January 31, 2008 / 12:04 PM / 10 years ago

Lundin Mining to restate results on Portugal unit

(In U.S. dollars)

TORONTO, Jan 31 (Reuters) - Lundin Mining (LUN.TO) said on Thursday that it would restate its 2006 and 2007 results due to tax discrepancies related to its Portuguese subsidiary.

The Swedish-Canadian base metals miner said it expected a reduction in net earnings of about $55 million for the nine months ended Sept. 30, 2007.

This includes an increase in current tax expenses of approximately $16 million, and a reversal of future income tax recovery of approximately $46 million. The original future income tax recovery was recognized in the third quarter of 2007.

The company said it also planned to restate and refile its financial statements for each of the interim periods in 2007 to reflect the changes.

Lundin was forced to restate the results after it discovered that a lower tax rate than allowed had been used related to the purchase price of the EuroZinc Mining Corp acquisition. ($1=$1.00 Canadian) (Reporting by Scott Anderson; Editing by Lisa Von Ahn)

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