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Lundin Mining places FY'20 guidance under review amid coronavirus pandemic

Lundin Mining Corp. said March 25 that it placed its full-year 2020 guidance for production, C1 cash cost, exploration spending and capital cost across all operations under review, and is identifying and reviewing measures in a bid to reduce operating costs.

The measures are being undertaken by the Toronto-listed miner due to a possible sustained period of depressed prices for zinc and copper, as the market is struggling with the developments related to the new coronavirus outbreak.

Lundin Mining declared its net debt position is approximately US$95 million, including US$390 million of cash on hand. Part of the company's net debt position includes US$375 million drawn down from a US$800 million credit facility, which includes a US$200 million accordion option for US$1.0 billion.

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Earlier, the miner suspended the construction and commissioning activities related to the zinc expansion project at the Neves-Corvo operation in Portugal until further notice and stated that its previous guidance for the project should no longer be relied upon.

Lundin Mining also noted that a worker at its Candelaria copper operation in Chile tested positive for the virus after vacationing abroad, but had not worked on site since returning to Chile.

Meanwhile, Lundin Mining reiterated that there has been no material impact to production or shipment of concentrate from its operations due to the pandemic, with no significant disruption to the supply chain of its operations.