Toronto-based Lundin Mining, a diversified base metals mining company has boosted its copper reserves and resources at its Nerves-Corvo mine in Portugal as per its six monthly update. The Toronto based mining company reported its resource and reserve estimates on June 30 for its European and African mines.
On Tuesday the company said that copper proven and probable mineral reserves at Neves – Corvo have increased by 2.7 million tonnes, which equates to approximately 75.000 tonnes of contained copper. While copper measured and indicated mineral resources was up by 5.8 million tonnes to 41 million tonnes at 2/2% copper.
On the other hand, zinc proven and probable at the Neves – Corvo were down from from 54.2 million tons to 42.6 million tons as the definition of mineral reserves was re-interpreted.
Chief Executive officer of Lundin Mining, Phil Wrightsaid that "exploration efforts have again replaced reserves mined since the last update and continue to increase the estimates of copper mineral reserves and resources at Neves – Corvo".
The shares of Lundin Mining went up by 0.7 % at Canadian $4.28. The company is continuing to invest in exploration as it operates its mines in both Europe and Africa. It also owns a 24.75 % stake in Freeport McMoRan’s Tenke Fungurume copper and cobalt mine.