TSX: LUN) Lundin Mining Corporation announces that the Toronto Stock Exchange has accepted the notice of Lundin Mining's intention to renew its normal course issuer bid . The Company intends to continue to utilize the NCIB at its discretion to make opportunistic purchases to create shareholder value and manage the number of outstanding common shares of the Company . This approval allows the Company to purchase up to ...

TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") announces that the Toronto Stock Exchange (the "TSX") has accepted the notice of Lundin Mining's intention to renew its normal course issuer bid (the "NCIB").

The Company intends to continue to utilize the NCIB at its discretion to make opportunistic purchases to create shareholder value and manage the number of outstanding common shares of the Company (the "Common Shares").

This approval allows the Company to purchase up to 63,682,170 Common Shares, representing 10% of the 734,303,819 issued and outstanding Common Shares as of November 30, 2020 , minus those Common Shares beneficially owned, or over which control or direction is exercised by the Company, the senior officers and directors of the Company and every shareholder who owns or exercises control or direction over more than 10% of the outstanding Common Shares, over a period of twelve months commencing on December 9, 2020 . The NCIB will expire no later than December 8, 2021 .

All purchases made pursuant to the NCIB will be made through the facilities of the TSX or other alternative Canadian trading systems. In accordance with TSX rules, any daily purchases (other than pursuant to a block purchase exemption) on the TSX under the NCIB are limited to a maximum of 524,753 Common Shares, which represents 25% of the average daily trading volume of 2,099,014 Common Shares on the TSX for the six months ended November 30, 2020 . The price that Lundin Mining will pay for Common Shares in open market transactions will be the market price at the time of purchase.

In connection with the NCIB renewal, Lundin Mining entered into an automatic repurchase plan with its designated broker to allow for the repurchase of Common Shares at times when the Company ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise (any such period being an "Operating Period"). Before entering an Operating Period, the Company may, but is not required to, instruct the designated broker to make purchases under the NCIB in accordance with the terms of the plan. Purchases made pursuant to the plan, if any, will be made by the Company's designated broker based upon the parameters prescribed by the TSX, applicable Canadian securities laws and the terms of the written agreement entered between the Company and its designated broker. Outside of these Operating Periods, Common Shares will be purchasable by Lundin Mining at its discretion under its NCIB.

The automatic repurchase plan will commence on the effective date of the NCIB and will terminate on the earliest of the date on which: (i) the purchase limit under the NCIB has been reached; (ii) the NCIB expires; and (iii) the Company terminates the automatic repurchase plan in accordance with its terms. The automatic repurchase plan constitutes an "automatic plan" for purposes of applicable Canadian securities legislation and the agreement governing the plan has been pre-cleared by the TSX.

The actual number of Common Shares that may be purchased and the timing of such purchases will be determined by the Company. Decisions regarding purchases will be based on market conditions, share price, best use of available cash, and other factors. Any Common Shares that are purchased under the NCIB will be cancelled.

Under the Company's current NCIB that commenced on December 9, 2019 and expires on December 8, 2020 , the Company previously sought and received approval from the TSX to purchase up to 63,797,653 Common Shares. As of November 30, 2020 , the Company has purchased 2,611,300 Common Shares under its current NCIB through open market transactions at a weighted average price of approximately $6.81 per Common Share.

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining company with operations in Brazil , Chile , Portugal , Sweden and the United States of America , primarily producing copper, zinc, gold and nickel.

The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on December 4, 2020 at 18:30 Eastern Time .

Cautionary Statement in Forward-Looking Information

Certain of the statements made and information contained herein, other than statements of historical fact and historical information, is "forward-looking information" within the meaning of applicable Canadian securities laws. Such statements include, but are not limited to, statements with respect to Lundin Mining's proposed normal course issuer bid, the Company's pre-defined plan with its broker to allow for the repurchase of Common Shares, and the number of Common Shares that may be purchased under the normal course issuer bid.  Words such as "if", "will be", "may" and "schedule", or variations of these terms or similar terminology or statements that certain actions, events or results "could" occur or be achieved are intended to identify such forward-looking information. Although the Company believes that the expectations reflected in the forward-looking information contained herein are reasonable, these statements by their nature involve risks and uncertainties, and are not guarantees of future performance. Forward-looking information is based on a number of assumptions, and subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements. Risks include but are not limited to the market price of the Common Shares being too high to ensure that purchases benefit the Company and its shareholders, as well as additional risks disclosed in filings made by the Company with Canadian securities regulatory authorities. There can be no assurance that the Common Shares will, from time to time, trade below their value or that the Company will complete purchases of Common Shares pursuant to the NCIB. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward- looking statements, except to the extent required by applicable law.

SOURCE Lundin Mining Corporation

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2020/04/c4693.html

News Provided by Canada Newswire via QuoteMedia

Xplore Announces Acquisition of Brazilian Exploration Company Baru Exploracao Mineral Ltda

Xplore Announces Acquisition of Brazilian Exploration Company Baru Exploracao Mineral Ltda

Xplore Resources Corp. (TSXV: XPLR) ("Xplore or "the Company"), is pleased to announce the acquisition of Baru Exploração Mineral Ltda. ("Baru"), a Brazilian limited liability company.

Terms of Transaction

Keep reading... Show less

Ivanhoe Mines Congratulates Robert Friedland for His Induction into The American Mining Hall of Fame

Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) President Marna Cloete, on behalf of all the women and men of the company, today congratulated Founder and Executive Co-Chairman, Robert Friedland, on his induction into the American Mining Hall of Fame for accomplishments during his distinguished career in the international mining industry.

Mr. Friedland's formal induction ceremony was held in Tucson on December 4th, and attended by approximately 500 people. The American Mining Hall of Fame recognizes individuals who have demonstrated outstanding lifetime achievements advancing the American and/or global mineral resources industry.

Keep reading... Show less

Teck Provides Update on Severe Weather Impacts in British Columbia

Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) ("Teck") today provided an update to sales and production guidance, related to logistics disruptions caused by heavy rain, flooding and mudslides in British Columbia, Canada.

B.C. Logistics Disruptions
Rail service between west coast terminals and Teck's B.C. operations remains impacted by recent heavy rains and flooding, with both CN and CP operating at reduced levels following service interruptions.

Keep reading... Show less
Nifty Copper Project Update

Nifty Copper Project Update

Cyprium Metals Limited (“CYM”, “Cyprium” or “theCompany”) is pleased to announce progress at its Nifty Copper Project. Since taking control of the site on the 30th March 2021, the Company has made significant progress towards establishing itself as an Australian copper producer.

Keep reading... Show less
Building An Australian Copper Company

Building An Australian Copper Company

Cyprium Metals (ASX:CYM) shares its investor webinar presentation.

Keep reading... Show less

Cyprium Metals Ltd Nifty Copper Project Update and Presentation

Perth, Australia (ABN Newswire) - Cyprium Metals Limited (ASX:CYM) is pleased to announce progress at its Nifty Copper Project. Since taking control of the site on the 30th March 2021, the Company has made significant progress towards establishing itself as an Australian copper producer.

Project Progress

Drilling programmes continue to upgrade mineral resource confidence, close the gaps in resource and to target extensional areas of the mineralised formation. Currently the Phase 2 reverse circulation ("RC") drilling programme is being completed in the South East of the Nifty open pit. There are now approaching 4,000 samples from this programme that have not had assays returned. Further to this, there remain over 8,000 samples for which assays have not been returned from the +16,000 metre South West drilling programme that was completed in November. The RC drilling continues to intersect ore grade intervals and following receipt of assays, will be included in the mineral resource model for the design and scheduling of the planned Nifty open pit. Once all of the assays have been received, a follow up Phase 2 drilling programme will be planned in the South West of the Nifty open pit and a follow up Phase 3 drilling programme in the South East of the Nifty open pit will be planned. This is very positive for the Nifty Copper Project as there are further copper tonnes to be added to the project copper inventory but also potentially delays final mine designs and schedule progress.

Design and scheduling of the open pit continues based on the recently released Nifty Mineral Resource. The current pit envelope does not include any increase in resources from the results of our drilling programmes as mentioned above. These designs will be sufficient to be included in the Restart Study and for the Finance process but will not be final until the resource is re-estimated during the first quarter of 2022 at the earliest.

Engineering design of the SX-EW plant and heap leach pads is nearing completion. The new heap leach pads construction and design detail is required for the Works Approval submission so that construction activities can commence. Concurrent with the design process, tenders are being issued for the purchase and supply of long lead items.

Metallurgy check column test work continues. Four columns have been undertaken, including the fourth column which is a 6-metre column to match operating conditions. Results have been as expected and optimisation of reagent consumptions continues. When this round of work has been completed, a number of follow up tests will be conducted to further optimise the operating parameters. Reporting to the market on these results will be done once the test work has been completed on the residues and the reports compiled. There will also be follow up tests undertaken on core and sonic drill samples. In addition, there are 550 sonic samples yet to be assayed that have been obtained from around the site to test for the location of stockpiled oxide material.

A consultant has been engaged to firstly, build a complete mass balance and copper recovery cathode software model for the project based on the metallurgical parameters and then secondly, to design and build a metallurgical accounting system for the project so that it is ready upon the commencement of plating copper metal at Nifty. This work is well advanced.

Finance process will commence once the Restart Study is finalised. Outstanding items are schedules, with allowance for an extended approval timeline, and final costs on a number of items including civil construction elements of the heap leach pads and associated crushing infrastructure.

Government Approvals are required in the new areas of the project. As a State Agreement tenement there is a Ministerial approval required to amend the project size and life. There is a requirement for clearing permits for the new clearing required for the new heap leach pads and an amendment to a current approval for the extension to the waste dump. There is an amended Mining Proposal required for the restart of the pit, pads and SX-EW which includes submission of a Project Management Plan and a Mine Closure Plan. There is an amended Works Approval required for the restart of the SX-EW and the new heap leach pads and an amendment to the Water Licence for the change in water extraction method from underground. There are also a number of smaller permits required around the restart of the mining operation, that require reactivation or renewal.

The process of obtaining these approvals is well advanced, having conducted initial meetings and workshops, document compilation is nearing completion. The first submission of the required proposals for the clearing of native vegetation for the waste dump and the new heap leach pads has already been lodged. This is the first stage in the approval process, with management and consultants preparing submissions for the subsequent approvals. Progress is being hampered by shortage of personnel and availability of external specialists to complete the various reports that are required to lodge approval documentation. The expectation is that all documents will be lodged by the first quarter 2022.

Government staff have been very helpful in assisting CYM in making sure that the required proposals contain all that is necessary for an efficient approval process but the various departments, like the whole WA resource industry are suffering from understaffing, and it is expected that the timelines to approval will be longer than originally anticipated. Site visits have been undertaken and the learnings from these visits have been helpful in ensuring that the proposal documentation is complete.

During CYM's tenure, staff have rectified a number of legacy issues at the site that have been paid little attention for some years and site crews have managed to rectify a number of areas that have previously been raised by the regulators. Further, the site crew have been cleaning and collecting years of rubbish and waste to centralised locations and are now going through a process of scrap, recycle or disposal for these waste streams. These waste streams also include chemicals and reagents that are expired and have been on site for many years. The sale of unwanted or scrap equipment has been commenced with sold items already been removed from site. This process will continue for some time due to the volume of equipment, materials, scrap and rubbish that has built up while Nifty was operational.

Refurbishment of the oxide crushing circuit and SX-EW plant has begun. Currently the plant is being stripped down and assessed for refurbishment on an item-by-item basis. The items to be refurbished are then despatched to the required refurbishment location for the work to be undertaken whether on site, in Perth or Kalgoorlie or another specialist location. As an example, the EW electric rectiformer has already been delivered to the workshop in NSW for its refurbishment. The items are also matched with any parts or spares in stock in the warehouse.

The accumulation process as described in the site clean-up section has also delivered a significant number of new and "useable" items back into the store, which had previously been located in sub or "squirrel" stores around the site. Stores staff are still in the process of cataloguing all these items for which they lack sufficient centralised storage areas for. As items are declared not required and sold it creates space to bring in items from those other areas.

Accommodation Camp refurbishment has begun with the eastern side of the camp undergoing a refurbishment process first. The refurbishment will bring the accommodation standard to be aligned with Cyprium's attraction and retention requirements for site personnel. Once the eastern refurbishment is complete the western refurbishment will commence. The dry mess is undergoing a refurbishment process concurrently with the eastern side of the camp.

Management Appointments

CYM is pleased to announce it has strengthened its management team as it progresses towards becoming a copper producer. The appointments made are to ready the team for the transition from Restart Study to construction and ultimately to production at the Nifty Copper Project. The company is fortunate to be able to make such quality appointments during a very tight labour market and this reinforces the quality of Cyprium's portfolio of Copper projects and the appeal of the Nifty Restart to experienced industry veterans.

John Banning has been promoted as the Chief Operating Officer for Cyprium. John's previous role for Cyprium was General Manager - Nifty and he is a mining engineer with over 20 years' experience in the mining and construction industries covering multiple commodities. His professional expertise extends from project development, construction, operations, technical, business improvement and management. John has previously been an independent consultant, Managing Director and Regional General Manager. He has worked with multiple large and mid-size resource companies in Australia and overseas.

Gavin Hammer has been promoted as the General Manager - Project Development and Operational Readiness. Gavin's previous role for Cyprium was Manager Engineering. Gavin is a maintenance professional with over 30 years' experience in asset maintenance and management, which includes surface and underground operations within fixed and mobile plant applications. His areas of expertise include the construction, commissioning, optimisation and asset management of process plants and mobile fleet operations in local and remote regions. Prior to joining Cyprium Metals, Gavin spent 5 years in Indonesia at the Wetar Copper Project follow by 2 years in Western Africa in operational and project construction roles.

Clint Moxham has been appointed as General Manager - Nifty. Clint is a mining engineer with over 20 years' of experience, with a track record of delivering greenfield and restart operations. He has a reputation of safe operations with a career long record of team management and mining operations successes. He is a mining engineer, geologist and mineral economist, with multi commodity expertise ranging from mining strategy, risk management, data analysis, infrastructure development, geological understanding, option analysis and mining due diligence.

Amanda Croft has been appointed Technical Services Manager - Nifty. Amanda is a geologist with over 20 years' experience in the mining industry covering multiple commodities. Her professional expertise extends from development and operational open pit and underground mines as well as greenfield and brownfield exploration in Australia and Africa. She has previously held management roles with a number of resource companies.

Managing Director Barry Cahill commented:

"The Cyprium team continues to kick goals on its way to producing copper metal plate at Nifty. Drilling success continues, design process is proceeding, and we have commenced refurbishment of the project. Despite our best efforts and the exceptional progress that we have made in 8 months, there are pressures being felt throughout the mining industry. These additional pressures are primarily due to labour shortages, increasing costs, COVID related impacts and long timelines that have impacted on our original projections.

These same factors are also impacting on processing times for regulatory approvals. Consequently, we have been forced to reschedule our forecast project timelines, with the commencement of new construction activities now expected in September 2022, following regulatory approvals. Copper metal production at Nifty will now commence by the second half of 2023. As usual for our team, we will aim to commence copper production at the earliest opportunity."

To view the Investor Webinar Presentation, please visit:
https://www.abnnewswire.net/lnk/E9LNO8T3



About Cyprium Metals Ltd:

Cyprium Metals Limited (ASX:CYM) is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders. We pursue this aim, in genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, which is based on integrity, co-operation, transparency and mutual value creation.



Source:
Cyprium Metals Ltd

Keep reading... Show less

Top News

Related News