Lundin Mining Corporation · TSX:LUN
Lundin Mining — Corporate Update (February 2009)
25 slides from Lundin Mining's corporate update, February 2009
Slide 1: Tenke Fungurume - Project Update
Tenke Fungurume - Project Update An Affiliate of February 2009 Freeport-McMoRan Copper & Gold
Slide 2: Cautionary Statements
Cautionary Statements Caution Regarding Forward Looking Statements This presentation contains forward-looking statements. These forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events. These forward- looking statements are
Slide 3: Tenke Fungurume
Tenke Fungurume “…potentially one of the largest/highest grade copper/cobalt resource in the world”
Slide 4: Ownership and Funding
Ownership and Funding • 82.5% TF Holdings Limited • 17.5% Gecamines (carried interest) • TF Holdings shareholders – funding all project investments
Slide 5: A World Class Copper District
A World Class Copper District
Slide 6: Copper Clearings
Copper Clearings
Slide 7: Mine Plan and Resource Expansion
Mine Plan and Resource Expansion • FS basis 40 year mine plan • Oxides-Kwatebala, Fwaulu and Goma 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
~~ (8) Ditoma O Priority Drill Targets O Oxide Target Zone i Copper Deposits Fwaulu Kwatebala S i co a Mwandinkomba Pa-@S @ Shinku —_— ) rungurume *® Kansalawile it t—— ee a e Cg East Mambilima — p> = ——— Sie > 7 j7 ~1*% Pumpi 5 km
Slide 9: Development Plan
Development Plan • Initial phase – 115,000 tpa Cu cathode / 8,000 tpa Co • Construction progress excellent. Commissioning and first copper cathode target – 2nd quarter 2009 • Investment for initial facilities plus expansion capability: $US1.75 billion • Full Production - second half 2009 • Explorati
Slide 10: "Before" December 2007
“Before” December 2007
Slide 11: "After" December 2008
“After” December 2008
Slide 12: Kwatebala Prestripping
a _“Kwatebala Prestripping ~ >
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: Construction Site January 2009
Construction Site January 2009 Tenke Fungurume DevelopmentFProject 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
Slide 16: Regional Infrastructure
Regional Infrastructure Construction Airstrip Plant Village Access Road Waste Dump Tailings Pond 220 KV Power Line Fwalu Pits Kwatebala SNEL Pit Power Substation TFM Camp Goma Pits SNCC Railway 150 KV Power Line National Road Each grid line = 2km 16
Slide 17: DRC's Latent Power Supply
DRC’s Latent Power Supply • Tenke a major investor in rebuilding system capacity • Investing in reliability and for expansions • Restarting latent capacity
Slide 18: Transportation – A key Issue
Transportation — A key Issue ras Cameroon Somalia Namibia
Slide 19: Corporate Social Responsibility
Corporate Social Responsibility • Safely run project and operations • Equator Principles • Voluntary Principles - Security and Human Rights • Applicable IFC guidelines • Freeport - high corporate standards • Extractive Industries Transparency Initiative • Implemented in partnership with NGO’s Tenke
Slide 20: Key Social Issues
Key Social Issues • Resettlement Plan • Community Development • Employment/Economic Community Meeting in Mulumbu Opportunities • A Sustainable Future New Fungurume School
Slide 21: Social/Regional Commitments
Social/Regional Commitments • Re-settlement to high standards • Environmental protection • Education, agriculture, water, health programs • Micro enterprise development • Infrastructure investment – roads, border, power • Operating Phase Social Development Foundation
Slide 22: 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. •Tenke Agreements = DRC Mining Code fiscal terms + additional financial + project and social commitments •> 60% of p
Slide 23: 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 cla
Slide 24: For Our Shareholders
For Our Shareholders • Stakeholders in a world class copper project • Freeport as Operator • Low cash operating costs • Strong project economics • Extraordinary upside potential
Slide 25: Tenke Fungurume
Tenke Fungurume