Lundin Mining Corporation: Tenke Amended Contracts Receive Presidential Decree
20:28 EDT Monday, April 18, 2011
TORONTO, ONTARIO--(Marketwire - April 18, 2011) - Lundin Mining Corporation (TSX:LUN)(OMX:LUMI) ("Lundin Mining" or the "Company") is pleased to report that the government of the Democratic Republic of Congo (DRC) has issued a Presidential Decree approving the amendments to the Tenke Fungurume Mining (TFM) contracts and the decree has been published in the DRC Official Gazette.
This formalizes the conclusion of the review process by the DRC government that confirmed that the Tenke Fungurume contracts are in good standing, and acknowledges the parties' continuing commitment to the rights and benefits granted under the TFM contracts. More specifically, the amended TFM agreements that were signed between the parties in early December 2010, and the revised terms within, now become operative.
The Tenke Fungurume mining concessions are located in the Katanga Province of the DRC approximately 110 miles northwest of Lubumbashi. Copper production commenced in 2009 and for the year ended December 31, 2010, Tenke produced 120,271 tonnes of copper cathode. Forecast production is approximately 130,000 tonnes of copper cathode in 2011 and expansion planning is progressing as a priority.
About Lundin Mining
Lundin Mining Corporation is a diversified base metals mining company with operations in Portugal, Sweden, Spain and Ireland, producing copper, zinc, lead and nickel. In addition, Lundin Mining holds a development project pipeline which includes an expansion project at its Neves‐Corvo mine along with its equity stake in the world class Tenke Fungurume copper/cobalt mine in the Democratic Republic of Congo.
On Behalf of the Board,
Phil Wright
President and CEO
