Reuters reported that Lundin Mining expects its overall copper production to rise in 2013 and 2014 as an expansion project at the Tenke Fungurume mine in the Democratic Republic of Congo wraps up.

But the diversified miner warned that copper production at its wholly owned Neves Corvo mine in Portugal will stay lower over the next few years sending its shares down 7.97% to USD 3.81 on the Toronto Stock Exchange. The stock was also pressured by copper prices that neared two-week lows and as the European financial crisis weighed on global markets.

Lundin said that it expects to produce 60,000 tonnes to 70,000 tonnes of copper from its wholly owned operations in 2013 and 2014. Adding in its 24% stake in Tenke production will be in the range of 107,000 tonnes to 117,000 tonnes. That is up from an expected 101,900 tonnes this year.

The Tenke project which is operated by Freeport McMoRan is in the midst of an expansion to boost total annual output to 195,000 tonnes of copper cathode. The expansion is expected to be completed in 2013.

In October, Lundin lowered its 2011 copper output forecast. At the same time, the company said it expected total attributable copper production in 2012 to be just 86,000 tonnes to 92,000 tonnes.

The Toronto based miner sees zinc production rising to 125,000 tonnes to 135,000 tonnes in 2013 and 145,000 tonnes to 155,000 tonnes in 2014 from 109,000 tonnes to 125,500 tonnes expected in 2012 as it ramps up its zinc plant at Neves Corvo.

(Sourced from Reuters)