Freeport Cobalt

Lundin Mining holds an effective 24% ownership interest in the large-scale Freeport Cobalt chemical refinery located in Kokkola, Finland and the related sales and marketing business.

Freeport Cobalt is one of the world's largest suppliers of cobalt chemicals and powders for use in batteries, pigments and ceramics and powder metallurgy. The refinery processes unrefined cobalt and related metals and manufactures advanced inorganic products for use in a variety of applications in fast-growing end use markets.

The Freeport Cobalt refinery has been in operation since 1968 and has an experienced management team, over 400 employees and global sales and marketing footprint that services approximately 500 customers in over 50 countries in Asia, Europe and the Americas.

Lundin Mining acquired its effective ownership in Freeport Cobalt in 2013 through formation of joint venture entity with Freeport McMoRan and Gécamines. The acquisition provided direct end-market access for the cobalt hydroxide production from the Tenke Fungurume mine among other advantages. Freeport McMoRan holds an effective 56% ownership interest and is operator. Gécamines holds the remaining 20% interest.

The Company's joint venture with Freeport-McMoRan Inc. has entered into a definitive agreement to sell its cobalt refinery and related cobalt cathode precursor business. Please refer to the press release "Lundin Mining Announces Sale of Interest in Kokkola Cobalt Refinery" dated May 23, 2019.

Please see Annual Information Form and Financial Statements for further information.

Lundin Mining Corporation

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