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2008 Annual Report

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2008 Annual Report 2008 Annual Report December 31, 2008 Message from the President To our shareholders, 2008 has been a tumultuous year for base metal mining companies best defined by the collapse of metal prices starting in September 2008. De‐stocking in supply chains, coupled with collapsing demand, has seen base metal inventories rise, prices fall and profits contract. Your company responded early. At the first sign of the sharp fall in metal prices, action was taken to reduce expenditure. Revised operating plans were devised with the objective of ensuring that the key operations were capable of producing free cash flow despite substantial price falls. Those that could not achieve this objective have been sold (Aljustrel), operating plans curtailed (Aguablanca) or closure plans implemented (Galmoy). A clear focus has now emerged centered on our three core assets: the Neves‐Corvo copper/zinc mine, the Zinkgruvan zinc/lead/silver/copper mine and the Tenke copper/cobalt project operated by Freeport McMoRan. During 2008, Neves‐Corvo and Zinkgruvan delivered good operational results with steady, low‐cost production. Capital and operating costs have been reduced, taking care not to impair future production capacity. Neves‐Corvo and Zinkgruvan, as well as the Aguablanca nickel/copper mine, are able to be free cash flow positive at the commodity price levels ruling at the end of 2008. All three mines achieved record tonnage, mined and processed, and metal production exceeded 2007 levels. In 2008, the Company produced 98,148 tonnes of copper, 167,844 tonnes of zinc, 44,799 tonnes of lead and 8,136 tonnes of nickel. Construction of the Tenke copper/cobalt mine in the DRC progressed well during the year with first copper being produced in March 2009. This project is now undergoing final commissioning with consistent copper production. Commercial production at 115,000 tpa copper and at least 8,000 tpa cobalt is expected to be reached during the second half of 2009. The Company’s capital structure has been assessed against the more challenging background with its commensurate sharp reductions in profit and cash flow. New equity was raised as part of the now terminated HudBay merger and the Company has recently announced a “bought deal” financing that is expected to be complete during April 2009. Together these have raised new funds in the order of $250 million, producing a more conservative capital structure and allowing the Company to face any further volatility with confidence. Looking forward, for the survivors of this downturn, conditions are expected to materially improve once normal growth resumes. Supply constraints, exacerbated by this downturn, will see structural supply shortages emerge within the next 2 to 5 years with the potential for strong upward moves in metal prices from those ruling today. Your Company is well capitalized and its key mining assets are long‐life and low‐cost. While we continue to generate the majority of our revenue from copper, we are fortunate to have high leverage to zinc both in terms of current production as well as the large undeveloped resources at Neves‐Corvo. Lundin Mining remains a growth oriented base metal mining company and we look to the future with an eye on continued development. (signed) Phil Wright President and CEO April 16, 2009 Management’s Discussion and Analysis For the year ended December 31, 2008 This management’s discussion and analysis has been prepared as of February 25, 2009 and should be read in conjunction with the Company’s consolidated annual financial statements for the year ended December 31, 2008. Those financial statements are prepared in accordance with Canadian generally accepted accounting principles. The Company’s reporting currency is United States dollars. Reference herein of $ is to United States dollars. Reference of C$ is to Canadian dollars, reference to SEK is to Swedish krona and € refers to the Euro. About Lundin Mining Lundin Mining Corporation (“Lundin”, “Lundin Mining” or the “Company”) 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. Cautionary Statement on Forward‐Looking Information Certain of the statements made and information contained herein is “forward‐looking information” within the meaning of the Ontario Securities Act or “forward‐looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 of the United States. 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 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 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, lead, nickel and zinc; 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. 1 Table of Contents Operating in a Global Recession ................................................................................................. 3 Highlights .................................................................................................................................... 5 Transactions with HudBay .......................................................................................................... 7 Financial Position and Financing ................................................................................................. 8 Outlook ..................................................................................................................................... 10 Selected Quarterly and Annual Financial Information.............................................................. 11 Operating Results ...................................................................................................................... 14 Mining Operations .................................................................................................................... 18 Production Overview ............................................................................................................. 18 Neves‐Corvo Mine ................................................................................................................. 19 Zinkgruvan Mine .................................................................................................................... 21 Aguablanca Mine ................................................................................................................... 22 Galmoy Mine ......................................................................................................................... 23 Aljustrel Mine Development Project ..................................................................................... 24 Storliden Mine ....................................................................................................................... 25 Project Highlights ...................................................................................................................... 26 Tenke Fungurume Project (Lundin 24.75%, FCX 57.75%, Gécamines 17.5%) ..................... 26 Ozernoe Project (Lundin 49%, IFC Metropol 51%) ................................................................ 27 Neves‐Corvo – Lombador Copper/Zinc and Neves Zinc Expansion Projects ......................... 27 Zinkgruvan Copper Project .................................................................................................... 28 Exploration Highlights ..............................................................................................................
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