Lundin Mining informs about work measures in Candelaria

At Lundin Mining, health and safety is a top priority in everything we do. Illegal and violent actions promoted under the guise of the Mine Workers Union’s legal strike and the Candelaria AOS Union’s pending labor actions endanger the safety of our Candelaria workforce. Candelaria operations are currently planning a temporary suspension. Critical work continues to be carried out to protect the required personnel on site, the operation and the environment. The company sincerely regrets taking these measures and their impact on our workforce, the local community, suppliers, customers and many stakeholders.

The 2020 production, cash cost and cost of capital guidelines previously provided for Candelaria should no longer be considered reliable. Lundin Mining is in strong financial condition with net debt of approximately $ 124 million, including cash and equivalents of approximately $ 124 million $ 222 millionand approximately $ 575 million of available credit under the Revolving Credit Facility as of: September 30, 2020.

Candelaria is committed to responsible, respectful and fair negotiations in the best interests of our employees and with a view to the sustainability of our business. The previous collective agreement with the Candelaria AOS Union expired on 5th October 2020after the Union was granted a special extension of the agreement by the Labor Authority, which was due to expire on September 30, 2020. Candelaria and the Union then entered a conciliation process in which several improved offers were presented to the Union’s leadership.

Lundin Mining will issue further explanations if necessary.

About Lundin Mining

Lundin Mining is a diversified Canadian base metal mining company with offices in Brazil, Chile, Portugal, Sweden and the United States of Americaand mainly produces copper, zinc, gold and nickel.

The information in this press release is subject to Lundin Mining’s disclosure requirements under the EU Market Abuse Regulation. The information has been submitted for publication through the agency to the contact persons listed below October 18, 2020 at the 5:30 p.m. Eastern Time.

Cautionary Statement in Forward-Looking Information

Certain statements and information contained herein constitute “forward-looking information” within the meaning of applicable Canadian securities laws. All statements other than historical facts contained in this document constitute forward-looking information, including, but not limited to, statements regarding the company’s plans, prospects, and business strategies. the company’s guidelines on the timing and quantity of future production and its expectations for profitability; Expected costs; Permit requirements and schedules; Time and possible outcome of pending legal disputes; the results of feasibility studies or estimates of mineral resources and mineral reserves, mine life estimates, and mine and mine closure plans; expected market prices for metals, exchange rates and interest rates; the development and implementation of the company’s Responsible Mining Management System; the company’s ability to meet contractual, licensing or other regulatory requirements; anticipated exploration and development activities on the company’s projects; and the integration of acquisitions and any anticipated benefits by the company. Words like “believe”, “expect”, “anticipate”, “consider”, “aim”, “plan”, “aim”, “aim”, “intend”, “continue”, “budget”, “estimate”, “May,” “will,” “may,” “could,” “should,” “plan” and similar expressions identify forward-looking statements.

Forward-looking information is necessarily based on various estimates and assumptions including, without limitation, management’s expectations and beliefs, including the company’s access to finance, adequate equipment and manpower. assumed and future price of copper, nickel, zinc, gold and other metals; Expected costs; Ability to achieve goals; the rapid and effective integration of acquisitions; that the political environment in which the company operates will continue to support the development and operation of mining projects; and assumptions about the factors listed below. While these factors and assumptions are believed to be reasonable by Lundin Mining at the time of this document, given management’s experience and perception of current conditions and anticipated developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. No undue reliance should be placed on such statements and information. These factors include, but are not limited to: volatility and fluctuations in metal and commodity prices; global financial conditions and inflation; mining-related risks including, but not limited to, risks to the environment, industrial accidents, catastrophic equipment failure, unusual or unexpected geological formations or unstable soil conditions, and natural phenomena such as earthquakes, floods or unusually severe weather; uninsurable risks; Changes in the company’s share price and volatility in the stock markets in general; the threat of virus and infectious disease outbreaks, including the novel COVID-19 virus; Risks associated with negative publicity about the company or the mining industry in general; Reliance on a single asset; Potential for allegations of fraud and corruption involving the company, its customers, suppliers or employees, or of inappropriate or discriminatory employment practices or human rights abuses; actual ore extraction and / or metal extraction that differs from estimates of mineral resources and reserves, estimates of grade, tonnage, dilution, mine plans, and metallurgical and other characteristics; Risks associated with the estimation of mineral resources and mineral reserves and the geology, grade and continuity of mineral deposits, including but not limited to models therein; Ore processing efficiency; Risks associated with and / or associated with doing business abroad and in emerging markets; Security in the conduct of business of the company; Change in tax regulations; Health and safety risks; Exploration, development or mining results are not as expected by the company; unavailable or inaccessible infrastructure and risks related to infrastructure aging; Counterparty and credit risks and customer concentration; Risks related to environmental regulation and the environmental impact of the company’s business and products and their management; Exchange rate fluctuations; Reliance on third parties and advisers in foreign jurisdictions; Opposition from community and interest groups; civil disorder; the potential and impact of labor disputes or other unexpected difficulties or labor shortages or production stoppages; uncertain political and economic environment; Litigation; government investigation, enforcement, sanctions and / or related or other litigation; Risks related to the structural stability of rock landfills or tailings stores; Changes to any law, regulation or policy, including but not limited to those relating to mining systems, permits and permits, environmental and residue management, labor, trade relations and transportation; Climate change; Compliance with environmental, health and safety laws; Enforcement of legal rights in foreign jurisdictions; Information technology and cybersecurity risks; Estimates of future production and operations; Estimates of operating, cash and total cost estimates; Delays or inability to obtain, retain, or comply with permits; Compliance with foreign laws; Risks associated with mine closure activities and enclosed and historic sites; Challenges or shortcomings in the title; the price and availability of the main equipment or service; historical environmental liabilities and ongoing recovery obligations; Debt; Funding needs and availability of funding; Liquidity risks and limited financial resources; Risks associated with attracting and retaining highly qualified employees; Risks associated with acquisitions and related integration efforts, including the ability to obtain expected benefits, unexpected difficulties, or expenses related to the integration and diversion of management time for the integration; the estimate of the book values ​​of assets; internal controls; Competition; Dilution; Existence of significant shareholders; Conflicts of interest; activist shareholders and proxy matters; Dividend risks; Risks associated with business agreements and partners over which the company does not have full control; and other risks and uncertainties including, but not limited to, those described in the “Risks and Uncertainties” section of the Annual Information Form and the “Risk Management” section of the Company’s MD&A for the past fiscal year December 31, 2019available on SEDAR at www.sedar.com under the company profile. All forward-looking statements made in this document are qualified by these cautionary statements. While the company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that could cause results not to be as expected, estimated, projected or forecast The preceding list is not intended to be exhaustive of all factors and assumptions that may have been used. Should one or more of these risks and uncertainties materialize, or should the underlying assumptions prove incorrect, actual results could differ materially from those described in the forward-looking information. Accordingly, there can be no guarantee that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are cautioned not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The company disclaims any intention or obligation to update or revise any forward-looking information or to explain any material difference between such and subsequent actual events, except as required by law.

SOURCE Lundin Mining Corporation

For more information: Mark Turner, Director, Company Valuations and Investor Relations: +1 416 342 5565; Brandon Throop, Manager, Investor Relations: +1 416 342 5583; Robert Eriksson, Investor Relations Sweden: +46 8 440 54 50

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