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Lundin Mining Corporation (TSX:LUN, OMX:LUMI) announced fourth quarter and full year for 2012 results, including net earnings before impairment charges of $45.0 million ($0.08 per share) for the quarter ended December 31, 2012.
Lundin Mining Corporation (TSX:LUN, OMX:LUMI) announced fourth quarter and full year for 2012 results, including net earnings before impairment charges of $45.0 million ($0.08 per share) for the quarter ended December 31, 2012.
As quoted in the press release:
Fourth quarter earnings were affected by a non-cash impairment charge of $67.3 million ($62.1 million after-tax) from a write down of mineral properties, plant and equipment and goodwill at the Aguablanca mine. Although the decision regarding the future configuration of the pit is not anticipated until the second quarter of 2013, the Company revalued the assets reflecting a reduction in the mineable reserve to only those areas not affected by pit wall instability and for the time being we assume no additional investment to attempt to recover reserves in the affected area.
Lundin’s President and CEO, Paul Conibear, said:
Our operations continue to consistently perform. Especially pleasing this last quarter was the performance of Zinkgruvan, with record production of zinc, lead and copper in concentrate and maintaining a cash cost of 12 cents per pound of zinc for the quarter and 13 cents per pound for the year.