Lundin says Tenke mine in DRC beating expectations
* Tenke mine running ahead of expectations
* Neves-Corvo zinc production likely in 2011
* Exploration cuts to hit reserves
By Cameron French
TORONTO, June 9 (Reuters) - Production at the Tenke-Fungurume copper-cobalt mine in the Democratic Republic of Congo is higher than expected and should end up exceeding long-term forecasts, the chief executive of part-owner Lundin Mining (LUN.TO: Quote, Profile, Research) said on Tuesday.
Speaking at an investment conference in Toronto, Lundin CEO Phil Wright also said he expected zinc production at Lundin's Neves-Corvo mine in Portugal to restart in 2011, and he warned the company would not fully replace its mined metal reserves this year due to cutbacks in exploration.
Wright said Tenke -- which is majority-owned and operated by U.S. miner Freeport-McMoRan Copper & Gold (FCX.N: Quote, Profile, Research) -- has outperformed expectations since it began shipping copper in April and should eventually outperform its expected long-term potential of annual output of 450,000-500,000 tonnes of copper.
"Today we're running in excess of nameplate capacity," he said. Lundin owns 24.75 percent of the mine.
"I think we're going to see surprises on Tenke to the upside over the next five-10 years." Continued...
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