UPDATE 1-Lundin Mining says enters copper hedges

(In U.S. dollars unless noted)

TORONTO, April 20 (Reuters) - Lundin Mining (LUN.TO) said on Monday it has forward sold, or hedged, about 40,000 tonnes of copper over the next year to lock in recent gains in the metal's price.

The Canadian company, which mines primarily copper and zinc, said that over the past five business days, it had entered into multiple option collar arrangements, with a weighted average floor price of $1.87 a pound and a weighted average ceiling of $2.39 a pound.

It said no cash premiums were paid or received under the net zero cost structures.

Lundin said in late February that it expects to produce 90,000 tonnes of copper in 2009, excluding output from the Tenke-Fungurume project in the Democratic Republic of Congo, which produced its first copper in late March.

Cash copper MCU0 was at $2.19 a pound on Monday, after rising about 40 percent from the end of February. (Reporting by Cameron French; editing by Peter Galloway)