified Persons. In addition to the mineral reserves, work-inprogress stockpiles at Tenke Fungurume are estimated to contain 8.4 million tonnes grading 0.96% copper and 0.47% cobalt.
