Confirm strong project economics
Lundin Mining is pleased to announce the results of a Feasibility Study completed on the Zinc Expansion Project ("ZEP") at the Neves-Corvo mine in Portugal, as well as provide an update on the project progress. Annual zinc production forecast to peak in excess of 180,000 tonnes post expansion and average approximately 150,000 tpa over the period 2020 through 2030, along with a significant increase in lead production.
Given the positive results of the Feasibility Study, the Company has approved development of the ZEP subject to the approval of the Environmental Impact Assessment ("EIA") and amendments to the Environmental Licence. The ZEP has recently been granted Project of National Interest ("PIN") status by the Portuguese authorities in recognition of its scale and potential contribution to the national economy.
Mr. Paul Conibear, President and CEO of Lundin Mining stated:
"The results of the Feasibility Study on the Zinc Expansion Project confirm strong project economics and demonstrate significant incremental value to our Neves-Corvo operations. The project will significantly increase metal production and further increases the mine's competitiveness to the continuing benefit of our shareholders, employees and the local economy. Early project activities are underway to facilitate a rapid start following permit approval, and, in the meantime, we continue with increased exploration efforts to find additional mineable copper and zinc mineralization."