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Message: Galmoy Mine to Close in May 2009
| January 22, 2009 |
| Lundin Mining Corporation: Galmoy Mine to Close in May 2009 |
| TORONTO, ONTARIO--(Marketwire - Jan. 22, 2009) - Lundin Mining Corporation ("Lundin Mining" or the "Company") (TSX:LUN)(NYSE:LMC)(OMX:LUMI) today reported that its Galmoy zinc/lead/silver mine in Ireland is to permanently cease production in May 2009. This decision has been taken against a background of depressed zinc prices and has been anticipated for some time. Mr. Phil Wright, President and CEO of Lundin Mining, commented, "This is a decision we have taken after examining all the alternatives. "It has not been taken lightly and I would like to recognize the efforts of our people in endeavoring to make this operation a success. I would also like to extend our thanks to all our stakeholders for their support," Mr. Wright said. The Company reported that it intends to wind down the operation in an orderly fashion and, following closure, remaining rehabilitation work will be completed. Closure costs have been provided for and the cash flow effect of this closure is not expected to have any material effect on the Company as restricted cash (carried as a long-term asset and not included in the Company's reported net cash/debt) is held to cover rehabilitation obligations. Background on Lundin Mining Lundin Mining Corporation is a diversified base metals mining company with operations in Portugal, Spain, Sweden and Ireland, producing copper, nickel, lead and zinc. In addition, Lundin Mining holds a development project pipeline which includes the world class Tenke Fungurume copper/cobalt project in the Democratic Republic of Congo and holds an extensive exploration portfolio and interests in international mining and exploration ventures. On behalf of the Board, Phil Wright, President and CEO |
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