An updated plan for Lundin’s Candelaria mine predicts output of gold and silver in concentrates during
2016-2019 will average about 93,000 oz/y and 1.78 million oz/y, respectively.

The Candelaria complex includes a large open-pit mine and nearby underground mines. Increased metal production from the complex will result from optimization of the phasing in the open pit and extended mine lives of all of the higher-grade underground mines, replacing lower-grade stockpile material in the plant feed. Weighted average annual cash costs for the 2016 to 2019 period, after incorporating a precious metals stream and capitalized waste stripping, are now expected to average $1.67/lb copper.

Lundin President and CEO Paul Conibear said, “We are very pleased with the results of the updated mine plan. These refinements have added significant value at Candelaria, and we remain very excited about the prospect of continuing to create additional value through our ongoing exploration program and further optimization efforts.”

Lundin expects to publish updated mineral resources and mineral reserves for Candelaria in support of the new mine plan as part of its annual mineral resource and reserve statement in September 2015.

Lundin holds an 80% interest in the Candelaria complex, with Sumitomo holding the remaining 20%. Lundin acquired its 80% interest from Freeport-McMoRan in November 2014 for $1.8 billion in cash.