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Marketwired
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Lundin Mining Second Quarter Results

TORONTO, ONTARIO -- (Marketwired) -- 07/30/13 -- Lundin Mining Corporation ("Lundin Mining" or the "Company") (TSX: LUN)(OMX: LUMI) today reported net earnings of $16.6 million ($0.03 per share) for the quarter ended June 30, 2013. Cash flows of $26.6 million were generated from operations, not including the Company's attributable cash flows of $32.4 million from Tenke Fungurume.

Paul Conibear, President and CEO commented, "During the second quarter, our operations continued, overall, to perform well and we remain on track to achieve our 2013 production guidance. Tenke had another record copper production quarter and cash distributions received to date exceeded original expectations.

Due to the on-going weakness in metal prices, the Company has implemented initiatives to reduce or defer capital investments and some exploration spending until metal markets improve. We continue to evaluate our operations with the aim to actively preserve margins and maximize profitability.

The second quarter also marked a milestone of regenerating growth in the Company with the acquisition of the high grade Eagle Mine. The transaction represents a significant achievement in our long-stated objective of acquiring a high quality, advanced stage asset in a low risk, mining oriented jurisdiction. Construction is ramping up well at the Eagle mine and mill site and we look forward to an exciting year ahead as it comes into production in 2014."

Summary financial results for the quarter and year-to-date:

----------------------------------------------------------------------------
                                        Three months ended  Six months ended
                                                   June 30           June 30
                                        ------------------------------------
US$ Millions (except per share amounts)      2013     2012     2013     2012
----------------------------------------------------------------------------
Sales                                       176.3    172.3    364.4    385.1
Operating earnings(1)                        49.2     80.4    117.2    185.8
Net earnings                                 16.6     44.1     66.6    102.4
Basic earnings per share                     0.03     0.08     0.11     0.18
Cash flow from operations                    26.6    119.0     72.4    170.3
Ending cash position                        230.0    323.6    230.0    323.6
----------------------------------------------------------------------------

(1) Operating earnings is a non-GAAP measure defined as sales, less operating costs (excluding depreciation) and general and administrative costs.

Operational Highlights

Wholly-owned operations: Overall mine performance during the quarter achieved objectives. Copper and lead production for the quarter were largely in-line with expectations while nickel production was higher than anticipated. Zinc production improved from the first quarter of 2013; however, cash costs per pound(1) of zinc continued to be higher than expected. Copper, zinc and lead production guidance for Neves-Corvo and Zinkgruvan has been maintained as originally reported. Nickel and copper production guidance at Aguablanca has been increased reflecting excellent mine performance year-to-date.

--  Neves-Corvo produced 14,102 tonnes of copper and a record 13,940 tonnes
    of zinc in the second quarter of 2013. Copper production was largely on
    target, assisted by high mining and milling volumes. Cash costs per
    pound of copper sold were $1.85/lb for the quarter, slightly higher than
    guidance of $1.80/lb.
--  At Zinkgruvan, zinc production for the quarter improved to 18,599 tonnes
    but continued to be negatively impacted by changes in mine sequence
    resulting in lower head grades and recoveries. Lead production was
    excellent at 10,461 tonnes produced during the quarter. Cash costs per
    pound of zinc sold were $0.43/lb for the quarter, due to lower grades
    and a stronger SEK.
--  At Aguablanca, ore milled, grades and plant recoveries for both nickel
    and copper were all better than expectations for the quarter with cash
    costs of $3.50/lb of nickel sold. Aguablanca produced 1,876 tonnes of
    nickel and 1,516 tonnes of copper during the quarter.

Tenke: Tenke achieved another quarterly record in mining, milling and copper production volumes and cash distributions to the Company year-to-date have exceeded expectations.

--  Second quarter production included 55,126 tonnes of copper cathode and
    2,305 tonnes of cobalt in hydroxide. Tenke sold 48,285 tonnes of copper
    at an average realized price of $3.10/lb and 2,493 tonnes of cobalt were
    sold at an average realized price of $8.48/lb.
--  Attributable operating cash flow from Tenke for the second quarter of
    2013 was $32.4 million ($76.1 million year-to- date).
--  Excess operating cash flows of $27.3 million were distributed to the
    Company in the second quarter of 2013 ($72.3 million year-to-date).
--  Operating cash costs for the second quarter of 2013 were $1.23/lb of
    copper sold, in-line with the $1.22/lb reported in the prior year
    comparable quarter.

Total production from the Company's assets including attributable share of Tenke:

----------------------------------------------------------------------------
                 YTD      Q2      Q1      FY      Q4      Q3      Q2      Q1
(tonnes)        2013    2013    2013    2012    2012    2012    2012    2012
----------------------------------------------------------------------------
Copper        33,081  16,065  17,016  63,878  14,224  15,573  16,936  17,145
Zinc          58,486  32,539  25,947 122,204  29,161  28,452  31,972  32,619
Lead          17,283  10,692   6,591  38,464   8,353   9,365   9,780  10,966
Nickel         3,673   1,876   1,797   2,398   1,705     693       -       -
----------------------------------------------------------------------------
Tenke attri-
 butable
 Copper       26,301  13,230  13,071  38,105  10,602   9,947   8,632   8,924
----------------------------------------------------------------------------

(1) Cash cost/lb of copper are non-GAAP measures defined as all cash costs directly attributable to mining operating, less royalties and by-product credits.

Financial Highlights

Financial Performance

--  Operating earnings for the second quarter of 2013 were $49.2 million, a
    decrease of $31.2 million from the $80.4 million reported in the
    comparable quarter of 2012. The decrease was largely attributable to
    higher per unit production costs ($12.9 million), lower metal prices and
    prior period price adjustments ($8.7 million) and sales mix ($6.1
    million), with higher zinc sales and lower copper volumes from our
    operations for the quarter.
    On a year-to-date basis, operating earnings of $117.2 million were lower
    than the $185.8 million reported for the first six months of 2012. The
    decrease was mainly attributable to lower realized metal prices and
    prior period price adjustments ($37.4 million), change in sales mix
    ($16.5 million) and lower sales volumes ($15.6 million), partially
    offset by operating earnings at Aguablanca ($18.4 million).
--  For the quarter ended June 30, 2013, sales of $176.3 million increased
    $4.0 million over the prior year ($172.3 million) largely as a result of
    the restart of operations at Aguablanca ($19.8 million), partially
    offset by lower realized metal prices and negative prior period price
    adjustments ($8.7 million).
    Sales of $364.4 million for the six months ended June 30, 2013 were
    $20.7 million lower than the comparable period in 2012 ($385.1 million).
    Lower realized metal prices and prior period price adjustments ($37.4
    million) were partially offset by higher net sales volume ($16.7
    million).
--  Cash flow from operations for the current quarter was $26.6 million
    compared to $119.0 million for the same period in 2012. The decrease in
    the cash flow is mostly attributable to lower operating earnings and
    changes in non-cash working capital.
    For the six months ended June 30, 2013, cash flow from operations was
    $72.4 million compared to $170.3 million for same period in 2012. Lower
    operating earnings and changes in non-cash working capital were the
    primary contributors of the decrease.
--  Average metal prices for copper, zinc and nickel for the three and six
    months ended June 30, 2013 were lower (2% - 13%) than the same periods
    in the prior year, while lead prices improved slightly over the prior
    comparable period (4% - 7%).
--  Operating costs (excluding depreciation) of $122.6 million in the
    current quarter were higher than the prior year comparative quarter of
    $85.6 million largely as a result of the restart of operations at
    Aguablanca and higher per unit production costs at Neves-Corvo and
    Zinkgruvan.
    On a year-to-date basis, operating costs (excluding depreciation) for
    the six months ended June 30, 2013 of $236.1 million were $50.7 million
    higher than the $185.4 million reported for the first half of 2012.
    Restart of operations of Aguablanca was the largest contributor to this
    variance.
--  Net earnings of $16.6 million ($0.03 per share) in the current quarter
    were $27.5 million lower than the $44.1 million ($0.08 per share)
    reported in 2012. Earnings were impacted by:
    --  lower operating earnings ($31.2 million);
    --  higher depreciation, depletion and amortization expense ($7.1
        million); and
    --  lower net other income ($25.5 million) from reduced foreign exchange
        gains; and
    --  lower equity earnings from investment in associates ($8.3 million);
        offset by
    --  higher net tax recovery of $32.4 million.

--  Net earnings of $66.6 million ($0.11 per share) year-to-date were $35.8
    million lower than the $102.4 million ($0.18 per share) reported in
    2012. Earnings were impacted by:
    --  lower operating earnings ($68.6 million); and
    --  higher depreciation, depletion and amortization expense ($17.8
        million); offset by
    --  proceeds from Aguablanca insurance claim ($15.1 million); and
    --  higher net tax recovery of $40.6 million.

Corporate Highlights

--  On June 12, 2013, the Company announced that it agreed to acquire a high
    grade nickel/copper underground project and associated Humboldt mill
    ("Eagle Mine") located in the upper peninsula of Michigan, USA, from Rio
    Tinto. This acquisition was completed on July 17, 2013. Total cash
    consideration paid was $315.3 million, which is subject to customary
    post-closing adjustments.
    Construction of the Eagle project is more than 50% complete with initial
    production expected to commence in the fourth quarter of 2014. Costs to
    complete are approximately $400 million. Annual production over the
    first three years (2015-2017) is expected to average approximately
    23,000 tonnes of nickel and 20,000 tonnes of copper per annum, with
    additional by-product credits of precious metals and cobalt. Due to the
    high nickel grades and strong by-product credits, C1 cash costs for the
    first three years are expected to average approximately $2.00/lb nickel.
--  Mr. Colin Benner has stepped down as Director of the Company, effective
    July 1, 2013, for personal reasons. We wish to express our sincere
    thanks to Colin for his excellent contribution to the Company over the
    past many years.

Financial Position and Financing

--  Net cash(1) position at June 30, 2013 was $221.1 million compared to
    $265.1 million at December 31, 2012 and $199.4 million at March 31,
    2013.
--  The $21.7 million increase in net cash during the quarter was primarily
    attributable to cash generated from operating activities of $26.6
    million and distributions from Tenke of $27.3 million, partially offset
    by investments in mineral properties, plant and equipment ($37.0
    million).
--  The $44.0 million decrease in net cash during the first six months of
    the year was primarily attributable to the acquisition of Freeport
    Cobalt (formerly "Kokkola") for $116.3 million and investments in
    mineral properties, plant and equipment ($73.6 million), partially
    offset by cash flow from operations of $72.4 million and distributions
    from Tenke of $72.3 million.
--  Net debt balance at July 30, 2013 is approximately $100 million.

(1) Net cash is a non-GAAP measure defined as available unrestricted cash less long-term debt and finance leases.

Outlook

2013 Production and Cost Guidance

--  Production and cash costs guidance for 2013 for the Company's wholly
    -owned operations have been adjusted to reflect excellent performance
    and improved outlook at Aguablanca, as well as higher cash costs per
    pound of zinc at Zinkgruvan to account for impacts of higher costs
    experienced in the first six months of 2013, unfavourable foreign
    exchange and lower by -product metal prices.
--  Guidance on Tenke's production and cash costs have been updated to
    reflect the most recent guidance provided by Freeport.

----------------------------------------------------------------------------
2013 Guidance              Prior Guidance           Revised Guidance
                                                C1                        C1
(contained tonnes)                   Tonnes   Cost            Tonnes Cost(a)
----------------------------------------------------------------------------
Copper Neves-Corvo          50,000 - 55,000 $ 1.80   50,000 - 55,000 $  1.80
       Zinkgruvan             2,500 - 3,500            2,500 - 3,500
       Aguablanca             4,500 - 5,000            5,000 - 5,500
       ---------------------------------------------------------------------
       Wholly-owned         57,000 - 63,500          57,500 - 64,000
       Tenke (@24%)(b)               47,300 $ 1.18            49,000 $  1.24
       ---------------------------------------------------------------------
       Total attributable 104,300 - 110,800        106,500 - 113,000
Zinc   Neves-Corvo          45,000 - 50,000          45,000 - 50,000
       Zinkgruvan           73,000 - 78,000 $ 0.20   73,000 - 78,000 $  0.30
       ---------------------------------------------------------------------
       Total              118,000 - 128,000        118,000 - 128,000
Lead   Zinkgruvan           33,000 - 36,000          33,000 - 36,000
Nickel Aguablanca             5,000 - 5,500 $ 5.00     6,000 - 6,500  $ 5.00
----------------------------------------------------------------------------

a.  Cash costs remain dependent upon exchange rates (forecast at
    EUR/USD:1.30, USD/SEK:6.60) and metal prices (forecast at Cu: $3.30, Zn:
    $0.85, Pb: $1.00,Ni: $6.85, Co: $12.00).
b.  Freeport has provided 2013 sales and cash costs guidance. The sales
    guidance is assumed to approximate Tenke's production.

2013 Capital Expenditure Guidance

Capital expenditures for 2013 (excluding Eagle Mine) are expected to be $230 million, a $55 million reduction from previous guidance. The Company and Freeport have implemented initiatives to reduce or defer capital investments until metal markets improve. Details of estimated 2013 capital expenditures are as described below:

--  Sustaining capital in European operations - $105 million (from $110
    million), consisting of approximately $65 million for Neves-Corvo and
    $40 million for Zinkgruvan.
--  New investment capital in European operations - $50 million (from $60
    million), including approximately $25 million for Lombador Phase I and
    $10 million for an industrial water dam at Neves-Corvo. In addition, $15
    million will be invested in additional wall stability measures and
    pushbacks at Aguablanca to allow for future mining of ore rendered
    inaccessible by pit stability issues. This will enable on-going
    production to continue for Aguablanca until the first quarter of 2015.
    The capital investment in Zinkgruvan's ore dressing plant has been
    deferred.
--  New investment in Tenke - $75 million (from $115 million), estimated by
    the Company as its share of the remaining Phase II expansion costs,
    exploration and other expansion related initiatives and sustaining
    capital funding for 2013. All of the capital expenditures are expected
    to be self-funded by cash flow from Tenke operations. Assuming current
    metal prices and operating conditions prevail, the Company expects to
    continue to receive regular significant distributions from Tenke for the
    remainder of 2013.

2013 Exploration Guidance

As a result of program restraint, total estimated exploration expenditures for 2013 (excluding Tenke) have been reduced to $28 million, compared to the original plan of $38 million.

About Lundin Mining

Lundin Mining Corporation is a diversified Canadian base metals mining company with operations in Portugal, Sweden and Spain and a development project in the US, 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.

On Behalf of the Board,

Paul Conibear, President and CEO

Forward-Looking Statements

Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Ontario Securities Act. Forward-looking statements are 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, including, without limitation, risks and uncertainties relating to the estimated cash costs, the timing and amount of production from the Eagle Mine, the cost estimates for the Eagle Mine, foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; uncertain political and economic environments; changes in laws or policies, foreign taxation, delays or the inability to obtain necessary governmental permits; and other risks and uncertainties, including those described under Risk Factors Relating to the Company's Business in the Company's Annual Information Form and in each management's discussion and analysis. Forward-looking information is in addition based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of copper, zinc, lead and nickel; that the Company can access financing, appropriate equipment and sufficient labour and that the political environment where the Company operates will continue to support the development and operation of mining projects. 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 are advised not to place undue reliance on forward -looking statements.

Contacts:
Lundin Mining Corporation
Sophia Shane
Investor Relations North America
+1-604-689-7842

Lundin Mining Corporation
John Miniotis
Senior Business Analyst
+1-416-342-5565

Lundin Mining Corporation
Robert Eriksson
Investor Relations Sweden
+46 8 545 015 50
www.lundinmining.com

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