Lundin Mining First Copper Produced at Tenke Fungurume

Lundin Mining Corporation announce that the first copper cathode has been produced by the world class Tenke Fungurume copper/cobalt project in the Democratic Republic of Congo. Lundin Mining holds a 24.75% equity interest in the project.

The project’s initial high-grade oxide ore facilities have been designed to achieve approximately 115,000 metric tonnes of copper cathode and 8,000 tonnes per annum of cobalt production. Ramp up of copper production will continue over the next several months in parallel to completion of the cobalt circuit and acid plant. Full production levels in the initial plant are expected during the second half of the year.

The Tenke project represents the largest capital investment in the country in decades and incorporates the latest copper extraction technology and best in class international operating standards. The project has been designed and constructed to the highest criteria respecting environmental performance, labour practices, occupational health and safety and social responsibility.

Commenting on the achievement of first copper, Mr. Lukas Lundin, the Company’s Chairman, stated, “Freeport-McMoRan should be congratulated on their successful execution of this project. It is a credit to them, the project partner Gecamines – the State-owned mining company, and to the DRC Government. It gives me great pleasure to see a long-term dream finally realized.”

The project is a major employer in the DRC and will provide the DRC with significant tax, royalty and dividend revenues.