SYS-CON MEDIA Authors: Peter Silva, Kevin Jackson, Jessica Qiu, Dana Gardner, Dan Stolts

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Lundin Mining Second Quarter Results

TORONTO, ONTARIO -- (Marketwired) -- 07/30/14 -- Lundin Mining Corporation (TSX: LUN)(OMX: LUMI) ("Lundin Mining" or the "Company") today reported net earnings of $39.7 million ($0.07 per share) for the quarter ended June 30, 2014. Cash flows of $33.7 million were generated from operations in the quarter, not including the Company's attributable cash flows from Tenke Fungurume.

Paul Conibear, President and CEO commented, "We are pleased with our improvements in operating performance during this last quarter and we remain very well positioned to deliver another year of strong operating results from all our mines, with production and costs as expected or in some cases better than original guidance.

"As announced on July 16th, we are very excited with the construction progress at the Eagle Mine, with the delivery of first ore to the mill achieved earlier in the month. The Eagle Mine is expected to be in production in early Q4, and that combined with excellent nickel, copper and zinc price environments is expected to generate strong cash flows from all of our mines as the year advances."

Summary financial results for the quarter and year-to-date:


----------------------------------------------------------------------------
                                      Three months ended    Six months ended
                                                June 30,            June 30,
                                     ------------------- -------------------
US$ Millions (except per share
 amounts)                                 2014      2013      2014      2013
----------------------------------------------------------------------------
Sales                                    191.8     176.3     341.7     364.4
Operating earnings(1)                     74.2      49.2     117.3     117.2
Net earnings                              39.7      16.6      53.1      66.6
Basic earnings per share                  0.07      0.03      0.09      0.11
Cash flow from operations                 33.7      26.6      61.2      72.4
Ending net (debt) / cash position(2)    (174.4)    221.1    (174.4)    221.1
----------------------------------------------------------------------------

(1)  Operating earnings is a non-GAAP measure defined as sales, less
     operating costs (excluding depreciation) and general and administrative
     costs.
(2)  Net cash/debt is a non-GAAP measure defined as cash, less long-term
     debt and finance leases, before deferred financing fees.

Highlights

Operational Performance

Wholly-owned operations: Nickel and lead production exceeded expectations, while copper and zinc production were in-line with targeted production for the quarter. Higher throughput at Aguablanca resulted in better than expected nickel and copper production, while higher lead grades and throughput at Zinkgruvan resulted in higher lead production. Copper, nickel and lead production guidance has been increased reflecting excellent mine production at Aguablanca, higher throughput at Zinkgruvan and better than expected lead grades from the Lombador ore body at Neves-Corvo.


--  Neves-Corvo produced 13,480 tonnes of copper and 17,909 tonnes of zinc
    in the second quarter of 2014. Production from the Lombador ore body
    resulted in a 28% increase in zinc production over the prior year
    comparable period. Higher copper head grades were more than offset by
    lower metallurgical recoveries and ore throughput, resulting in lower
    copper production compared with the second quarter of 2013, but in-line
    with our mine plan for 2014. Copper cash costs(1) of $1.62/lb for the
    quarter were lower than original guidance ($1.90/lb) due primarily to
    higher than expected zinc and lead by-product credits, net of treatment
    charges.
--  Zinc production of 19,293 tonnes at Zinkgruvan met expectations and was
    slightly higher than the comparable period in 2013 due to record mine
    production and mill throughput of zinc ore. Lead production of 9,196
    tonnes exceeded expectations but was below the comparable period in 2013
    primarily due to lower head grades. Cash costs for zinc of $0.17/lb were
    lower than guidance ($0.35/lb) in part due to higher lead by-product
    credits.
--  Aguablanca had another strong quarter of operational performance, with
    current quarter production of 2,212 tonnes of nickel and 1,799 tonnes of
    copper. This exceeded both expectations for the second quarter of 2014
    and production levels of the prior year comparable period. Cash costs of
    $5.05/lb of nickel for the quarter, though higher than original
    guidance, remain in-line with our mine plan.

Tenke: Tenke operations continue to perform well.


--  Lundin's attributable share of second quarter production included 12,449
    tonnes of copper cathode and 820 tonnes of cobalt in hydroxide. The
    Company's attributable share of Tenke's sales included 12,810 tonnes of
    copper at an average realized price of $3.08/lb and 734 tonnes of cobalt
    at an average realized price of $9.58/lb.
--  Attributable operating cash flow from Tenke for the second quarter of
    2014 was $37.8 million ($65.5 million year-to-date). Cash distributions
    received by Lundin Mining in the quarter were $22.6 million ($39.3
    million year-to-date), lower than expected due to timing of shipments
    and lower copper price.
--  Operating cash costs for the second quarter of 2014 were $1.18/lb of
    copper sold, better than the original full year guidance of $1.22/lb.
--  The Company is also pleased to announce that it has filed an independent
    technical report for its Tenke Fungurume Mine entitled "Technical Report
    - Resource and Reserve Update for the Tenke Fungurume Mine, Katanga
    Province, Democratic Republic of Congo" authored by John Nilsson, P.Eng.
    and Ron Simpson, P.Geo. and dated effective as of July 21, 2014.

(1) Cash cost/lb of copper, zinc and nickel are non-GAAP measures defined as all cash costs directly attributable to mining operating, less royalties and by-product credits.

Eagle Nickel/Copper Project: advancing on time and on budget.


--  Mine surface construction is complete, and there are approximately 500
    people currently working at the mill, including contractors. All of the
    major equipment has been installed. As of June 30, 2014, mill
    construction was progressing as planned at 90% completion.
--  Capital costs are on budget, expecting to come in at the original
    forecast of $400 million from the date of acquisition. $225 million has
    been spent since that time, of which $65 million was spent in the second
    quarter of 2014.
--  County road upgrade work re-started in May and is on track to be
    completed as planned.
--  Operations and maintenance hiring is complete and training is underway.
--  Mine development in ore has begun and mill commissioning is expected to
    start in the third quarter of 2014. Eagle is on track to ship first
    saleable copper and nickel concentrates in the fourth quarter of 2014.
    Ore processing and concentrate production are expected to reach full
    design rates in the second quarter of 2015.

Total production from the Company's assets including attributable share of Tenke:


----------------------------------------------------------------------------
                       2014                           2013
(tonnes)         YTD      Q2      Q1   Total      Q4      Q3      Q2      Q1
----------------------------------------------------------------------------
Copper        31,582  16,182  15,400  66,246  18,078  15,087  16,065  17,016
Zinc          70,669  37,202  33,467 124,748  32,796  33,466  32,539  25,947
Lead          20,188  10,250   9,938  34,370   7,968   9,119  10,692   6,591
Nickel         4,192   2,212   1,980   7,574   2,113   1,788   1,876   1,797
----------------------------------------------------------------------------
Tenke
 attributable
  Copper      24,320  12,449  11,871  50,346  12,155  11,890  13,230  13,071
----------------------------------------------------------------------------

Financial Performance


--  Operating earnings for the second quarter of 2014 were $74.2 million, an
    increase of $25.0 million from the $49.2 million reported in the
    comparable quarter of 2013. The increase was largely attributable to
    higher net realized metal prices and prior period price adjustments
    ($33.4 million), partially offset by lower sales volume ($10.8 million).

    On a year-to-date basis, operating earnings of $117.3 million were
    consistent with the $117.2 million reported for the first six months of
    2013. Lower production costs ($22.2 million) were offset by lower sales
    volumes ($24.4 million).


--  For the quarter ended June 30, 2014, sales of $191.8 million increased
    $15.5 million over the prior year quarter ($176.3 million) as a result
    of higher net realized metal prices and prior period price adjustments
    ($33.4 million), partially offset by lower net sales volumes ($13.4
    million), primarily at Neves-Corvo.

    Sales of $341.7 million for the six months ended June 30, 2014 were
    $22.7 million lower than the comparable period in 2013 ($364.4 million)
    due to lower net sales volumes ($33.5 million), primarily at Neves-
    Corvo, partially offset by higher net realized metal prices and prior
    period price adjustments ($17.5 million).

--  Average metal prices for zinc, lead and nickel for the three months
    ended June 30, 2014 were higher (2% - 23%) than the same period in the
    prior year, while copper prices declined slightly from the prior year
    comparable period (5%).

    Average metal prices for zinc and nickel for the six months ended June
    30, 2014 were higher (2% - 6%) than the same period in the prior year,
    while copper and lead prices declined from the prior year comparable
    period (4% - 8%).

--  Operating costs (excluding depreciation) of $111.0 million in the
    current quarter were $11.6 million lower than the prior year comparative
    quarter of $122.6 million due to the closure of our Galmoy operation and
    lower sales volumes at Neves-Corvo.

    Operating costs (excluding depreciation) of $211.2 million year-to-date
    were $24.9 million lower than the prior year of $236.1 million due to
    the closure of our Galmoy operation and lower sales volumes at Neves-
    Corvo and Aguablanca, partially offset by higher sales volumes at
    Zinkgruvan.

--  Net earnings of $39.7 million ($0.07 per share) for the three months
    ended June 30, 2014 were $23.1 million higher than the $16.6 million
    ($0.03 per share) reported in the comparable quarter in 2013. Net
    earnings were positively impacted by higher operating earnings ($25.0
    million) largely due to higher net realized metal prices and prior
    period price adjustments.

    Net earnings of $53.1 million ($0.09 per share) year-to-date were $13.5
    million lower than the $66.6 million ($0.11 per share) reported in 2013.
    In 2013, earnings benefited from $15.1 million in insurance proceeds for
    business interruption at the Aguablanca mine and higher equity income
    from our investment in Tenke Fungurume ($7.3 million) 2014, partially
    offset by higher foreign exchange losses ($6.7 million).

--  Cash flow from operations for the current quarter was $33.7 million
    compared to $26.6 million for the same period in 2013. The increase in
    the cash flow of $7.1 million is mostly attributable to higher operating
    earnings, partially offset by changes in non-cash working capital.

    For the six months ended June 30, 2014, cash flow from operations was
    $61.2 million compared to $72.4 million for the same period in 2013.
    Change in non-cash working capital was the primary contributor to the
    decrease.

Corporate Highlights


--  On July 16, 2014, the Company provided an update on the final stages of
    construction and commencement of mine operations at the high grade Eagle
    nickel-copper project, as well as an exploration update on the adjacent
    Eagle East nickel-copper deposit, located in the Upper Peninsula of
    Michigan, USA. The project reached a key milestone, delivering its first
    ore from mine to mill for plant commissioning. Since then, testing of
    crushing, conveying and grinding circuits has started under no-load
    conditions in preparation for introduction of feed for full system
    commissioning in the month ahead. With these achievements the project
    remains well on schedule for first concentrate production early in the
    fourth quarter of 2014. See press release entitled "Lundin Mining
    Announces First Ore Shipment at Eagle Mine", dated July 16, 2014.

Financial Position and Financing


--  Net debt position at June 30, 2014 was $174.4 million compared to $119.3
    million at December 31, 2013 and $155.0 million at March 31, 2014.
--  The $19.4 million increase in net debt during the quarter was
    attributable to investments in mineral properties, plant and equipment
    of $99.3 million, primarily the development of the Eagle project,
    partially offset by operating cash flows of $33.7 million, distributions
    from Tenke and Freeport Cobalt of $22.6 million and $7.2 million,
    respectively, and an $11.7 million withdrawal from restricted funds.

    For the six months ended June 30, 2014, net debt increased $55.1 million
    due to investments in mineral properties, plant and equipment of $191.7
    million, primarily the development of the Eagle project, partially
    offset by operating cash flows of $61.2 million, distributions from
    Tenke and Freeport Cobalt of $39.3 million and $7.2 million,
    respectively, and a $22.5 million withdrawal from restricted funds.
--  The Company has corporate term and revolving debt facilities available
    for borrowing up to $600 million. At June 30, 2014 the Company had
    $321.9 million committed against these facilities, leaving debt capacity
    of $278.1 million available for future drawdowns.

Outlook

2014 Production and Cost Guidance


--  Production and cash costs guidance for 2014 for the Company's wholly-
    owned operations have been adjusted to reflect excellent production
    performance at Aguablanca and Zinkgruvan, and higher lead grades from
    our Lombador ore body at the Neves-Corvo mine.
--  Guidance on Tenke's cash costs have been updated to reflect the most
    recent guidance provided by Freeport-McMoRan Inc. ("Freeport"). Tenke
    production guidance remains unchanged.

----------------------------------------------------------------------------
----------------------------------------------------------------------------
2014 Guidance              Prior Guidance             Revised Guidance
                                                                          C1
(contained tonnes)               Tonnes  C1 Cost             Tonnes  Cost(a)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Copper Neves-Corvo      50,000 - 55,000 $1.90/lb    50,000 - 55,000 $1.85/lb
       Zinkgruvan         3,000 - 4,000               3,000 - 4,000
       Aguablanca         5,000 - 6,000               6,000 - 7,000
       Eagle              2,000 - 3,000               2,000 - 3,000
       ---------------------------------------------------------------------
       Wholly-owned     60,000 - 68,000             61,000 - 69,000
       Tenke
        (@24%)(b)                47,900 $1.22/lb             47,900 $1.21/lb
       ---------------------------------------------------------------------
       Total
        attributable  107,900 - 115,900           108,900 - 116,900
Zinc   Neves-Corvo      60,000 - 65,000             60,000 - 65,000
       Zinkgruvan       75,000 - 80,000 $0.35/lb    75,000 - 80,000 $0.35/lb
       ---------------------------------------------------------------------
       Total          135,000 - 145,000           135,000 - 145,000
Lead   Neves-Corvo        2,000 - 2,500               3,500 - 4,500
       Zinkgruvan       27,000 - 30,000             29,000 - 32,000
       ---------------------------------------------------------------------
       Total            29,000 - 32,500             32,500 - 36,500
Nickel Aguablanca         6,000 - 7,000 $4.50/lb      7,500 - 8,500 $4.25/lb
       Eagle              2,000 - 3,000               2,000 - 3,000
       ---------------------------------------------------------------------
       Total             8,000 - 10,000              9,500 - 11,500
----------------------------------------------------------------------------

a.  Cash costs remain dependent upon exchange rates (forecast at
    EUR/USD:1.35, USD/SEK:6.50) and metal prices (forecast at Cu: $3.15/lb,
    Zn: $0.90/lb, Pb: $0.95/lb, Ni: $7.50/lb, Co: $13.00/lb). Prior guidance
    forecast Ni at $6.50/lb and Co at $12.00/lb.
b.  Freeport has provided 2014 sales and cash costs guidance. Tenke's 2014
    production is assumed to approximate sales guidance.

2014 Capital Expenditure Guidance

Capital expenditures for 2014 are expected to be $440 million (including Eagle, but excluding Tenke), unchanged from previous guidance. Major capital investments for 2014 are as follows:


--  Sustaining capital in European operations - $100 million, consisting of
    approximately $60 million for Neves-Corvo, $35 million for Zinkgruvan
    and $5 million across other sites.

--  Expansionary capital in European operations - $40 million, consisting
    of:
    --  Lombador - $25 million: For underground vertical and horizontal
        development and associated mine infrastructure related to the
        development of the upper Lombador ore bodies for future high grade
        zinc and copper production. Redesign and optimization of development
        has allowed for a combination of cost savings and the deferral of
        certain expenditures into 2015.
    --  Neves-Corvo zinc plant debottlenecking and zinc expansion studies -
        $5 million: For the installation of a zinc tailings recovery
        circuit, zinc expansion feasibility studies and Santa Barbara
        hoisting shaft capacity increase design work.
    --  Aguablanca underground mining project - $10 million: For ramp and
        initial ore body development and the installation of associated mine
        infrastructure.

--  New investment in Eagle project - $300 million, to complete construction
    of the Humboldt mill and Eagle mine.

--  New investment in Tenke - $50 million, estimated by the Company as its
    share of expansion related initiatives and sustaining capital funding
    for 2014. All of the capital expenditures are expected to be self-funded
    by cash flow from Tenke operations.

    The Company believes it is reasonable to expect Lundin's attributable
    cash distributions from Tenke to be in the range of $80 to $100 million
    in 2014, potentially lower than previous guidance due to copper price
    uncertainty and higher working capital.

2014 Exploration Guidance


--  Total exploration expenses for 2014 (excluding Tenke) are estimated to
    be $35 million, consistent with prior guidance. These expenditures will
    be principally directed towards underground and surface mine exploration
    at Neves-Corvo, Zinkgruvan and Eagle, select greenfield exploration
    programs and new business development activities in South America and
    Eastern Europe.

About Lundin Mining

Lundin Mining Corporation is a diversified Canadian base metals mining company with operations and development projects in Portugal, Sweden and Spain and the USA, producing copper, zinc, lead and nickel. In addition, Lundin Mining holds a 24% equity stake in the world-class Tenke Fungurume copper/cobalt mine in the Democratic Republic of Congo and in the Freeport Cobalt Oy business, which includes a cobalt refinery located in Kokkola, Finland.

On Behalf of the Board,

Paul Conibear, President and CEO

Forward-Looking Statements

Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Ontario Securities Act. This report includes, but is not limited to, forward looking statements with respect to the Company's estimated full year metal production, cash costs, exploration expenditures, and capital expenditures, as noted in the Outlook section and elsewhere in this document. These estimates and other forward-looking statements are based on a number of assumptions and are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to the estimated cash costs, timing and amount of production from the Eagle project, cost estimates for the Eagle project, foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; uncertain political and economic environments; changes in laws or policies, foreign taxation, delays or the inability to obtain necessary governmental permits; litigation risks; and other risks and uncertainties, including those described in the Risk and Uncertainties section of the Company's Annual Information Form and in each Management's Discussion and Analysis. Forward-looking information may also be based on other various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of copper, zinc, lead and nickel; that the Company can access financing, appropriate equipment and sufficient labour and that the political environment where the Company operates will continue to support the development and operation of mining projects. 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 the forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements.

Contacts:
Sophia Shane
Investor Relations North America
+1-604-689-7842

John Miniotis
Senior Manager, Corporate Development and Investor Relations
+1-416-342-5565

Robert Eriksson
Investor Relations Sweden
+46 8 545 015 50

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All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital business.
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With the iCloud scandal seemingly in its past, Apple announced new iPhones, updates to iPad and MacBook as well as news on OSX Yosemite. Although consumers will have to wait to get their hands on some of that new stuff, what they can get is the latest release of iOS 8 that Apple made available for most in-market iPhones and iPads. Originally announced at WWDC (Apple’s annual developers conference) in June, iOS 8 seems to spearhead Apple’s newfound focus upon greater integration of their products into everyday tasks, cross-platform mobility and self-monitoring. Before you update your device, here is a look at some of the new features and things you may want to consider from a mobile security perspective.