Lundin Mining Publishes 2022 Sustainability Report
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NEWS RELEASE
Lundin Mining Publishes 2022 Sustainability Report
Toronto, July 10, 2023 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or
the “Company”) is pleased to announce publication of its 2022 Sustainability Report (the “Report”).
“Our 2022 Sustainability Report highlights many examples of the meaningful work we are undertaking to ensure
Lundin Mining continues to exceed the evolving demands of our business and stakeholder expectations while supplying
the world with metals vital to a low carbon future,” said Lundin Mining’s Chief Executive Officer, Peter Rockandel. “We
are especially proud of our Candelaria operation for being awarded The Copper Mark™ certification, a voluntary program
that recognizes copper producers for their demonstrated commitment to responsible operating practices, following an
extensive assessment process in 2022.”
“Our operations continue to make great progress in the implementation of our Fo cused on the Future sustainability
strategy. A great example of this was the finalization in 2022 of site -specific roadmaps to achieve our interim
decarbonization target of a 35% reduction in Scope 1 and Scope 2 emissions by 2030 ,” commented Kristen Mariuzza,
Senior Vice President, Sustainability, Health & Safety. “We are also very excited about the level of engagement and
accelerated rollout of Fatal Risk Management (FRM ) across our organization. FRM is an industry -leading fatality-
prevention program that focuses on the fatal risks present in mining. By recognizing the fatal risks, implementing critical
controls and workplace planning that integrates FRM into everything we do, we are on the path to our commitment of
Zero Harm.”
Lundin Mining has been reporting on the safety, environmental, social , governance and economic issues that are
of greatest interest to communities near its operations, employees, investors and other stakeholders in a
comprehensive, standalone document since 2010. Th e 202 2 Sustainability Report has been prepared in
accordance with the Global Reporting Initiative ("GRI") Standards plus the Mining & Metals Sector Supplement. The
Report is available on Lundin Mining’s website (lundinmining.com).
2022 Highlights Include:
• Focused on the Future sustainability strategy further embedded into our annual planning process with
the integration of initiatives and targets
• finalization of site-specific roadmaps to achieve the interim decarbonization target of a company-wide
35% reduction in Scope 1 and Scope 2 (market-based) emissions by 2030
• completion of a screening-level estimate of Scope 3 GHG emissions, enabling focused efforts on future
inventory development and engagement with value chain partners
• launch and accelerated rollout of Fatal Risk Management (FRM), an industry-leading fatality-prevention
program that focuses on the 18 fatal risks present in mining, and increased commitment to in-the-field
Visible Felt Leadership (VFL) with over 350 supervisors and leaders trained
• The Copper MarkTM certification at Candelaria in 2023. The operation was the first mine site in the Atacama
region, awarded The Copper Mark™ certification in early 2023, following site assessment in 2022
• progressed implementation of the Global Industry Standard on Tailings Management (GISTM ) with the
aim of full implementation of the Standard over the next three years
• set key goals of Corporate Social Performance Strategy to guide activities and achieve site objectives over
next three to five years in support of 2030 targets
• incorporated Social License to Operate (SLO) index into performance scorecards and senior management
discussions at Zinkgruvan, Candelaria, and Chapada operations to enhance understanding of the level of
trust and acceptance towards our activities
• improved diversity and inclusion with females representing 16% of our global employee workforce and
significantly higher representation at our Eagle and Zinkgruvan mines, Josemaría project and in our
corporate and exploration teams. At year-end 2022, composition of the Company’s Board of Directors
was 38% women and the executive team was 30%
• advanced implementation of our Global Business Partner Onboarding program to further due diligence
process of partners related to our Code of Conduct, Ethical Values, Anti-Corruption and adherence to our
Responsible Mining Policy
• completed the first phase of our Op erational Business Intelligence Program, to support accurate,
integrated and reliable reporting and analytics across the organization
Lundin Mining has filed its 2022 ESTMA Report which can be found on the Company’s website (lundinmining.com).
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with operations and projects in Argentina,
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 July 10, 2023 at 14:00 Eastern Time.
For further information, please contact:
Mark Turner, Vice President, Business Valuations and Investor Relations: +1 416 342 5565
Irina Kuznetsova, 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” withi n the meaning of applicable Canadian securities
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 possi ble outcome of pending
litigation; the results of any Preliminary Economic Assessment, 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 inter est rates; the development and implementation
of the Company’s Responsible Mining Management System; the Company’s ability to comply with contractual and permitting or oth er regulatory
requirements; anticipated exploration and development activities at the Company’s projects; expectations and ability to complete the Caserones transaction;
the Company’s integration of acquisitions and any anticipated benefits thereof, including the Caserones transaction; and expe ctations for other economic,
business, and/or competitive factors. 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 expectatio ns 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 wil l 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
and 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 resul ts 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 limi ted to: global financial
conditions, market volatility and infl ation, including pricing and availability of key supplies and services; risks inherent in mining including but not limited
to risks to the environment, industrial accidents, catastrophic equipment failures, unusual or unexpected geological formatio ns or un stable ground
conditions, and natural phenomena such as earthquakes, flooding or unusually severe weather; uninsurable risks; project financing risks, liquidity risks and
limited financial resources; volatility and fluctuations in metal and commodity deman d and prices; delays or the inability to obtain, retain or comply with
permits; significant reliance on a single asset; reputation risks related to negative publicity with respect to the Company o r the mining industry in general;
health and safety risks; r isks relating to the development of the Josemaria Project; inability to attract and retain highly skilled employees; risks as sociated
with climate change; compliance with environmental, health and safety laws and regulations; unavailable or inaccessible in frastructure, infrastructure
failures, and risks related to ageing infrastructure; risks inherent in and/or associated with operating in foreign countries and emerging markets, including
with respect to foreign exchange and capital controls; economic, poli tical and social instability and mining regime changes in the Company’s operating
jurisdictions, including but not limited to those related to permitting and approvals, environmental and tailings management, labour, trade relations, and
transportation; risks relating to indebtedness; the inability to effectively compete in the industry; the inability to currently control the Cas erones mine and
the ability to satisfy the conditions and consummate the Caserones transaction on the proposed terms and expected s chedule; risks associated with
acquisitions and related integration efforts, including the ability to achieve anticipated benefits, unanticipated difficulti es or expenditures relating to
integration and diversion of management time on integration; changing taxation regimes; risks related to mine closure activities, reclamation obligations,
environmental liabilities and closed and historical sites; reliance on key personnel and reporting and oversight systems, as well as third parties and
consultants in foreign jurisdictions; information technology and cybersecurity risks; 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 ; 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; ore processing efficiency; community and stakeholder opposition; financial projections, including estimates of future expenditures and cash
costs, and estimates of future production may not be reliable; enforcing legal rights in foreign jurisdictions; environmental and regulatory risks associated
with the structural stability of waste rock dumps or tailings storage facilities; activist shareholders and proxy solicitation matters; risk s relating to dilution;
regulatory investigations, enforcement, sanctions and/or related or other litigation; risks relating to pay ment of dividends; counterparty and customer
concentration risks; the estimation of asset carrying values; risks associated with the use of derivatives; relationships wit h employees and contractors, and
the potential for and effects of labour disputes or o ther unanticipated difficulties with or shortages of labour or interruptions in production; conflicts of
interest; existence of a significant shareholder; exchange rate fluctuations; challenges or defects in title; internal contro ls; compliance with foreig n laws;
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; the threat associated with outbreak s of viruses and infectious diseases; risks relating to
minor elements contained in concentrate products; and other risks and uncertainties, including but not limited to those descr ibed in the “Risk and
Uncertainties” section of the Company’s Annual Inform ation Form and the “Managing Risks” section of the Company’s MD&A for the year ended December
31, 2022, 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 factors 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 cautioned that the foregoing list is not exhaustive of all fa ctors and
assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described in forward -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 forward -looking information. The forward -looking information contained herein speaks only as of the date of this document. The Company
disclaims any intention or obliga tion to update or revise forward ‐looking information or to explain any material difference between such and subsequent
actual events, except as required by applicable law.