August 31, 2010 / 2:26 PM / 8 years ago

UPDATE 1-Lundin raises copper reserve estimates in Portugal

* Neves-Corvo copper reserves boosted by 2.7 mln tonnes

* Cuts zinc reserve estimates to 42.6 mln tonnes

* Shares up 0.7 pct at C$4.28

TORONTO, Aug 31 (Reuters) - Lundin Mining (LUN.TO) said on Tuesday 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.

“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,” said Lundin Chief Executive Phil Wright in a press release.

Lundin, which owns a 24.75 stake in Freeport McMoRan’s (FCX.N)’ Tenke Fungurume copper-cobalt mine, said reserve estimates at the Democratic Republic of Congo operation remain unchanged.

Shares were up 0.7 percent at C$4.28 in morning trade on the Toronto Stock Exchange.

$1.00=$1.06 Canadian Reporting by Julie Gordon

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