Lundin Mining Corporation · TSX:LUN
Lundin Mining — Corporate Update (February 2009)
30 slides from Lundin Mining's corporate update, February 2009
Slide 1: Tenke Fungurume Project Update
Tenke Fungurume Project Update February 2009
Slide 2: Cautionary Statements
Cautionary y Statements Caution Regarding Forward Looking Statements This presentation contains forward-looking forward looking statements. statements These forward-looking forward looking statements are not based on historical facts, but rather on current expectations and projections about future e
Slide 3: Tenke Fungurume
Tenke Fungurume g “…potentially the largest/highest grade copper/cobalt resource in the world”
Slide 4: Ownership and Funding
Ownership and Funding • 82.5% TF Holdings Ltd (70:30 funding) • 17.5% Gecamines (carried) ( i d)
Slide 5: A World Class Copper District
A World Class Copper District
Slide 6: Copper Clearings
Copper Clearings pet ee Seo
Slide 7: Mine Plan and Resource Expansion
Mine Plan and Resource Expansion • FS basis b i 40 year mine i plan l • Oxides-Kwatebala, Fwaulu and Tenke deposits developed first • Open pit - low strip ratio • High grade mine plan • Prove up new high grade for expansions with aggressive drilling program
Slide 8: Exploration priorities
xP @) Ditoma O Priority Drill Targets O Oxide Target Zone i Copper Deposits Kwatebala = ° a] Mwandinkomba e-@e —_— 4 Fungurum: Kansalawile 7) e East Mambilima , = - SP we eakKansatawile ~~ a // most gy as Pumpi 5km
Slide 9: Development Plan
Development p Plan • Initial phase – 115,000 tpa Cu cathode / 8,000 tpa Co • Commissioning/first copper cathode target – 2nd Q09 • Investment for initial facilities/expansion capability: $US1 75 billion $US1.75 • Full Production - second half 2009 • Exploration, expansion concept studies advancing •
Slide 10: "Before" December 2007
“Before” December 2007
Slide 11: "After" December 2008
“After” December 2008
Slide 12: Kwatebala Prestripping
~ 7 _ ee eS ~= - 7 =“ =< ’ <= eh Pris Vy - ‘ait ~ “Kwatebala Prestripping ~_ i
Slide 13: Mining Method
Mining Method
Slide 14: Process
Process Process Copper / Cobalt Ore From Mine Grinding Whole Ore Agitated Leaching Thickening and First and Second Tailings Neutralization Counter Current Stage Impurity Residue to disposal Decantation Removal Intermediate Cobalt Hydroxide Solvent Extraction product to Precipitation Market Electrowi
Slide 15: Tenke Fungurume Development Project Update
Construction Site January 2009 Tenke Fungurume Development FProject Update I J D H E G A B C A – Heavy Duty Shop, B – Dump Pocket, C – Stockpile, D – Grinding (SAG mill), E – Leach and CCD, F – Cobalt Precipitation, G – PLS Ponds, H – Solvent Extraction, I – Electrowinning, J – Sulphuric Acid Plant
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Slide 20: Regional Infrastructure
Regional Infrastructure Construction Airstrip Plant Village Access Road Waste Dump Tailings Pond 220 KV Power Line Fwalu Pit Kwatebala SNEL Pit Power Substation TFM Camp Tenke Pit SNCC Railway 150 KV Power P Line Li National Road Each grid line = 2km 20
Slide 21: DRC's Power Supply
DRC’s DRC s Power Supply • Tenke a major investor in rebuilding system capacity • Investing in reliability and for expansions • Restarting latent capacity
Slide 22: Transportation – A key Issue
Transportation — A key Issue vax Cameroon Gabon ae 2) Swale , 0/ Burund Tanzania ‘
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Slide 24: Corporate Social Responsibility
C Corporate t SSocial i l Responsibility R ibilit • Safely run project and operations • Equator Principles • Voluntary Principles - Security and Human Rights • Applicable IFC and WB standards & guidelines • Freeport - high corporate standards • Extractive Industries Transparency Initiative • Impleme
Slide 25: Key Social Issues
Key Social Issues • Resettlement Plan • Community Development • Employment/Economic Community Meeting in Mulumbu Opportunities • A Sustainable Future New Fungurume School
Slide 26: Social/Regional Commitments
Social/Regional C Commitments it t • Re-settlement Re settlement to high international standards • Environmental protection • Education, agriculture, water, health programs • Micro enterprise development • Infrastructure investment – roads, roads border border, power • Operating Phase Social Develop
Slide 27: DRC Contract Review
DRC Contract Review •Complex political process – very different issues between contracts •Tenke agreements - legally sound, equitable, binding. Cooperative dialogue on current issues issues. •Tenke Agreements g = DRC Mining g Code fiscal terms + additional financial + project and social commitments
Slide 28: Tenke Fungurume – one of the World's Largest New Copper Mines
Tenke Fungurume – one of the World’s Largest New Copper Mines • Superb, experienced development team on site • Freeport making excellent progress. • Critical circuits for first copper production nearing completion – stretch target first cathode - Q2 • Major expansion planning in progress • Best in c
Slide 29: For Our Shareholders
For Our Shareholders • Stakeholders in a world class copper pp project p j • Freeport as Operator • Low Lo cash operating costs • Strong project economics • Extraordinary upside potential
Slide 30: Tenke Fungurume
Tenke Fungurume g