Reuters quoted that Lundin Mining as saying that that its Neves Corvo mine in Portugal held larger copper reserves than previously estimated.

The Canadian based base metal miner raised proven and probable copper reserves at Neves Corvo by 2.7 million tonnes and increased measured and indicated copper resources at the same mine by 5.8 million tonnes.

At the same time, Lundin reduced its zinc reserve estimates at Neves Corvo to 42.6 million tonnes from 54.2 million tonnes. The company, which operates mines in Europe and Africa, said it continues to invest in exploration and had replaced depleted stocks from the Zinkgruvan mine in Sweden and Neves Corvo.

Mr Phil Wright CEO of Lundin said that "Exploration efforts have again replaced reserves mined since the last update and continue to increase estimates of copper mineral reserves and resources at Neves Corvo."

Lundin said that reserve estimates at the Democratic Republic of Congo operation remain unchanged. Shares were up 0.7% at CAD 4.28 in morning trade on the Toronto Stock Exchange.

(Sourced from Reuters)