Good News for SSTLUNDIN MINING COMMENCES PRODUCTION AT THE ALJUSTREL MINE
Lundin Mining Corp. has started production at the Aljustrel mine and mill in southern Portugal. The first zinc concentrates from Aljustrel were produced on Dec. 16, 2007.
After 14 years of a care and maintenance program, the management team at the Aljustrel mine has successfully started to process run-of-mine ore from the Moinho orebody at the Aljustrel mine and produce zinc concentrates.
Management expects to bring forward by 12 months the production of zinc and lead concentrates stemming from the Feitais orebody, which was originally planned to take place during the second half of 2009. Ore from the Feitas orebody is known for its higher content of recoverable lead and silver, which will provide for byproduct credits and additional revenues.
The mine is planned to reach full production during the first quarter of 2009 at a rate of 80,000 tonnes of contained zinc, 17,000 tonnes of contained lead and 1.25 million ounces of silver. Although the current mine life is estimated to be 10 years, all major orebodies are open at depth and infill drilling will be undertaken in 2008 to further delineate known orebodies with the aim of increasing the mine life.
Karl-Axel Waplan, chief executive officer and president of Lundin Mining, commented: "The start up of Aljustrel demonstrates the company's ability to realize its organic growth potential. Aljustrel's production of zinc, lead and silver will significantly add to the company's overall production volumes and cash flow. Several important projects within Lundin Mining are currently under development, including the expansion of zinc production in Neves-Corvo, the start-up of copper production in Zinkgruvan and the development of the Tenke Fungurume copper/cobalt project in the DRC and of the Ozernoe zinc mine project. Within the next four years Lundin Mining's zinc production will triple from current levels and copper production will also substantially increase."
We seek Safe Harbor.