Mr. Paul Conibear reports
LUNDIN MINING ANNOUNCES COMMERCIAL PRODUCTION AT EAGLE MINE
Lundin Mining Corp. has achieved commercial production at its Eagle mine, a high-grade nickel-copper mine located in the Upper Peninsula of Michigan, United States of America. The mine began operations on Sept. 23 ahead of schedule and on budget. The milestone was reached within two months of start-up and well before the target of first quarter 2015.
Paul Conibear, president and chief executive officer, commented: "The team at Eagle mine has done an excellent job in accelerating the ramp-up and delivering commercial operations ahead of expectations. Going forward, the Eagle mine will be significant to the earnings and cash flow of Lundin Mining, and a major employer and economic contributor in northern Michigan. We wish to thank all employees, contractors and the community for their efforts in bringing the mine into commercial production safely and sooner than expected."
Lundin Mining defines commercial production as the ability to maintain average production metrics of 75 per cent of designed throughput, 75-per-cent nickel recovery and the production of on-target-grade nickel concentrate (11 to 16 per cent) for a period of 30 days. The attached table highlights Eagle's performance from Oct. 1 through Nov. 18.
EAGLE PERFORMANCE METRICS
October, Month to Design
Per-day averages 2014 Nov. 18 (a) rates
Throughput (tonnes per day) 1,536 1,865 2,000
Nickel recovery 79% 85% 83%
Copper recovery 94% 95% 96%
Nickel concentrate grade 14% 16% 11-16%
Copper concentrate grade 29% 28% 31%
Nickel metal (tonnes) 1,301 660 n/a
Copper metal (tonnes) 1,259 423 n/a
(a) The per-day averages reported for November are calculated over normal
operating days only with any extended downtime for scheduled maintenance
or other anomalous events excluded.
We seek Safe Harbor.
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