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Lundin Mining increases total reserves, resources at Candelaria copper mine

Lundin Mining Corp. said Sept. 6 that a new surface deposit at Española near the mill at the Candelaria copper mine in Chile expanded its reserves and resources.

The company outlined a maiden ore reserve in the proven and probable categories of 135,000 tonnes contained in 31.7 million tonnes grading 0.42% copper for Española.

Candelaria's mineral reserve jumped about 27% to 634.0 million tonnes grading 0.53% copper. Measured and indicated resources increased by about 29% to 952.5 million tonnes grading 0.65% copper.

As of June 30, Lundin's share of proven and probable reserves across its operations totaled 3.7 million tonnes of copper, 3.4 million tonnes of zinc and 108,000 tonnes of nickel. Measured and indicated resources, including mineral reserves, totaled 7.0 million tonnes of copper, 8.0 million tonnes of zinc and 135,000 tonnes of nickel.

Lundin's attributable net earnings in the second quarter increased to US$78.8 million, or 11 U.S. cents per share, helped in part by foreign exchange gains and a stronger gross profit.