Lundin Mining (TSX: LUN, OMX: LUMI) sinks production forecasts as Neves Corvo Copper Zinc mine in Portugal performed worse than expected in Q2. Lundin Mining says that the currently mined high-grade reserves are very unpredictable as the area is subject to high stresses. CEO Paul Conibear says that the company expects things to return to normal by Q4 of 2011.
The company has switched the newly expanded zinc plant to treat copper ore as copper prices are elevated. Lundin Mining says that Belmore-Clare zinc project in Ireland is progressing well. Lundin Mining is down 8% approaching midday in Sweden. More information is available here.
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