ESG

"[Lundin Mining is] not aware of … being the subject of any investigation"

Base metals miner responds to article

Staff reporter

This article is 5 years old. Images might not display.

In a statement yesterday, Lundin said it was aware of the article and said both it and Compañía Contractual Minera Candelaria (CCMC) were fully committed to complying with all applicable laws.

It said the article referred to a 2015 settlement and community development agreement between CCMC and the municipality of Tierra Amarilla, under which Candelaria committed to "a multi-year community investment program totalling US$23.6 million to support flood reconstruction, regional environmental reclamation activities, community infrastructure and social programmes". 

"The agreement was concluded in an open and transparent manner, in public documents, and was approved unanimously by the Tierra Amarilla Municipal Counsel," Lundin said.

"We are not aware of the company or CMMC being the subject of any investigation."

Its 80%-owned Candelaria mine (Sumitomo owns 20%) produced 134,578 tonnes of copper, about 78,000 ounces of gold and 1.2 million ounces of silver in concentrate, on a 100% basis, in 2018.

Lundin, which also has operations in the US, Portugal and Sweden, reported a cash balance of $780 million in mid-February.

Lundin Mining shares, which have ranged from C$9.09-$4.70 over the past year, closed 4.78% or 33c lower yesterday to $6.57.

At that price, the company is capitalised at $4.8 billion.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.