Lundin Mining Corporation has reported an increase of 44 per cent in the copper reserve at its Neves-Corvo copper mine in Portugal as at December 31, 2009.
The company reported measured and indicated copper resources of approximately 160,000 tonnes of contained copper, a figure roughly equivalent to two years of production.
At Tenke Fungurume in the Democratic Republic of Congo – in which Lundin owns a stake of 24.75% and which is operated by Freeport-McMoRan Copper & Gold - exploration during the 2009 calendar year has resulted in an increase in proven and probable reserves, Lundin’s share of which is 1.1 million tonnes of contained copper. Lundin's share of the Tenke cobalt reserves are reported to be 444,000 tonnes.
Lundin also reported proven and probable reserves of 2.1 million tonnes of copper, 4.9 million tonnes of zinc, 1.4 million tonnes of lead, 169 million ounces of silver, 48,000 tonnes of nickel and 110 tonnes of cobalt.
Total Lundin measured and indicated mineral resources were reported at 3.9 million tonnes of copper, 6.9 million tonnes of zinc, 2 million tonnes of lead, 261 million ounces of silver, 75 tonnes of nickel, and 231 million tonnes of cobalt.
President and CEO, Phil Wright, said "Our goal this past year was to increase copper resources at Neves-Corvo and the increases we have seen continue to justify this on-going investment, and our belief that Neves-Corvo remains under-explored. Equally pleasing is the growth of the mineral reserves at Tenke and the significant increase in the contained copper and cobalt in reserves,"
Lundin’s quarterly results are due to be released on Thursday of this week.
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