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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Fcx Intl | LSE:FCX | London | Ordinary Share | GB0030756968 | ORD 50P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
Lundin Mining Corp. (LUN.T) said Thursday it expects to produce about 90,000 metric tons of copper in 2009, excluding its share in the Tenke Fungurume mine in Congo.
This is down about 8% from the 97,944 tons produced in 2008, but is in line with previous company expectations.
Tenke, located in the mineral-rich Katanga province in Congo, produced its first copper cathode at the end of March, followed shortly afterwards by the first shipment.
Lundin said the project was still expected to reach commercial production in the second half of 2009, targeting full production for Phase I of 115,000 tons of copper a year and at least 8,000 tons a year of cobalt.
Lundin has a 24.75% stake in the mine, while Freeport-McMoRan Copper and Gold Inc. (FCX) - the project's operator - has a 57.75% stake and Congo's state-owned miner, Gecamines, holds the remainder.
Meanwhile, Lundin reiterated production expectations of 98,000 tons of zinc and 40,000 tons of lead in 2009, as well as 6,800 tons of nickel. This is down on the year from 151,157 tons of zinc, 44,799 tons of lead and 8,136 tons of nickel.
This year, Lundin warned that its production in 2009 would be lower due to the closure of its Storliden and Galmoy mines in May, increased throughput at Zinkgruvan and slightly lower copper head-grade at Neves-Corvo.
-By Andrea Hotter, Dow Jones Newswires; +44 (0)20 7842 9413; andrea.hotter@dowjones.com
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