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Lundin Mining Corp.
Summary
| Project: | Neves-Corvo | |
|---|---|---|
| Deposit: | Neves-Corvo | |
| Location: | Portugal | |
| Commodities: | Copper-Zinc-Lead-Silver | |
| Date: | 5/11/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Feasibility Study | |
| Project Stage: | Active Mining & Production | |
| Report details: | 11-5-2017: Lundin Mining Corp. announces a Feasibility Study report for its Neves-Corvo deposit at the Neves-Corvo project. Feasibility study results incl. NPV (8%) of 180M€, IRR of 21.5%, payback period < 4 years. Toronto, May 11, 2017 (TSX: LUN; OMX: LU | |
| Resources: | ||
| CP/QP: | [Resources]: R Ellis ( Wardell Armstrong International Ltd.) | |
| ABSTRACT: | Toronto, May 11, 2017 (TSX: LUN; OMX: LUMI) Lundin Mining Corporation (“Lundin Mining” or the “Company”) is pleased to announce the results of a Feasibility Study completed on the Zinc Expansion Project (“ZEP”) at the Neves-Corvo mine in Portugal, as well as provide an update on the project progress. Annual zinc production forecast to peak in excess of 180,000 tonnes post expansion and average approximately 150,000 tpa over the period 2020 through 2030, along with a significant increase in lead production. Estimated life of mine C1 cash cost of $0.28/lb copper net of by-product credits, or alternatively, $0.29/lb zinc net of by-product credits. Incremental post-tax net present value (“NPV”) of €180 million at an 8% discount rate, an internal rate of return (“IRR”) of 22%, and an estimated payback period of less than four years from production start. Pre-production capital costs are estimated to be €257 million including a 15% contingency. Production is to be maximized from the existing zinc Mineral Reserve estimate and the development of a deeper higher zinc grade area known as Lombador Phase 2 (“LP2”) for which maiden Mineral Reserves, of both zinc and copper, have been estimated. Given the positive results of the Feasibility Study, the Company has approved development of the ZEP subject to the approval of the Environmental Impact Assessment (“EIA”) and amendments to the Environmental Licence. The ZEP has recently been granted Project of National Interest (“PIN”) status by the Portuguese authorities in recognition of its scale and potential contribution to the national economy. | |
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