Portugal has a long tradition in the mining industry (in our European heartland and, during our long and rich History, in other territories in South America, Africa, Asia). Romans mined (gold and other metals, natural stone) in what is now the Portuguese territory and before them the Celts and Phoenicians.
The Portuguese mining industry is now built around three main pillars:
The natural stone sector (with hundreds of active marble, granite and limestone quarries and high quality manufacturing centers – we are the largest per capita natural stone exporter: market research here).
The metals (especially Au and W – in the country’s north and center – and Cu-Zn in VMS Iberian Pyrite Belt – in the south).
Industrial rocks and minerals (kaolinite, felspar, aggregates, etc.).
A last minute decision – I am traveling to Toronto to attend PDAC 2016.
It’s the perfect place to meet and talk: Angola, Mozambique, Brazil and Portugal, diamond and other gems, Nb-Ta and other pegmatite minerals, tungsten, gold, ferrous and base metal deposits, industrial minerals, natural stone. Challenges and opportunities.
In a news release (click here) of January 21 (two days ago) Lundin Mining announces its 2015 Production Results and provides 2016 Operating and Capital Guidance.
Lundin Mining Corporation (TSX:LUN)(OMX:LUMI)
Lundin Mining is a diversified base metals mining company with operations and projects in Chile, Portugal, Sweden, Spain and the U.S.A producing copper, zinc, lead and nickel. In addition, Lundin Mining holds a 24% equity stake in the world-class Tenke Fungurume copper/cobalt mine in the Democratic Republic of Congo and in the Freeport Cobalt Oy business, which includes a cobalt refinery located in Kokkola, Finland. (from Lundin’s website)
Mr. Paul Conibear, President and CEO commented: “The Company finished 2015 on a strong note and achieved or exceeded annual production guidance at each operation. In light of the current commodity price environment our operating and capital investment activities will continue to focus on financial flexibility and maximizing cash flows in order to preserve the Company’s strong balance sheet.” (from the news release)
The USGS is an invaluable source of knowledge and information on economic geology (and on most Geology branches, in fact). I have just come across one of their publications; in this case, on VMS deposits – an important source of precious and basic metals (in the world and in Portugal – in our case, for over two millennia). Enjoy: Volcanogenic Massive Sulfide Occurrence Model.
(1) Production guidance is based on certain estimates and assumptions, including but not limited to; mineral resources and reserves, geological formations, grade and continuity of deposits and metallurgical characteristics.
(2) Tenke guidance has not yet been provided by operator, Freeport McMoRan Inc. (“Freeport”). Lundin Mining anticipates future production from Tenke to be comparable to expected 2015 production.
In a press release (Marketwired – Dec. 2, 2015) Lundin Mining Corporation (TSX:LUN)(OMX:LUMI) (“Lundin Mining” or the “Company”) provides the following production guidance for the three-year period of 2016 through 2018. Key highlights are as follows:
Annual attributable copper production guidance for 2016 and 2017 has improved from last year’s three year production guidance due primarily to the improved production profile at Candelaria.
Zinc production is expected to increase by 2018 due to a low-cost plant improvement project at Zinkgruvan.
This outlook does not include guidance for the Aguablanca nickel/copper mine. The mine is under suspension and recommencement of operations will depend on timing of receipt of environmental approval for underground operations and the outlook for nickel and copper prices.
This production profile does not incorporate any expansions for the zinc plant at Neves-Corvo or further debottlenecking at Tenke, each of which could further increase the Company’s production profile. Given current depressed market conditions, the Company continues to refine planned investments in capital programs and exploration.
The Company is also conducting a further review of operating costs and considering actions required in order to preserve healthy operating margins under a sustained period of low commodity prices. The 2016 outlook for cash costs, capital spending and exploration programs will be disclosed towards the end of January 2016.
Mr. Paul Conibear, President and CEO commented: “The Company’s near term strategy is focused on stable production with low capital investment and improving operating costs, in order to maximize profitability and cash flows, preserving a strong balance sheet. The stability of our producing assets combined with the strength of our balance sheet, ideally positions the Company to generate leading returns to shareholders in any commodity price environment.”
De acordo com o Económico, a ALMINA irá investir 45 milhões de euros em 2015 na aquisição de equipamento para expansão da sua capacidade de produção. A este investimento está ligada a criação de 20 novos postos de trabalho. A empresa prevê faturar perto de 125 M€ em 2015, um acréscimo de 20% em relação ao ano anterior.
Lundin Mining (TSX: LUN; Nasdaq Stockholm: LUMI) just announced that the 2014 Annual Filings Document is available for download from the Company’s website. You may also obtain it from here: lun_annual_filings
Lundin Mining Corporation is a diversified base metals mining company with operations in Chile, Portugal, Sweden, Spain and the United States, producing copper, zinc, lead and nickel. In addition, Lundin Mining holds a 24% equity stake in the world-class Tenke Fungurume copper/cobalt mine in the Democratic Republic of Congo and in the Freeport Cobalt Oy business, which includes a cobalt refinery located in Kokkola, Finland.
Neves-Corvo é a mais importante mina portuguesa. Localizada no Baixo Alentejo, na Faixa Ibérica Piritosa, é constituída por um conjunto de massas de sulfuretos complexos exploradas em lavra subterrânea. A mina é hoje propriedade da Lundin Mining, que acaba de publicar o relatório anual de 2014 – lun_annual_filings.
Em resultado, por um lado, dos teores decrescentes de cobre no minério explorado, uma tendência natural à medida que a idade da mina avança e, por outro, da produção do jazigo de Lombador (que contribuiu para o crescimento da produção de zinco em 26% face a 2013), Neves-Corvo produziu mais zinco que cobre, mudando o seu perfil de produção.
“Neves-Corvo produced 51,369 tonnes of copper and 67,378 tonnes of zinc for the year ended December 31, 2014. Production from the Lombador ore body helped contribute to a 26% increase in zinc production over the prior year, and an annual zinc production record. Copper production met guidance, but lower copper head grades, metallurgical recoveries and ore throughput resulted in lower copper production compared to the year ended December 31, 2013. Copper cash costs1 of $1.85/lb for the year were in-line with our latest full-year guidance ($1.85/lb).”