Lundin Mining Announces New Collective Agreement with Can delaria Mine Workers Union
Corporate Office
150 King Street West, Suite 2200
P.O. Box 38, Toronto, ON M5H 1J9
Phone: +1 416 342 5560
Fax: +1 416 348 0303
lundinmining.com
NEWS RELEASE
Lundin Mining Announces New Collective Agreement with Can delaria Mine
Workers Union
Toronto, November 27, 2020 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin
Mining” or the “Company”) announced today the Candelaria Mine Workers Union (the “Union”), which represents
approximately 350 workers at its Candelaria operation in Chile, has ratified a new 35-month collective agreement.
The safe ramp up of Candelaria to full capacity is now underway. The Company intends to reintroduce
2020 guidance for the operation within its annual guidance and outlook update to be issued next week.
Candelaria is committed to responsible, respectful, and fair negotiations w ith the best interests of our workers
and the sustainability of our business in mind. As part of the collective bargaining cycle, agreements have been
reached this year with all five unions representing employees at the Candelaria Copper Mining Complex.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with operations in Brazil, Chile, Portugal,
Sweden and the United States of America, primarily producing copper, zinc, gold and nickel.
The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market
Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set
out below on November 27, 2020 at 13:40 Eastern Time.
For further information, please contact:
Mark Turner, Director, Business Valuations and Investor Relations: +1 416 342 5565
Brandon Throop, Manager, Investor Relations: +1 416 342 5583
Robert Eriksson, Investor Relations Sweden: +46 8 440 54 50
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained herein is “forward -looking information” within the meaning of applicable Canadian sec urities laws. All
statements other than statements of historical facts included in this document constitute forward -looking information, including but not limited to statements
regarding the Company’s plans, prospects and business strategies; the Company’s guidance on the timing and amount of future production and its expectations
regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of pending litigation or labour disputes;
timing for any re quired repairs and resumption of any interrupted operations ; the results of any Feasibility Study, or Mineral Resource and Mineral Reserve
estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates, and interest rates; the development
and implementation of the Company’s Responsible Mining Management System; the Company’s ability to comply with contractual and permitting or other regulatory
requirements; anticipated exploration and devel opment activities at the Company’s projects; and the Company’s integration of acquisitions and any anticipated
benefits thereof. Words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “goal”, “aim”, “intend”, “continue”, “budget”, “estimate”, “may”, “will”,
“can”, “could”, “should”, “schedule” and similar expressions identify forward-looking statements.
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management,
including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, nickel, zinc, gold and other
metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions; that the political environment in which the Company operates
will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and
assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management’s experience an d perception of current conditions
and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and
unknown factors could cause actual results to differ materially from those projected in the forward -looking statements and undue reliance should not be placed on
such statements and information. Such factors include, but are not limited to: volatility and fluctuations in metal and commodity prices; global financial conditions
and inflation; risks inherent in mining including but not limited to risks to the environment, industrial accidents , catastrophic equipment failures, unusual or
unexpected geological formations or unstable ground conditions, and natural phenomena such as earthquakes, flooding or unusua lly severe weather; uninsurable
risks; changes in the Company’s share price, and vola tility in the equity markets in general; the threat associated with outbreaks of viruses and infectious diseases,
including the novel COVID -19 virus; risks related to negative publicity with respect to the Company or the mining industry in general; relianc e on a single asset;
potential for the allegation of fraud and corruption involving the Company, its customers, suppliers or employees, or the all egation of improper or discriminatory
employment practices, or human rights violations; actual ore mined and/or metal recoveries varying from Mineral Resource and Mineral Reserve estimates, estimates
of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; risks associated with the estimation of Mineral Resources and Mineral Reserves
and the geology, grade and continuity of mineral deposits including but not limited to models relating thereto; ore processing efficiency; risks inherent in and/or
associated with operating in foreign countries and emerging markets; security at the Company’s operations; changing taxation regimes; health and safety risks;
exploration, development or mining results not being consistent with the Company’s expectations; unavailable or inaccessible infrastructure and risks related to
ageing infrastructure; counter party and credit risks and customer concentration; risks related to the environmental regulation and environmental impact of the
Company’s operations and products and management thereof; exchange rate fluctuations; reliance on third parties and consultants in foreign jurisdictions;
community and stakeholder opposition; civil disruption; the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour
or interruptions in production; uncertain political and economic environments; litigation; regulatory investigations, enforcement, sanctions and/or related or other
litigation; risks associated with the structural stability of waste rock dumps or tailings storage facilities; changes in laws, regulations or policies including but not
limited to those related to mining regimes, permitting and approvals, environmental and tailings management, labour, trade re lations, and transportation; climate
change; compliance with environmental, health and safety laws; enforcing le gal rights in foreign jurisdictions; information technology and cybersecurity risks;
estimates of future production and operations; estimates of operating, cash and all -in sustaining cost estimates; delays or the inability to obtain, retain or comply
with permits; compliance with foreign laws; risks related to mine closure activities and closed and historical sites; challenges or defects in title; the price and availability
of key operating supplies or services; historical environmental liabilities and ongoing reclamation obligations; indebtedness; funding requirements and availability of
financing; liquidity risks and limited financial resources; risks relating to attracting and retaining of highly skilled employees; risks associated with acquisitions and
related integration efforts, including the ability to achieve anticipated benefits, unanticipated difficulties or expenditures relating to integration and diversion of
management time on integration; the estimation of asset carrying values; internal control s; competition; dilution; existence of significant shareholders; conflicts of
interest; activist shareholders and proxy solicitation matters; risks relating to dividends; risks associated with business a rrangements and partners over which the
Company does not have full control; and other risks and uncertainties, including but not limited to those described in the “Risks and Unce rtainties” section of the
Annual Information Form and the “Managing Risks” section of the Company’s MD&A for the year ended Decembe r 31, 2019, which are available on SEDAR at
www.sedar.com under the Company’s profile. All of the forward- looking statements made in this document are qualified by these cautionary statements. Although
the Company has attempted to identify important factor s that could cause actual results to differ materially from those contained in forward -looking information,
there may be other factors that cause results not to be as anticipated, estimated, forecast or intended and readers are cauti oned that the foregoing list is not
exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties mater ialize, or should underlying
assumptions prove incorrect, actual results may vary materially from those described in f orward-looking information. Accordingly, there can be no assurance that
forward-looking information will prove to be accurate and forward -looking information is not a guarantee of future performance. Readers are advised not to place
undue reliance on forwa rd-looking information. The forward -looking information contained herein speaks only as of the date of this document. The Company
disclaims any intention or obligation to update or revise forward ‐looking information or to explain any material difference be tween such and subsequent actual
events, except as required by applicable law.