Mining operations are being curtailed by Lundin Mining Corp at its Aguablanca Mine in Spain due to very heavy rains.
The mine in the Extremadura region will see operations suspended while an initial technical investigation takes place. A decision on continuing the mining activities will be taken in the next few weeks by Lundin Mining.
The company also provided its guidance for 2011 in the statement. They expect better copper, zinc and lead production in the coming year as compared to last year. The Chief Executive Officer of Lundin Mining, Phil Wright said that the capital investment is expected to increase to $290 million. This is much higher than the estimated $185 million for 2010.
Mr. Wright said that the capital would be spent on expansion of production capacity in their European operations, commencement of the development of the Lombador mine, and provision for the commencement of expansion at Tenke. Formal decisions for these activities were yet to be made.