TORONTO, Aug. 9, 2022 /PRNewswire/ -- (TSX: LUN) (Nasdaq
Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining"
or the "Company") continues to investigate the cause of a sinkhole
that was detected near the Alcaparrosa mine of its Minera Ojos del
Salado operations in Chile on
July 30 and is cooperating fully with
Chilean regulatory authorities in relation to the
incident.
All personnel at the operation and in the community are safe and
the appearance of the sinkhole did not result in any injuries. As a
precautionary measure, development work in an area of the
Alcaparrosa underground mine was halted immediately upon detection
of the sinkhole, and subsequently all mining operations suspended
at Alcaparrosa. On August 4,
Chile's National Service of
Geology and Mining (Sernageomin) issued a notification to maintain
suspension of all mining activities in Alcaparrosa.
"Our actions in responding to this incident are guided first
and foremost by the safety of personnel and community members,"
said Peter Rockandel, President and
CEO of Lundin Mining. "We are fully committed to working
cooperatively with an independent investigation by Sernageomin, in
addition to conducting our own investigation, and to communicating
regularly with community members, union representatives and other
stakeholders to ensure they are informed of developments."
Contrary to some media reports, the size of the sinkhole has not
changed materially since detection. On July
30, the sinkhole measured approximately 32 meters in
diameter at the surface, 48 meters in diameter at the bottom and 64
meters deep. The sinkhole is being continuously monitored and as of
August 9, the diameter at the surface
has increased slightly to 36.5 meters, while the bottom diameter
has remained stable at 48 meters and the depth has decreased to 62
meters.
Further information will be provided as events warrant,
including following the outcome of investigations into the cause of
the sinkhole.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining
company with operations and projects in Argentina, Brazil, Chile, Portugal, Sweden and the
United States of America, primarily producing copper, zinc,
gold and nickel.
The information in this release is subject to the disclosure
requirements of Lundin Mining under the EU Market Abuse Regulation.
The information was submitted for publication, through the agency
of the contact persons set out below on August 9, 2022 at 17:15
Eastern Time.
Cautionary Statement on Forward-Looking
Information
Certain of the statements made and
information contained herein is "forward-looking information"
within the meaning of applicable Canadian securities laws. All
statements other than statements of historical facts included 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 guidance on the timing and
amount of future production and its expectations regarding the
results of operations; expected costs; permitting requirements and
timelines; timing and possible outcome of pending litigation; the
results of any Preliminary Economic Assessment, Feasibility Study,
or Mineral Resource and Mineral Reserve estimations, life of mine
estimates, and mine and mine closure plans; anticipated market
prices of metals, currency exchange rates, and interest rates; the
development and implementation of the Company's Responsible Mining
Management System; the Company's ability to comply with contractual
and permitting or other regulatory requirements; anticipated
exploration and development activities at the Company's projects;
the Company's integration of acquisitions and any anticipated
benefits thereof; and expectations for other economic, business,
and/or competitive factors. Words such as "believe", "expect",
"anticipate", "contemplate", "target", "plan", "goal", "aim",
"intend", "continue", "budget", "estimate", "may", "will", "can",
"could", "should", "schedule" and similar expressions identify
forward-looking statements.
Forward-looking information is necessarily based upon various
estimates and assumptions including, without limitation, the
expectations and beliefs of management, including that the Company
can access financing, appropriate equipment and sufficient labor;
assumed and future price of copper, nickel, zinc, gold and other
metals; anticipated costs; ability to achieve goals; the prompt 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
related to the factors set forth below. While these factors and
assumptions are considered reasonable by Lundin Mining as at the
date of this document in light of management's experience and
perception of current conditions and expected 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 and undue reliance
should not be placed on such statements and information. Such
factors include, but are not limited to: risks inherent in mining
including but not limited to risks to the environment, industrial
accidents, catastrophic equipment failures, unusual or unexpected
geological formations or unstable ground conditions, and natural
phenomena such as earthquakes, flooding or unusually severe
weather; uninsurable risks; global financial conditions and
inflation; changes in the Company's share price, and volatility in
the equity markets in general; volatility and fluctuations in metal
and commodity demand and prices; changing taxation regimes; delays
or the inability to obtain, retain or comply with permits; reliance
on a single asset; unavailable or inaccessible infrastructure,
infrastructure failures, and risks related to ageing
infrastructure; risks related to negative publicity with respect to
the Company or the mining industry in general; health and safety
risks; pricing and availability of key supplies and services; the
threat associated with outbreaks of viruses and infectious
diseases, including the COVID-19 virus; exchange rate fluctuations;
risks relating to attracting and retaining of highly skilled
employees; risks inherent in and/or associated with operating in
foreign countries and emerging markets; climate change; regulatory
investigations, enforcement, sanctions and/or related or other
litigation; existence of significant shareholders; uncertain
political and economic environments, including in Argentina, Brazil and Chile; risks associated with acquisitions and
related integration efforts, including the ability to achieve
anticipated benefits, unanticipated difficulties or expenditures
relating to integration and diversion of management time on
integration; indebtedness; liquidity risks and limited financial
resources; funding requirements and availability of financing;
exploration, development or mining results not being consistent
with the Company's expectations; risks related to the environmental
regulation and environmental impact of the Company's operations and
products and management thereof; activist shareholders and proxy
solicitation matters; reliance on key personnel and reporting and
oversight systems, as well as third parties and consultants in
foreign jurisdictions; historical environmental liabilities and
ongoing reclamation obligations; information technology and
cybersecurity risks; risks related to mine closure activities,
reclamation obligations, and closed and historical sites; social
and political unrest, including civil disruption in Chile; the inability to effectively compete in
the industry; financial projections, including estimates of future
expenditures and cash costs, and estimates of future production may
be unreliable; actual ore mined and/or metal recoveries varying
from Mineral Resource and Mineral Reserve estimates, estimates of
grade, tonnage, dilution, mine plans and metallurgical and other
characteristics; ore processing efficiency; 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 relating thereto; enforcing legal rights in
foreign jurisdictions; community and stakeholder opposition;
changes in laws, regulations or policies including but not limited
to those related to mining regimes, permitting and approvals,
environmental and tailings management, labor, trade relations, and
transportation; risks associated with the structural stability of
waste rock dumps or tailings storage facilities; dilution; risks
relating to dividends; conflicts of interest; counterparty and
credit risks and customer concentration; the estimation of asset
carrying values; challenges or defects in title; internal controls;
relationships with employees and contractors, and the potential for
and effects of labor disputes or other unanticipated difficulties
with or shortages of labor or interruptions in production;
compliance with foreign laws; potential for the allegation of fraud
and corruption involving the Company, its customers, suppliers or
employees, or the allegation of improper or discriminatory
employment practices, or human rights violations; compliance with
environmental, health and safety regulations and laws; and other
risks and uncertainties, including but not limited to those
described in the "Risk and Uncertainties" section of the Company's
AIF and the "Managing Risks" section of the Company's MD&A for
the year ended December 31, 2021,
which are available on SEDAR at www.sedar.com under the Company's
profile. All of the forward-looking statements made in this
document are qualified by these cautionary statements. Although the
Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated, forecast or intended
and readers are cautioned that the foregoing list is not exhaustive
of all factors and assumptions which may have been used. Should one
or more of these risks and uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those described in forward-looking information.
Accordingly, there can be no assurance that forward-looking
information will prove to be accurate and forward-looking
information is not a guarantee of future performance. Readers are
advised 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 forward‐looking
information or to explain any material difference between such and
subsequent actual events, except as required by applicable
law.
CONTACT: Mark Turner, Vice
President, Business Valuations and Investor Relations: +1 416 342
5565; Irina Kuznetsova, Manager,
Investor Relations: +1 416 342 5583; Robert Eriksson, Investor
Relations Sweden: +46 8 440 54 50