Lundin Mining Fourth Quarter and Full Year 2024 Results

 
 
 

  Lundin Mining Logo (CNW Group/Lundin Mining Corporation) 

 
 

TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") today reported its fourth quarter and full year 2024 financial results. Unless otherwise stated, results are presented in United States dollars on a 100% basis.

 

  Jack Lundin , President and CEO commented, "2024 was highlighted by three transformative transactions, along with achieving record copper and zinc production which generated strong revenue and operating cashflow for the Company. Among these deals, the formation of Vicuña Corp. has positioned the Company on a clear path to becoming a top-tier copper producer. Vicuña is targeting a new and updated mineral resource estimate at Filo del Sol and Josemaria within the second quarter of 2025. These resource estimates will form the basis of an integrated technical report which will outline the development plan for the phased construction of the district in Argentina .

 

"Operationally, we met copper guidance for the second consecutive year, translating to over $870 million in annual free cash flow from operations 1 . Notwithstanding the $350 million purchase of an additional 19% at Caserones to bring our overall ownership to 70%, our net debt 1 position at year end was just over $1.3 billion . Our debt is expected to be reduced significantly within the first half of this year pending the finalization of the sale of our European assets, Zinkgruvan and Neves-Corvo, making the Company net-debt free on a pro-forma basis. With our strong financial standing and well-positioned asset base, our operations will continue to drive returns, fueling the growth opportunities within our current portfolio of assets.

 

"Lastly, in 2024 we celebrated our 30 th anniversary, reflecting our longstanding legacy of creating value in the base metals sector. We believe we are well positioned for the future at Lundin Mining and remain committed to executing within our targeted guidance ranges, enhancing margins through sustainable cost control, while upholding the highest health and safety standards to protect our workforce."

 

  Fourth Quarter and Full Year Operational and Financial Highlights  

 

On December 9th, 2024 , the Company announced the sale of its European assets, Zinkgruvan and Neves Corvo, to Boliden. As a result of this, the financial results from these assets are reported as "discontinued operations" in the Company's financial statements and met the criteria to be classified as held-for-sale. The transaction is expected to close at the latest by mid-year 2025, subject to the completion of customary conditions and regulatory approvals.

 

  Fourth Quarter Highlights  

 
  •   Copper Production: Consolidated production of 101,491 tonnes of copper in the fourth quarter.
  •  
  •   Other Production: During the quarter, a total of 51,946 tonnes of zinc, 1,617 tonnes of nickel and approximately 46,000 ounces of gold were produced.
  •  
  •   Revenue:   $1,023.8 million in the fourth quarter, comprised of $858.9 million from continuing operations with a realized copper price  1 of $3.75 /lb and a realized gold price  1 of $2,643 /oz, and $165.0 million from discontinued operations.
  •  
  •   Net Earnings and Adjusted Earnings 1 : During the quarter, net loss attributable to shareholders of the Company was $440.2 million , comprised of $195.3 million ( $0.25 per share) net loss from continuing operations and $244.8 million net loss from discontinued operations. Net loss attributable to shareholders of the Company was impacted by non-cash impairments of goodwill and assets at Eagle, Suruca, Neves-Corvo and Alcaparossa. Adjusted earnings   1 were $119.2 million , comprised of $94.8 million ( $0.12 per share) from continuing operations and $24.4 million from discontinued operations.
  •  
  •   Adjusted EBITDA1:   $425.6 million for the quarter, $368.2 million from continuing operations and $57.4 million was generated from discontinued operations during the quarter.
  •  
  •   Cash Generation: Cash provided by operating activities in the quarter was $620.3 million , comprised of $547.3 million from continuing operations and $73.0 million from discontinued operations. Free cash flow from operations 1 was $466.0 million , comprised of $423.6 million from continuing operations and $42.5 million from discontinued operations, which was increased by a working capital release of $295.5 million from continuing operations.
  •  
 
  
 

   __________________   

 
 

   1 These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2024 and the Reconciliation of Non-GAAP measures section at the end of this news release.  

 
 
 

  Full Year 2024 Highlights  

 
  •   Copper Production: Record copper production of 369,067 tonnes of copper for the full year which is within the 2024 annual copper production guidance.
  •  
  •   Other Production: During the year, record zinc production of 191,704 tonnes, 7,486 tonnes of nickel and approximately 158,000 ounces of gold were produced. Production for all metals was within revised guidance ranges.
  •  
  •   Revenue:   $4,117 million for the full year, comprised of $3,422.6 million from continuing operations with a realized copper price 1 of $4.18 /lb and a realized gold price 1 of $2,532 /oz, and $694.8 million from discontinued operations.
  •  
  •   Adjusted EBITDA 1 :   $1,707.0 million for the full year, comprised of $1,461.8 million from continuing operations and $245.2 million from discontinued operations.
  •  
  •   Net Earnings and Adjusted Earnings 1 : Net loss attributable to shareholders of the Company was $203.5 million , comprised of $11.1 million ( $0.01 per share) net earnings from continuing operations and $214.7 million net loss from discontinued operations. Net earnings from continuing operations was impacted by non-cash impairments of goodwill and assets relating to Eagle, Suruca, and Alcaparossa. Adjusted earnings was $358.9 million , $291.7 million ( $0.38 per share) from continuing operations and $67.2 million from discontinued operations.
  •  
  •   Cash Generation: During the year, cash provided by operating activities was $1,518.9 million , $1,300.8 million from continuing operations and $218.0 million from discontinued operations. Free cash flow from operations 1 was $873.0 million , $797.1 million from continuing operations and $75.9 million from discontinued operations, which included a working capital release of $220.9 million from continuing operations.
  •  
  •   Balance Sheet: To exercise the Caserones purchase option, the consideration of $350 million was fully funded through an increase to the Company's term loan from $800 million to $1.15 billion . As at December 31, 2024 , the Company had a net debt 1 balance of $1,332.3 million , excluding lease liabilities. Net debt 1 is expected to reduce significantly with the closing of the sale of Neves-Corvo and Zinkgruvan.
  •  
  •   Growth: During the year the Company announced three significant transactions:
    • On July 2, 2024 , the Company closed the option to increase ownership in Caserones to 70%, which adds approximately 24,000 tonnes of additional attributable copper production to the Company's production profile 2 .
    •  
    • On July 29, 2024 , Lundin Mining and BHP announced the joint acquisition of Filo Corp. ("Filo") and the concurrent formation of a 50/50 joint arrangement ("Joint Arrangement") to hold the Filo del Sol ("FDS") project and the Josemaria project. The partnership will create a multi-generational mining district with world-class potential that could support a globally ranked mining complex.
    •  
    • On December 9, 2024 , the Company announced the sale of Neves-Corvo and Zinkgruvan to Boliden for total consideration of up to $1.52 billion . The proceeds from the transaction will strengthen the Company's balance sheet and support its growth plans in the Vicuña District.
    •  
  •  
  •   Assets and liabilities held for sale and discontinued operations: At December 31, 2024 , the Neves-Corvo and Zinkgruvan reporting segments met the criteria to be classified as held-for-sale and discontinued operations. Accordingly, all assets and liabilities relating to the Neves-Corvo and Zinkgruvan reporting segments have been classified as current assets and current liabilities held for sale at December 31, 2024 .
  •  

Total assets of $1,389.7 million and liabilities of $393.1 million have been classified as held for sale for this purpose. A net loss from discontinued operations of $214 .7 million represents the loss after tax of $278.6 million and earnings after tax of $63.9 million from Neves-Corvo and Zinkgruvan, respectively, for the year ended December 31, 2024 .

 
 
   
 

  ___________________  

 
 

   1 These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2024 and the Reconciliation of Non-GAAP measures section at the end of this news release.  

 
 

   2 Based on Caserones 2024 revised production guidance as outlined in the outlook section of the MD&A for the year ended December 31, 2024.  

 
 
 

  Summary Financial Results  

 
 
                                                                                                                                                                                                                      
 
 

   Three months ended   

 

   December 31,   

 
 
 

   Year   ended   

 

   December 31,   

 
 

  (US$ millions continuing operations except where noted, except per share amounts)  

 
 

   2024   

 
 

  2023  

 
 
 

   2024   

 
 

  2023  

 
 

  Revenue  

 
 

   858.9   

 
 

  893.4  

 
 
 

   3,422.6   

 
 

  2,743.4  

 
 

  Gross profit  

 
 

   250.6   

 
 

  177.8  

 
 
 

   942.9   

 
 

  601.5  

 
 

  Attributable net earnings a  

 
 

   (195.3)   

 
 

  12.5  

 
 
 

   11.1   

 
 

  203.2  

 
 

  Net earnings  

 
 

   (159.6)   

 
 

  40.4  

 
 
 

   153.4   

 
 

  276.9  

 
 

  Adjusted earnings a,b (all operations)  

 
 

   119.2   

 
 

  79.7  

 
 
 

   358.9   

 
 

  336.2  

 
 

  Adjusted earnings a,b — continuing operations  

 
 

   94.8   

 
 

  72.4  

 
 
 

   291.7   

 
 

  287.5  

 
 

  Adjusted earnings a,b — discontinued operations  

 
 

   24.4   

 
 

  7.3  

 
 
 

   67.2   

 
 

  48.7  

 
 

  Adjusted EBITDA b (all operations)  

 
 

   425.6   

 
 

  419.7  

 
 
 

   1,707.0   

 
 

  1,363.5  

 
 

  Adjusted EBITDA b — continuing operations  

 
 

   368.2   

 
 

  367.6  

 
 
 

   1,461.8   

 
 

  1,145.6  

 
 

  Adjusted EBITDA b — discontinued operations  

 
 

   57.4   

 
 

  52.1  

 
 
 

   245.2   

 
 

  217.9  

 
 

  Basic earnings per share ("EPS") a (all operations)  

 
 

   (0.57)   

 
 

  0.05  

 
 
 

   (0.26)   

 
 

  0.31  

 
 

  Basic earnings per share ("EPS") a — continuing operations  

 
 

   (0.25)   

 
 

  0.02  

 
 
 

   0.01   

 
 

  0.26  

 
 

  Basic earnings per share ("EPS") a — discontinued operations  

 
 

   (0.32)   

 
 

  0.03  

 
 
 

   (0.27)   

 
 

  0.05  

 
 

  Adjusted EPS a,b (all operations)  

 
 

   0.15   

 
 

  0.10  

 
 
 

   0.46   

 
 

  0.44  

 
 

  Adjusted EPS a,b — continuing operations  

 
 

   0.12   

 
 

  0.09  

 
 
 

   0.38   

 
 

  0.37  

 
 

  Adjusted EPS a,b — discontinued operations  

 
 

   0.03   

 
 

  0.01  

 
 
 

   0.09   

 
 

  0.06  

 
 

  Cash provided by operating activities (all operations)  

 
 

   620.3   

 
 

  306.1  

 
 
 

   1,518.9   

 
 

  1,016.6  

 
 

  Cash provided by operating activities related to continuing operations  

 
 

   547.3   

 
 

  249.9  

 
 
 

   1,300.8   

 
 

  827.2  

 
 

  Cash provided by operating activities related to discontinued operations  

 
 

   73.0   

 
 

  56.2  

 
 
 

   218.0   

 
 

  189.4  

 
 

  Adjusted operating cash flow b (all operations)  

 
 

   313.9   

 
 

  362.0  

 
 
 

   1,302.6   

 
 

  1,024.2  

 
 

  Adjusted operating cash flow b — continuing operations  

 
 

   251.8   

 
 

  305.4  

 
 
 

   1,080.0   

 
 

  847.3  

 
 

  Adjusted operating cash flow b — discontinued operations  

 
 

   62.1   

 
 

  56.7  

 
 
 

   222.6   

 
 

  176.9  

 
 

  Adjusted operating cash flow per share b (all operations)  

 
 

   0.40   

 
 

  0.47  

 
 
 

   1.68   

 
 

  1.33  

 
 

  Adjusted operating cash flow per share b — continuing operations  

 
 

   0.32   

 
 

  0.39  

 
 
 

   1.39   

 
 

  1.10  

 
 

  Adjusted operating cash flow per share b — discontinued operations  

 
 

   0.08   

 
 

  0.08  

 
 
 

   0.29   

 
 

  0.23  

 
 

  Free cash flow b (all operations)  

 
 

   397.9   

 
 

  61.2  

 
 
 

   571.2   

 
 

  13.5  

 
 

  Free cash flow b — continuing operations  

 
 

   360.0   

 
 

  43.6  

 
 
 

   508.2   

 
 

  (19.9)  

 
 

  Free cash flow b — discontinued operations  

 
 

   37.9   

 
 

  17.6  

 
 
 

   63.0   

 
 

  33.4  

 
 

  Free cash flow from operations b (all operations)  

 
 

   466.0   

 
 

  116.8  

 
 
 

   873.0   

 
 

  345.1  

 
 

  Free cash flow from operations b — continuing operations  

 
 

   423.6   

 
 

  95.7  

 
 
 

   797.1   

 
 

  300.0  

 
 

  Free cash flow from operations b — discontinued operations  

 
 

   42.5   

 
 

  21.0  

 
 
 

   75.9   

 
 

  45.1  

 
 

  Cash and cash equivalents  

 
 

   357.5   

 
 

  268.8  

 
 
 

   357.5   

 
 

  268.8  

 
 

  Net debt excluding lease liabilities b  

 
 

   (1,332.3)   

 
 

  (946.2)  

 
 
 

   (1,332.3)   

 
 

  (946.2)  

 
 

  Net debt b  

 
 

   (1,597.8)   

 
 

  (1,223.4)  

 
 
 

   (1,597.8)   

 
 

  (1,223.4)  

 
 
 
 
  
 

   a Attributable to shareholders of Lundin Mining Corporation.  

 
 

   b These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis for the year ended December 31, 2024 and the Reconciliation of Non-GAAP Measures section at the end of this news release.  

 
 
 
  • For the year ended December 31, 2024 , the Company generated annual revenue from continuing operations of $3.4 billion (2023 - $2.7 billion ). Revenue from discontinued operations was $694.8 million (2023 - $648.6 million ), and the combination of revenue from continuing operations and discontinued operations ("all operations") was an annual record for the Company of $4.1 billion (2023 - $3.4 billion ). The Company achieved record production of 369,067 tonnes of copper, record production of 191,704 tonnes of zinc, and 158 thousand ounces ("koz") of gold, which achieved the most recently disclosed annual guidance for all metals.
  •  
  • For the quarter ended December 31, 2024 , the Company generated revenue from continuing operations of $858.9 million (Q4 2023 - $893.4 million ). Net loss in the quarter from continuing operations was $159.6 million (Q4 2023 - net earnings of $40.4 million ) and adjusted EBITDA 1 (all operations) was $425.6 million (Q4 2023 - $419.7 million ).
  •  
  • Net loss for the year was $61.3 million , comprised of a net earnings of $153.4 million from continuing operations and $214.7 million net loss from discontinued operations, a decrease in earnings from the prior year comparable period of $276.9 million from continuing operations and a decrease from net earnings of $38.4 million from discontinued operations, primarily due to non-cash impairments of goodwill and assets relating to Neves-Corvo, Eagle, Suruca and Alcaparrosa during the year, partially offset by higher gross profit.
  •  
  • Adjusted earnings 1 from continuing operations attributable to shareholders of the Company for the year were $291.7 million or $0.38 per share. Adjusted earnings 1 from discontinued operations attributable to shareholders of the Company for the year were $67.2 million or $0.09 per share.
  •  
  • Cash and cash equivalents at continuing operations as at December 31, 2024 were $357.5 million . As indicated above, cash provided by operating activities related to continuing operations of $1,300.8 million in the year was used to fund investing activities from continuing operations of $855.4 million , which primarily includes $807.3 million investment in mineral properties, plant and equipment, $41.7 million subscription for Filo shares to provide interim financing to Filo and the final $25.0 million payment of contingent consideration for the acquisition of Chapada. Cash used in financing activities related to continuing operations of $349.8 million was comprised primarily of funds used to exercise the Company's option to acquire an additional 19% interest in Caserones for $350.0 million , which was funded by debt proceeds, $202.5 million dividends paid to shareholders and $152.0 million in distributions paid to non-controlling interests.
  •  
  • Free cash flow 1 from continuing operations for the year was $508.2 million and free cash flow 1 from discontinued operations for the year was $63.0 million .
  •  
  • As at February 19, 2025 , the Company had cash of approximately $407.1 million and net debt excluding lease liabilities of approximately $1,322.4 million . Net cash in Vicuña is included on a 50% basis to represent Lundin Mining's attributable share. Cash and net debt balances include assets and liabilities classified as held-for-sale.
  •  

  Operational Performance  

 

  Total Production  

 
 
                                                                    
 

  (Contained metal) a  

 
 

  2024  

 
 

  2023  

 
 

   YTD   

 
 

  Q4  

 
 

  Q3  

 
 

  Q2  

 
 

  Q1  

 
 

  Total  

 
 

  Q4  

 
 

  Q3  

 
 

  Q2  

 
 

  Q1  

 
 

  Copper (t) b  

 
 

   369,067   

 
 

  101,491  

 
 

  99,855  

 
 

  79,708  

 
 

  88,013  

 
 

  314,798  

 
 

  103,337  

 
 

  89,942  

 
 

  60,057  

 
 

  61,462  

 
 

  Zinc (t)  

 
 

   191,704   

 
 

  51,946  

 
 

  46,610  

 
 

  47,460  

 
 

  45,688  

 
 

  185,161  

 
 

  50,719  

 
 

  49,774  

 
 

  36,115  

 
 

  48,553  

 
 

  Nickel (t)  

 
 

   7,486   

 
 

  1,617  

 
 

  893  

 
 

  1,721  

 
 

  3,255  

 
 

  16,429  

 
 

  3,729  

 
 

  4,290  

 
 

  4,686  

 
 

  3,724  

 
 

  Gold (koz) b  

 
 

   158   

 
 

  46  

 
 

  47  

 
 

  32  

 
 

  33  

 
 

  149  

 
 

  44  

 
 

  35  

 
 

  34  

 
 

  36  

 
 

  Molybdenum (t) b  

 
 

   3,183   

 
 

  912  

 
 

  693  

 
 

  714  

 
 

  864  

 
 

  2,024  

 
 

  928  

 
 

  1,096  

 
 

  

 
 

  

 
 
 
 
    
 

  a. Tonnes (t) and thousands of ounces (koz)  

 
 
 
 

  b. Candelaria and Caserones production is on a 100% basis. Caserones results are from July 13, 2023.  

 
 
 

   Candelaria (80% owned):   Candelaria produced, on a 100% basis, 162,487 tonnes of copper, approximately 93,000 ounces of gold and 2.0 million ounces of silver during the year. Copper and gold production benefited from planned higher grade ore from Phase 11 and in the second half of the year, the operation produced 98,970 tonnes of copper which was one of its best second-half performances in its 30-year history. In late 2024, production from Phase 11 shifted to lower average grades, resulting in annual copper production slightly below the most recently published guidance range. In 2025, production will continue to be sourced primarily from Phase 11 with a planned reduction in average copper grades from those realized in the second half of 2024. Annual gold production was within the most recently disclosed annual guidance range. Copper cash cost 2 of $1.73 /lb was within the most recently disclosed 2024 cash cost guidance range and benefitted from higher sales volumes, favourable foreign exchange, and higher by-product credits.

 

   Caserones    (70% owned): Caserones produced, on a 100% basis, 124,761 tonnes of copper and 3,183 tonnes of molybdenum, both within the most recently disclosed 2024 annual production guidance ranges. Production during the year was impacted by labour action in August which reduced throughput to approximately 50% capacity over a 14-day period. Mine sequencing changes as a result of hydrogeologic conditions in Phase 5 reduced grades and impacted recoveries in the mill during the quarter. Copper cathode production was positively impacted by increased irrigation pattern on the dump leach pad. Copper cash cost 2 of $2.51 /lb was below the low end of the most recently disclosed cash cost guidance range and benefitted from higher by-product credits and favourable foreign exchange.

 
 
   
 

  ______________________  

 
 

   1 These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its MD&A for the year ended December 31, 2024 and the Reconciliation of Non-GAAP measures section at the end of this news release.  

 
 

   2 This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of the MD&A for discussion and the Reconciliation of Non-GAAP measures section at the end of this news release.  

 
 
 

   Chapada (100% owned):   Chapada produced 43,261 tonnes of copper and approximately 65,000 ounces of gold during the year, both metals were within the most recently disclosed 2024 production guidance ranges. An optimized mine plan led to a significant reduction in overall material movement, including waste and ore, and contributed to lower production costs. Increased processing of ore from the older low-grade stockpile and North pit resulted in lower copper production due to lower grades and recoveries. Gold production benefited from higher grades and throughput as emphasis was placed on gold in the current elevated gold price environment. Production costs during the year also benefited from a weakening of the BRL against the USD. Copper cash cost 1 of $1.58 /lb was within the most recently disclosed 2024 cash cost guidance range and benefited from higher by-product credits and favourable foreign exchange.

 

   Eagle (100% owned):   Eagle produced 7,486 tonnes of nickel and 6,366 tonnes of copper during the year. Production was impacted by reduced mining rates following a fall of ground in the lower ramp in May, which limited access to Eagle East while ramp rehabilitation was completed. During the quarter mining re-commenced at Eagle East and normal throughput is expected to resume in Q1 2025. Both metals were within the most recently disclosed 2024 production guidance ranges. Production costs decreased in line with lower production and sales. Nickel cash cost 1 of $4.20 /lb was above the most recently disclosed 2024 cash cost guidance range due to mining rates not recovering as quickly as expected in the quarter.

 

   Neves-Corvo (100% owned):   Neves-Corvo produced 28,228 tonnes of copper and a record 109,571 tonnes of zinc during the year. Copper production was within the most recently disclosed production guidance range and zinc production benefited from higher throughput as a result of the zinc expansion project, although was slightly below the most recently disclosed annual production guidance range. Production costs during the year decreased in line with sales volumes. Annual copper cash cost 1 of $2.19 /lb benefited from higher by-product credits but exceeded the most recently disclosed 2024 cash cost guidance range as a result of lower than expected sales volumes.

 

   Zinkgruvan (100% owned):   Record zinc production of 82,133 tonnes and lead production of 30,888 tonnes during the year were driven by higher throughput, grades and recoveries. Annual zinc production was within the most recently disclosed 2024 production guidance range. Production costs during the year increased in line with higher zinc and lead production and sales volumes. Zinc cash cost 1 of $0.41/lb was within the most recently disclosed 2024 cash cost guidance range.

 
 
  
 

  ___________________  

 
 

   1 This is a non-GAAP measure - see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion.  

 
 
 

  Outlook  

 

On January 16, 2025 , the Company announced its production, cash cost, capital expenditures and exploration investment guidance for 2025.

 

  2025 Production and Cash Cost Guidance a  

 
 
                                                     
 
 
 
 

   Revised Guidance   

 
 
 

  (contained metal)  

 
 

   Production   

 
 

   Cash Cost ($/lb)   b    

 
 
 

   Copper (t)   

 
 

  Candelaria (100%)  

 
 

  140,000 – 150,000  

 
 

  1.80 – 2.00 c  

 
 
 
 

  Caserones (100%)  

 
 

  115,000 – 125,000  

 
 

  2.40 – 2.60  

 
 
 
 

  Chapada  

 
 

  40,000 – 45,000  

 
 

  1.80 – 2.00 d  

 
 
 
 

  Eagle  

 
 

  8,000 – 10,000  

 
 
 
 
 

   Total   

 
 

   303,000   – 330,000   

 
 

  2.05 – 2.30  

 
 
 

   Gold (koz)   

 
 

  Candelaria (100%)  

 
 

  78 – 88  

 
 
 
 
 

  Chapada  

 
 

  57 – 62  

 
 
 
 
 

   Total   

 
 

   135   – 150   

 
 
 
 

   Nickel (t)   

 
 

   Eagle   

 
 

  8,000 – 11,000  

 
 

  3.05 – 3.25  

 
 
 
 
 
 

  a. Guidance as outlined in the news release 'Lundin Mining Announces Record Production Results for 2024 and Provides 2025 Guidance' dated January 16, 2025.  

 

  b. 2025 cash costs are based on various assumptions and estimates, including but not limited to: production volumes, commodity prices (Cu: $4.40/lb, Au: $2,500/oz, Mo: $17.00/lb, Ag: $30.00/oz), foreign exchange rates (USD/CLP:900, USD/BRL:5.50) and operating costs. Cash cost is a non-GAAP measure - see section 'Non-GAAP and Other Performance Measures' of the Company's MD&A for the year ended December 31, 2024 and the Reconciliation of Non-GAAP Measures section at the end of this news release.  

 

  c. 68% of Candelaria's total gold and silver production are subject to a streaming agreement. Cash costs are calculated based on receipt of approximately $433/oz gold and $4.32/oz silver.  

 

  d. Chapada's cash cost is calculated on a by-product basis and does not include the effects of its copper stream agreements. Effects of the copper stream agreements are reflected in copper revenue and will impact realized price per pound.  

 
 
 

  2025 Capital Expenditure Guidance a  

 
 
                                    
 
 

  ($ millions)  

 
 

   Guidance   b    

 
 
 
 

  Candelaria (100% basis)  

 
 

  205  

 
 
 
 

  Caserones (100% basis)  

 
 

  215  

 
 
 
 

  Chapada  

 
 

  85  

 
 
 
 

  Eagle  

 
 

  25  

 
 
 
 

   Total Sustaining   

 
 

   530   

 
 
 
 

  Expansionary - Candelaria (100% basis)  

 
 

  50  

 
 
 
 

  Expansionary - Vicuña Joint Arrangement (50% basis)  

 
 

  155  

 
 
 
 

   Total Capital Expenditures   

 
 

   735   

 
 
 
 
 
   
 
 

  a. Guidance as outlined in the news release 'Lundin Mining Announces Record Production Results for 2024 and Provides 2025 Guidance' dated January 16, 2025.  

 

  b. Sustaining capital expenditure is a supplementary financial measure, and expansionary capital expenditure is a non-GAAP measure – see section 'Non-GAAP and Other Performance Measures' of the Company's MD&A for the year ended December 31, 2024 and the Reconciliation of Non-GAAP Measures section at the end of this news release.  

 
 
 
 

  2025 Exploration Investment Guidance  

 

Total exploration expenditure guidance for 2025 is $40 million .

 

  Exploration  

 

During the quarter, exploration activity focused on in-mine and near-mine targets at the Company's operations. Exploration drilling at Candelaria was focused on Candelaria South , La Portuguesa and La Espanola.

 

At Caserones, exploration drilling was completed in the lower portion of the mineral resource in search of higher-grade copper breccia bodies that could improve the average grade of the resource and potentially expand it. The drilling program at Angelica, in search of copper sulphides, was also completed during the quarter.

 

Drilling at Chapada concentrated on adding high grade resources to Sauva and testing near-mine geochemical anomalies.

 

At Josemaria, the drilling campaign restarted at Cumbre Verde.

 

Drilling continued at Eagle during the quarter with one surface hole targeting a geophysical anomaly east of Eagle East. At Neves-Corvo, the 2024 drilling program focused on extending inferred resources at Lombador North and near-mine drilling at Neves Southwest concluded at the end of the quarter. Drilling at Zinkgruvan was focused on resource expansion.

 

All 2024 drilling campaigns were successfully completed by the end of the quarter.

 

  Vicuña  

 

During the quarter, the Company focused on preparing for the completion of the acquisition of Filo and formation of the 50/50 Joint Arrangement with BHP, initially announced on July 29, 2024 . The work plan associated with the transaction with BHP progressed as expected. Subsequent to year-end on January 15, 2025 , the Company completed the Filo acquisition and the Joint Arrangement with BHP, resulting in the Company indirectly holding a 50% interest in Vicuña Corp. ("Vicuña"), which owns the FDS project and Josemaria project. BHP indirectly owns the remaining 50% interest in Vicuña.

 

As part of the Joint Arrangement, the 2024 work scope was changed to include incorporation of new studies and preparation of a resource model relating to FDS, a joint development concept pertaining to the Josemaria and FDS ore bodies as well as processing facilities and infrastructure. An action plan was developed for the combined project, including a 2025 budget that included advancement of studies associated with the synergies between the FDS and Josemaria projects, continuation of the drilling program and advancing the Josemaria project.

 

Capital expenditures for the Joint Arrangement are forecast to total $312 million on a 100% basis for 2025. The workplan will focus on FDS drilling, FDS mineral resource estimation, Josemaria mineral resource estimation update, mine planning, metallurgy, hydrology wells and studies, commencement of access road construction, and exploration at the Cumbre Verde target. In parallel, engineering studies and trade off analysis will be completed in preparation for future permitting and a technical report outlining an integrated project plan for development and operation.

 

Vicuña is targeting a new mineral resource estimate at FDS and an update to the resource estimate at Josemaria within the first half of 2025. These resource estimates will form the basis of an integrated technical report which will outline the development plan for the phased construction of the district.

 

Drilling is currently underway at FDS and Cumbre Verde. Drilling at FDS will continue throughout the year. The drill program at FDS will focus on resource growth with multiple step-out targets in all directions from zones of known mineralization, including both the Bonita and Aurora Zones along with infill drilling to support an initial sulphide mineral resource estimate. Drilling at Cumbre Verde will follow up on the initial results from last year and target the same mineralized system and structures discovered to the north of the project.

 

During the quarter, Josemaria activities were focused on continuing the Environmental Impact Assessment ("EIA") update and maintaining progress on the water program. Field activities continued with the water program, geotechnical studies, road maintenance, wetlands biodiversity offset and exploration drilling at Cumbre Verde.

 

  Senior Leadership Appointments  

 

The Company would also like to announce the executive appointments of Eduardo Cortes as Vice President, Mining & Mineral Resources and Andre Gagnon as Vice President, Geotechnics & Water.

 

   Eduardo Cortes   

 

Eduardo Cortés is the Vice President, Mining & Resources at Lundin Mining Corporate, leading mine planning, reserves, geology, and metallurgy across the company's global operations. With more than 12 years of experience across the Americas, he has a strong track record of mine optimization, cost reduction, and strategic growth.

 

Previously, at Lundin Mining Corporate, he served as Director, Reserves & Mine Planning, overseeing reserve estimation and technical assurance, and before that, as Senior Mining Engineer, leading high-impact optimization projects at Candelaria, Caserones, and Chapada.

 

Before joining Lundin Mining, Eduardo was a core member of the Fruta del Norte project at Lundin Gold, developing the mine from feasibility through commercial production. Following this, he served as Chief Engineer at Bluestone Resources, overseeing mine planning efforts. Earlier, at NCL SPA, he worked on major underground projects for Codelco and Anglo American .

 

Eduardo holds a Mining Engineering degree from Universidad de Santiago de Chile and is fluent in Spanish and English, with intermediate Portuguese.

 

   Andre Gagnon   

 

  Andre Gagnon was appointed Vice President, Geotechnics & Water. Mr. Gagnon joined Lundin Mining in 2017 and has served in increasingly senior roles, starting as Senior Tailings & Geotechnical Engineer before progressing to Director, Tailings.  Mr. Gagnon is responsible for leading a team of functional experts focused on tailings, water, geotechnical engineering, and hydrogeology. Mr. Gagnon has more than 18 years of experience in the mining industry.

 

Prior to joining Lundin Mining, he served as Manager, Tailings at Goldcorp and as a consultant focused on tailings and geotechnical engineering, and water management.

 

Mr. Gagnon holds a B.A.Sc. in Geological Engineering from Queen's University, and an M.Sc. in Engineering Geology from Imperial College London. He is a registered Professional Engineer in Ontario and British Columbia .

 

  About Lundin Mining  

 

Lundin Mining is a diversified Canadian base metals mining company with projects or operations focused in the Americas and primarily producing copper, gold and nickel.

 

The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on February 19, 2025 at 18:35 Vancouver Time.

 

  Technical Information  

 

The scientific and technical information in this press release has been prepared in accordance with the disclosure standards of National Instrument 43-101 ("NI 43-101") and has been reviewed by Patrick Merrin , P.Eng., Executive Vice President, Technical Services, a "Qualified Person" under NI 43-101. Mr. Merrin has verified the data disclosed in this release and no limitations were imposed on his verification process.

 

  Reconciliation of Non-GAAP Measures  

 

The Company uses certain performance measures in its analysis. These performance measures have no standardized meaning within generally accepted accounting principles under International Financial Reporting Standards and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. For additional details please refer to the Company's discussion of non-GAAP and other performance measures in its MD&A the year ended ended December 31, 2024 which is available on SEDAR+ at www.sedarplus.ca .

 

Cash Cost per Pound and All-in Sustaining Costs per pound can be reconciled to Production Costs as follows:

 
 
                                                                                                                                                                  
 
 

   Three months ended December 31, 2024   

 
 

   Operations   

 
 

   Candelaria   

 
 

   Caserones   

 
 

   Chapada   

 
 

   Eagle   

 
 

   Total -
continuing
operations
 
 

 
 

   Neves-
Corvo
 
 

 
 

   Zinkgruvan   

 
 

   Total -
discontinued
operations
 
 

 
 

  ($000s, unless otherwise noted)  

 
 

   (Cu)   

 
 

   (Cu)   

 
 

   (Cu)   

 
 

   (Ni)   

 
 

   (Cu)   

 
 

   (Zn)   

 
 

  Sales volumes (Contained metal):  

 
 
 
 
 
 
 
 
 
 

  Tonnes  

 
 

  49,052  

 
 

  26,750  

 
 

  10,200  

 
 

  1,088  

 
 
 

  5,230  

 
 

  18,627  

 
 
 

  Pounds (000s)  

 
 

  108,141  

 
 

  58,973  

 
 

  22,487  

 
 

  2,399  

 
 
 

  11,531  

 
 

  41,066  

 
 
 

  Production costs  

 
 
 
 
 
 

  486,877  

 
 
 
 

  102,300  

 
 

  Less: Royalties and other  

 
 
 
 
 
 

  (27,839)  

 
 
 
 

  (20)  

 
 
 
 
 
 
 

  459,038  

 
 
 
 

  102,280  

 
 

  Deduct: By-product credits  

 
 
 
 
 
 

  (137,021)  

 
 
 
 

  (75,716)  

 
 

  Add: Treatment and refining  

 
 
 
 
 
 

  27,483  

 
 
 
 

  12,128  

 
 

  Cash cost  

 
 

  165,039  

 
 

  147,826  

 
 

  24,107  

 
 

  12,528  

 
 

  349,500  

 
 

  21,230  

 
 

  17,462  

 
 

  38,692  

 
 

   Cash cost per pound ($/lb)   

 
 

   1.53   

 
 

   2.51   

 
 

   1.07   

 
 

   5.22   

 
 
 

   1.84   

 
 

   0.43   

 
 
 

  Add: Sustaining capital  

 
 

  55,526  

 
 

  42,988  

 
 

  32,916  

 
 

  5,224  

 
 
 

  12,680  

 
 

  22,470  

 
 
 

  Royalties  

 
 

  4,692  

 
 

  7,663  

 
 

  2,689  

 
 

  696  

 
 
 

  793  

 
 

  

 
 
 

  Reclamation and other closure accretion and depreciation  

 
 

  2,129  

 
 

  (4,457)  

 
 

  2,373  

 
 

  1,734  

 
 
 

  1,184  

 
 

  747  

 
 
 

  Leases & other  

 
 

  1,449  

 
 

  17,229  

 
 

  1,080  

 
 

  2,691  

 
 
 

  2,917  

 
 

  74  

 
 
 

  All-in sustaining cost  

 
 

  228,835  

 
 

  211,249  

 
 

  63,165  

 
 

  22,873  

 
 
 

  38,804  

 
 

  40,753  

 
 
 

   AISC per pound ($/lb)   

 
 

   2.12   

 
 

   3.58   

 
 

   2.81   

 
 

   9.53   

 
 
 

   3.37   

 
 

   0.99   

 
 
 
 

 

 
 
                                                                                                                                                                           
 
 

   Three months ended December 31, 2023   

 
 

   Operations   

 
 

   Candelaria   

 
 

   Caserones   

 
 

   Chapada   

 
 

   Eagle   

 
 

   Total -
continuing
operations
 
 

 
 

   Neves-
Corvo
 
 

 
 

   Zinkgruvan   

 
 

   Total -
discontinued
operations
 
 

 
 

  ($000s, unless otherwise noted)  

 
 

   (Cu)   

 
 

   (Cu)   

 
 

   (Cu)   

 
 

   (Ni)   

 
 

   (Cu)   

 
 

   (Zn)   

 
 

  Sales volumes (Contained metal):  

 
 
 
 
 
 
 
 
 
 

  Tonnes  

 
 

  38,888  

 
 

  35,690  

 
 

  13,080  

 
 

  3,105  

 
 
 

  9,054  

 
 

  17,316  

 
 
 

  Pounds (000s)  

 
 

  85,733  

 
 

  78,683  

 
 

  28,836  

 
 

  6,845  

 
 
 

  19,961  

 
 

  38,176  

 
 
 

  Production costs  

 
 
 
 
 
 

  533,783  

 
 
 
 

  114,254  

 
 

  Less: Royalties and other  

 
 
 
 
 
 

  (22,221)  

 
 
 
 

  (2,299)  

 
 

  Inventory fair value adjustment  

 
 
 
 
 
 

  (7,760)  

 
 
 
 

  

 
 
 
 
 
 
 

  503,802  

 
 
 
 

  111,955  

 
 

  Deduct: By-product credits  

 
 
 
 
 
 

  (136,641)  

 
 
 
 

  (67,523)  

 
 

  Add: Treatment and refining  

 
 
 
 
 
 

  39,139  

 
 
 
 

  18,799  

 
 

  Cash cost  

 
 

  152,276  

 
 

  183,687  

 
 

  54,108  

 
 

  16,229  

 
 

  406,300  

 
 

  39,218  

 
 

  24,013  

 
 

  63,231  

 
 

   Cash cost per pound ($/lb)   

 
 

   1.78   

 
 

   2.33   

 
 

   1.88   

 
 

   2.37   

 
 
 

   1.96   

 
 

   0.63   

 
 
 

  Add: Sustaining capital  

 
 

  79,316  

 
 

  55,031  

 
 

  19,858  

 
 

  6,548  

 
 
 

  28,070  

 
 

  10,546  

 
 
 

  Royalties  

 
 

  

 
 

  8,270  

 
 

  2,174  

 
 

  5,003  

 
 
 

  1,081  

 
 

  

 
 
 

  Reclamation and other closure accretion and depreciation  

 
 

  2,158  

 
 

  1,427  

 
 

  2,047  

 
 

  2,620  

 
 
 

  1,305  

 
 

  933  

 
 
 

  Leases & other  

 
 

  2,901  

 
 

  25,715  

 
 

  1,131  

 
 

  1,101  

 
 
 

  106  

 
 

  103  

 
 
 

  All-in sustaining cost  

 
 

  236,651  

 
 

  274,130  

 
 

  79,318  

 
 

  31,501  

 
 
 

  69,780  

 
 

  35,595  

 
 
 

   AISC per pound ($/lb)   

 
 

   2.76   

 
 

   3.48   

 
 

   2.75   

 
 

   4.60   

 
 
 

   3.50   

 
 

   0.93   

 
 
 
 

 

 
 
                                                                                                                                                                           
 
 

   Year   ended December 31, 2024   

 
 

   Operations   

 
 

   Candelaria   

 
 

   Caserones   

 
 

   Chapada   

 
 

   Eagle   

 
 

   Total -
continuing
operations
 
 

 
 

   Neves-
Corvo
 
 

 
 

   Zinkgruvan   

 
 

   Total -
discontinued
operations
 
 

 
 

  ($000s, unless otherwise noted)  

 
 

   (Cu)   

 
 

   (Cu)   

 
 

   (Cu)   

 
 

   (Ni)   

 
 

   (Cu)   

 
 

   (Zn)   

 
 

  Sales volumes (Contained metal):  

 
 
 
 
 
 
 
 
 
 

  Tonnes  

 
 

  158,017  

 
 

  113,867  

 
 

  39,615  

 
 

  5,662  

 
 
 

  26,721  

 
 

  68,086  

 
 
 

  Pounds (000s)  

 
 

  348,367  

 
 

  251,033  

 
 

  87,336  

 
 

  12,483  

 
 
 

  58,910  

 
 

  150,104  

 
 
 

  Production costs  

 
 
 
 
 
 

  1,898,627  

 
 
 
 

  445,227  

 
 

  Less: Royalties and other  

 
 
 
 
 
 

  (84,501)  

 
 
 
 

  (4,785)  

 
 
 
 
 
 
 

  1,814,126  

 
 
 
 

  440,442  

 
 

  Deduct: By-product credits  

 
 
 
 
 
 

  (504,431)  

 
 
 
 

  (305,479)  

 
 

  Add: Treatment and refining  

 
 
 
 
 
 

  113,565  

 
 
 
 

  55,407  

 
 

  Cash cost  

 
 

  603,533  

 
 

  629,582  

 
 

  137,714  

 
 

  52,431  

 
 

  1,423,260  

 
 

  129,128  

 
 

  61,242  

 
 

  190,370  

 
 

   Cash cost per pound ($/lb)   

 
 

   1.73   

 
 

   2.51   

 
 

   1.58   

 
 

   4.20   

 
 
 

   2.19   

 
 

   0.41   

 
 
 

  Add: Sustaining capital  

 
 

  275,720  

 
 

  143,965  

 
 

  107,843  

 
 

  21,222  

 
 
 

  89,302  

 
 

  65,658  

 
 
 

  Royalties  

 
 

  15,730  

 
 

  32,106  

 
 

  8,580  

 
 

  7,442  

 
 
 

  3,961  

 
 

  

 
 
 

  Reclamation and other closure accretion and depreciation  

 
 

  8,570  

 
 

  (1,262)  

 
 

  10,153  

 
 

  6,767  

 
 
 

  5,220  

 
 

  4,033  

 
 
 

  Leases & other  

 
 

  9,133  

 
 

  69,002  

 
 

  3,576  

 
 

  6,949  

 
 
 

  3,322  

 
 

  309  

 
 
 

  All-in sustaining cost  

 
 

  912,686  

 
 

  873,393  

 
 

  267,866  

 
 

  94,811  

 
 
 

  230,933  

 
 

  131,242  

 
 
 

   AISC per pound ($/lb)   

 
 

   2.62   

 
 

   3.48   

 
 

   3.07   

 
 

   7.60   

 
 
 

   3.92   

 
 

   0.87   

 
 
 
 
 
 
 
 
 
 
 
 
 

 

 
 
                                                                                                                                                                           
 
 

   Year   ended December 31, 2023   

 
 

   Operations   

 
 

   Candelaria   

 
 

   Caserones   

 
 

   Chapada   

 
 

   Eagle   

 
 

   Total -
continuing
operations
 
 

 
 

   Neves-
Corvo
 
 

 
 

   Zinkgruvan   

 
 

   Total -
discontinued
operations
 
 

 
 

  ($000s, unless otherwise noted)  

 
 

   (Cu)   

 
 

   (Cu)   

 
 

   (Cu)   

 
 

   (Ni)   

 
 

   (Cu)   

 
 

   (Zn)   

 
 

  Sales volumes (Contained metal):  

 
 
 
 
 
 
 
 
 
 

  Tonnes  

 
 

  144,473  

 
 

  66,075  

 
 

  43,761  

 
 

  13,339  

 
 
 

  32,054  

 
 

  65,344  

 
 
 

  Pounds (000s)  

 
 

  318,508  

 
 

  145,670  

 
 

  96,476  

 
 

  29,407  

 
 
 

  70,667  

 
 

  144,059  

 
 
 

  Production costs  

 
 
 
 
 
 

  1,644,037  

 
 
 
 

  442,071  

 
 

  Less: Royalties and other  

 
 
 
 
 
 

  (60,916)  

 
 
 
 

  (5,321)  

 
 

  Inventory fair value adjustment  

 
 
 
 
 
 

  (39,945)  

 
 
 
 

  

 
 
 
 
 
 
 

  1,543,176  

 
 
 
 

  436,750  

 
 

  Deduct: By-product credits  

 
 
 
 
 
 

  (428,208)  

 
 
 
 

  (271,707)  

 
 

  Add: Treatment and refining  

 
 
 
 
 
 

  118,480  

 
 
 
 

  64,848  

 
 

  Cash cost  

 
 

  660,160  

 
 

  290,553  

 
 

  219,278  

 
 

  63,457  

 
 

  1,233,448  

 
 

  167,424  

 
 

  62,467  

 
 

  229,891  

 
 

   Cash cost per pound ($/lb)   

 
 

   2.07   

 
 

   1.99   

 
 

   2.27   

 
 

   2.16   

 
 
 

   2.37   

 
 

   0.43   

 
 
 

  Add: Sustaining capital  

 
 

  380,112  

 
 

  83,880  

 
 

  72,291  

 
 

  22,201  

 
 
 

  102,621  

 
 

  53,358  

 
 
 

  Royalties  

 
 

  

 
 

  15,820  

 
 

  8,568  

 
 

  22,994  

 
 
 

  3,949  

 
 

  

 
 
 

  Reclamation and other closure accretion and depreciation  

 
 

  9,258  

 
 

  2,560  

 
 

  7,836  

 
 

  11,331  

 
 
 

  5,387  

 
 

  3,744  

 
 
 

  Leases & other  

 
 

  13,325  

 
 

  47,944  

 
 

  4,999  

 
 

  4,100  

 
 
 

  553  

 
 

  427  

 
 
 

  All-in sustaining cost  

 
 

  1,062,855  

 
 

  440,757  

 
 

  312,972  

 
 

  124,083  

 
 
 

  279,934  

 
 

  119,996  

 
 
 

   AISC per pound ($/lb)   

 
 

   3.34   

 
 

   3.03   

 
 

   3.24   

 
 

   4.22   

 
 
 

   3.96   

 
 

   0.83   

 
 
 
 

Adjusted EBITDA can be reconciled to Net Earnings (Loss) as follows:

 
 
                                                                                                                                                                                                                                                         
 
 

   Three months ended   

 

   December 31,   

 
 
 

   Year   ended   

 

   December 31,   

 
 

  ($thousands)  

 
 

   2024   

 
 

  2023  

 
 
 

   2024   

 
 

  2023  

 
 

  2022  

 
 

  Net earnings (loss) — continuing operations  

 
 

   (159,618)   

 
 

  40,444  

 
 
 

   153,354   

 
 

  276,850  

 
 

  316,772  

 
 

  Add back:  

 
 
 
 
 
 
 
 

  Depreciation, depletion and amortization  

 
 

   148,033   

 
 

  181,865  

 
 
 

   607,744   

 
 

  497,873  

 
 

  416,204  

 
 

  Finance costs, net  

 
 

   38,282   

 
 

  32,023  

 
 
 

   141,455   

 
 

  91,429  

 
 

  51,317  

 
 

  Income taxes expense  

 
 

   34,767   

 
 

  101,858  

 
 
 

   229,973   

 
 

  214,366  

 
 

  104,113  

 
 

   EBITDA — continuing operations   

 
 

   61,464   

 
 

  356,190  

 
 
 

   1,132,526   

 
 

  1,080,518  

 
 

  888,406  

 
 

  Unrealized foreign exchange loss (gain)  

 
 

   (10,808)   

 
 

  2,693  

 
 
 

   (10,994)   

 
 

  1,804  

 
 

  16,491  

 
 

  Unrealized losses (gains) on derivative contracts  

 
 

   85,986   

 
 

  (2,592)  

 
 
 

   85,168   

 
 

  8,464  

 
 

  (62,971)  

 
 

  Ojos del Salado sinkhole expenses (recoveries)  

 
 

   (10,042)   

 
 

  1,687  

 
 
 

   (9,492)   

 
 

  16,922  

 
 

  63,271  

 
 

  Revaluation loss (gain) on marketable securities  

 
 

   (911)   

 
 

  (1,393)  

 
 
 

   (7,383)   

 
 

  (1,846)  

 
 

  (5,201)  

 
 

  Caserones inventory fair value adjustment  

 
 

    

 
 

  7,760  

 
 
 

    

 
 

  39,945  

 
 

  

 
 

  Partial suspension of underground operations at Eagle  

 
 

   11,436   

 
 

  

 
 
 

   36,073   

 
 

  

 
 

  

 
 

  Revaluation of Caserones purchase option  

 
 

    

 
 

  2,556  

 
 
 

   (11,728)   

 
 

  2,556  

 
 

  

 
 

  Write-down of assets  

 
 

   4,160   

 
 

  

 
 
 

   22,129   

 
 

  

 
 

  5,783  

 
 

  Goodwill and asset impairment  

 
 

   254,218   

 
 

  

 
 
 

   254,218   

 
 

  

 
 

  4,280  

 
 

  Inventory write-down (reversal)  

 
 

   (26,626)   

 
 

  

 
 
 

   (26,626)   

 
 

  

 
 

  62,546  

 
 

  Gain on disposal of subsidiary  

 
 

    

 
 

  

 
 
 

    

 
 

  (5,718)  

 
 

  (16,828)  

 
 

  Other  

 
 

   (637)   

 
 

  732  

 
 
 

   (2,085)   

 
 

  2,958  

 
 

  (2,133)  

 
 

  Total adjustments — EBITDA  

 
 

   306,776   

 
 

  11,443  

 
 
 

   329,280   

 
 

  65,085  

 
 

  65,238  

 
 

   Adjusted EBITDA — continuing operations   

 
 

   368,240   

 
 

  367,633  

 
 
 

   1,461,806   

 
 

  1,145,603  

 
 

  953,644  

 
 

  Including discontinued operations:  

 
 
 
 
 
 
 
 

  Net earnings (loss) — discontinued operations  

 
 

   (244,816)   

 
 

  26,309  

 
 
 

   (214,671)   

 
 

  38,399  

 
 

  146,761  

 
 

  Add back:  

 
 
 
 
 
 
 
 

  Depreciation, depletion and amortization  

 
 

   32,831   

 
 

  41,191  

 
 
 

   155,344   

 
 

  155,723  

 
 

  138,546  

 
 

  Finance costs, net  

 
 

   1,813   

 
 

  2,868  

 
 
 

   9,793   

 
 

  11,270  

 
 

  12,868  

 
 

  Income taxes expense  

 
 

   (22,173)   

 
 

  758  

 
 
 

   (13,711)   

 
 

  2,233  

 
 

  30,515  

 
 

   EBITDA — discontinued operations   

 
 

   (232,345)   

 
 

  71,126  

 
 
 

   (63,245)   

 
 

  207,625  

 
 

  328,690  

 
 

  Unrealized foreign exchange loss (gain)  

 
 

   (960)   

 
 

  76  

 
 
 

   (200)   

 
 

  (580)  

 
 

  4,673  

 
 

  Unrealized losses (gains) on derivative contracts  

 
 

   (466)   

 
 

  (16,717)  

 
 
 

   18,597   

 
 

  13,468  

 
 

  

 
 

  Goodwill and asset Impairment  

 
 

   291,178   

 
 

  

 
 
 

   291,178   

 
 

  

 
 

  (19)  

 
 

  Other  

 
 

   (22)   

 
 

  (2,388)  

 
 
 

   (1,114)   

 
 

  (2,568)  

 
 

  5,518  

 
 

  Total adjustments — EBITDA discontinued operations  

 
 

   289,730   

 
 

  (19,029)  

 
 
 

   308,461   

 
 

  10,320  

 
 

  10,172  

 
 

   Adjusted EBITDA — discontinued operations   

 
 

   57,385   

 
 

  52,097  

 
 
 

   245,216   

 
 

  217,945  

 
 

  338,862  

 
 

   Adjusted EBITDA (all operations)   

 
 

   425,625   

 
 

  419,730  

 
 
 

   1,707,022   

 
 

  1,363,548  

 
 

  1,292,506  

 
 
 

Adjusted Earnings and Adjusted EPS can be reconciled to Net Earnings (Loss) Attributable to Lundin Mining Shareholders as follows:

 
 
                                                                                                                                                                                                                                    
 
 

   Three months ended   

 

   December 31,   

 
 
 

   Year   ended   

 

   December 31,   

 
 

  ($thousands, except share and per share amounts)  

 
 

   2024   

 
 

  2023  

 
 
 

   2024   

 
 

  2023  

 
 

  2022  

 
 

  Net (loss) earnings attributable to Lundin Mining shareholders — continuing operations  

 
 

   (195,343)   

 
 

  12,488  

 
 
 

   11,144   

 
 

  203,163  

 
 

  277,198  

 
 

  Add back:  

 
 
 
 
 
 
 
 

  Total adjustments - EBITDA  

 
 

   306,776   

 
 

  11,443  

 
 
 

   329,280   

 
 

  65,085  

 
 

  65,238  

 
 

  Tax effect on adjustments  

 
 

   (57,600)   

 
 

  (2,987)  

 
 
 

   (59,519)   

 
 

  (26,925)  

 
 

  2,882  

 
 

  Deferred tax expense due to change in tax rate  

 
 

    

 
 

  14,500  

 
 
 

    

 
 

  40,200  

 
 

  

 
 

  Deferred tax arising from foreign exchange translation  

 
 

   45,065   

 
 

  41,168  

 
 
 

   12,712   

 
 

  28,841  

 
 

  (20,733)  

 
 

  Non-controlling interest on adjustments  

 
 

   (4,077)   

 
 

  (4,221)  

 
 
 

   (1,912)   

 
 

  (22,886)  

 
 

  2,026  

 
 

  Total adjustments  

 
 

   290,164   

 
 

  59,903  

 
 
 

   280,560   

 
 

  84,315  

 
 

  49,413  

 
 

   Adjusted earnings — continuing operations   

 
 

   94,821   

 
 

  72,391  

 
 
 

   291,704   

 
 

  287,478  

 
 

  326,611  

 
 

  Including discontinued operations:  

 
 
 
 
 
 
 
 

  Net earnings attributable to Lundin Mining shareholders - discontinued operations 1  

 
 

   (244,816)   

 
 

  26,309  

 
 
 

   (214,671)   

 
 

  38,399  

 
 

  149,652  

 
 

  Add back:  

 
 
 
 
 
 
 
 

  Total adjustments - EBITDA - discontinued operations  

 
 

   289,730   

 
 

  (19,029)  

 
 
 

   308,461   

 
 

  10,320  

 
 

  10,172  

 
 

  Tax effect on adjustments  

 
 

   (20,544)   

 
 

  

 
 
 

   (26,547)   

 
 

  

 
 

  (3,679)  

 
 

  Total adjustments  

 
 

   269,186   

 
 

  (19,029)  

 
 
 

   281,914   

 
 

  10,320  

 
 

  6,493  

 
 

   Adjusted earnings — discontinued operations   

 
 

   24,370   

 
 

  7,280  

 
 
 

   67,243   

 
 

  48,719  

 
 

  156,145  

 
 

   Adjusted earnings (all operations)   

 
 

   119,191   

 
 

  79,671  

 
 
 

   358,947   

 
 

  336,197  

 
 

  482,756  

 
 
 
 
 
 
 
 
 

   Basic weighted average number of shares outstanding   

 
 

   776,720,828   

 
 

  773,476,216  

 
 
 

   774,825,230   

 
 

  772,532,260  

 
 

  762,518,753  

 
 
 
 
 
 
 
 
 

  Net (loss) earnings attributable to Lundin Mining shareholders - continuing operations  

 
 

   (0.25)   

 
 

  0.02  

 
 
 

   0.01   

 
 

  0.26  

 
 

  0.36  

 
 

  Total adjustments  

 
 

   0.37   

 
 

  0.08  

 
 
 

   0.36   

 
 

  0.11  

 
 

  0.06  

 
 

   Adjusted EPS — continuing operations   

 
 

   0.12   

 
 

  0.09  

 
 
 

   0.38   

 
 

  0.37  

 
 

  0.43  

 
 
 
 
 
 
 
 
 

  Net (loss) earnings attributable to Lundin Mining shareholders - discontinued operations  

 
 

   (0.32)   

 
 

  0.03  

 
 
 

   (0.28)   

 
 

  0.05  

 
 

  0.20  

 
 

  Total adjustments  

 
 

   0.35   

 
 

  (0.03)  

 
 
 

   0.36   

 
 

  0.01  

 
 

  0.01  

 
 

   Adjusted EPS — discontinued operations   

 
 

   0.03   

 
 

  0.01  

 
 
 

   0.09   

 
 

  0.06  

 
 

  0.20  

 
 
 
 
 
 
 
 
 

  Net (loss) earnings attributable to Lundin Mining shareholders  

 
 

   (0.57)   

 
 

  0.05  

 
 
 

   (0.26)   

 
 

  0.31  

 
 

  0.56  

 
 

  Total adjustments  

 
 

   0.72   

 
 

  0.05  

 
 
 

   0.73   

 
 

  0.12  

 
 

  0.07  

 
 

   Adjusted EPS (all operations)   

 
 

   0.15   

 
 

  0.10  

 
 
 

   0.46   

 
 

  0.44  

 
 

  0.63  

 
 
 
 
 
 

   1 Represents Net (loss) earnings attributable to Lundin Mining Corporation shareholders less Net earnings from continuing operations attributable to Lundin Mining Corporation shareholders.  

 
 
 

Free Cash Flow from Operations and Free Cash Flow can be reconciled to Cash provided by Operating Activities on the Company's Consolidated Statement of Cash Flows as follows:

 
 
                                                                                                                           
 
 

   Three months ended   

 

   December 31,   

 
 
 

   Year   ended   

 

   December 31,   

 
 

  ($thousands)  

 
 

   2024   

 
 

  2023  

 
 
 

   2024   

 
 

  2023  

 
 

  2022  

 
 

  Cash provided by operating activities related to continuing operations  

 
 

   547,267   

 
 

  249,875  

 
 
 

   1,300,848   

 
 

  827,244  

 
 

  615,986  

 
 

  Sustaining capital expenditures  

 
 

   (136,674)   

 
 

  (165,211)  

 
 
 

   (549,100)   

 
 

  (571,245)  

 
 

  (520,465)  

 
 

  General exploration and business development  

 
 

   12,974   

 
 

  11,062  

 
 
 

   45,352   

 
 

  44,010  

 
 

  135,213  

 
 

   Free cash flow from operations — continuing operations   

 
 

   423,567   

 
 

  95,726  

 
 
 

   797,100   

 
 

  300,009  

 
 

  230,734  

 
 

  General exploration and business development  

 
 

   (12,974)   

 
 

  (11,062)  

 
 
 

   (45,352)   

 
 

  (44,010)  

 
 

  (135,213)  

 
 

  Expansionary capital expenditures  

 
 

   (50,607)   

 
 

  (41,082)  

 
 
 

   (243,566)   

 
 

  (275,913)  

 
 

  (171,094)  

 
 

   Free cash flow — continuing operations   

 
 

   359,986   

 
 

  43,582  

 
 
 

   508,182   

 
 

  (19,914)  

 
 

  (75,573)  

 
 

  Cash provided by operating activities related to discontinued operations  

 
 

   73,014   

 
 

  56,206  

 
 
 

   218,009   

 
 

  189,368  

 
 

  260,903  

 
 

  Sustaining capital expenditures  

 
 

   (35,150)   

 
 

  (38,616)  

 
 
 

   (154,960)   

 
 

  (155,979)  

 
 

  (119,366)  

 
 

  General exploration and business development  

 
 

   4,614   

 
 

  3,438  

 
 
 

   12,843   

 
 

  11,682  

 
 

  9,140  

 
 

   Free cash flow from operations — discontinued operations   

 
 

   42,478   

 
 

  21,028  

 
 
 

   75,892   

 
 

  45,071  

 
 

  150,677  

 
 

  General exploration and business development  

 
 

   (4,614)   

 
 

  (3,438)  

 
 
 

   (12,843)   

 
 

  (11,682)  

 
 

  (9,140)  

 
 

  Expansionary capital expenditures  

 
 

    

 
 

  

 
 
 

    

 
 

  

 
 

  (31,899)  

 
 

   Free cash flow — discontinued operations   

 
 

   37,864   

 
 

  17,590  

 
 
 

   63,049   

 
 

  33,389  

 
 

  109,638  

 
 

   Free cash flow from operations (all operations)   

 
 

   466,045   

 
 

  116,754  

 
 
 

   872,992   

 
 

  345,080  

 
 

  381,411  

 
 

   Free cash flow (all operations)   

 
 

   397,850   

 
 

  61,172  

 
 
 

   571,231   

 
 

  13,475  

 
 

  34,065  

 
 
 

Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share can be reconciled to Cash Provided by Operating Activities on the Company's Consolidated Statement of Cash Flows as follows:

 
 
                                                                                                      
 
 

   Three months ended   

 

   December 31,   

 
 
 

   Year   ended   

 

   December 31,   

 
 

  ($thousands, except share and per share amounts)  

 
 

   2024   

 
 

  2023  

 
 
 

   2024   

 
 

  2023  

 
 

  2022  

 
 

  Cash provided by operating activities related to continuing operations  

 
 

   547,267   

 
 

  249,875  

 
 
 

   1,300,848   

 
 

  827,244  

 
 

  615,986  

 
 

  Changes in non-cash working capital items  

 
 

   (295,508)   

 
 

  55,518  

 
 
 

   (220,880)   

 
 

  20,032  

 
 

  124,087  

 
 

   Adjusted operating cash flow — continuing operations   

 
 

   251,759   

 
 

  305,393  

 
 
 

   1,079,968   

 
 

  847,276  

 
 

  740,073  

 
 

  Cash provided by operating activities related to discontinued operations  

 
 

   73,014   

 
 

  56,206  

 
 
 

   218,009   

 
 

  189,368  

 
 

  260,903  

 
 

  Changes in non-cash working capital items  

 
 

   (10,895)   

 
 

  447  

 
 
 

   4,615   

 
 

  (12,427)  

 
 

  (8,031)  

 
 

   Adjusted operating cash flow — discontinued operations   

 
 

   62,119   

 
 

  56,653  

 
 
 

   222,624   

 
 

  176,941  

 
 

  252,872  

 
 

   Adjusted operating cash flow (all operations)   

 
 

   313,878   

 
 

  362,046  

 
 
 

   1,302,592   

 
 

  1,024,217  

 
 

  992,945  

 
 
 
 
 
 
 
 
 

  Basic weighted average number of shares outstanding  

 
 

   776,720,828   

 
 

  773,476,216  

 
 
 

   774,825,230   

 
 

  772,532,260  

 
 

  762,518,753  

 
 
 
 
 
 
 
 
 

   Adjusted operating cash flow per share — continuing operations   

 
 

   $             0.32   

 
 

  0.39  

 
 
 

   1.39   

 
 

  1.10  

 
 

  1.00  

 
 

   Adjusted operating cash flow per share — discontinued operations   

 
 

   $             0.08   

 
 

  0.08  

 
 
 

   0.29   

 
 

  0.23  

 
 

  0.30  

 
 

   Adjusted operating cash flow per share (all operations)   

 
 

   $             0.40   

 
 

  0.47  

 
 
 

   1.68   

 
 

  1.33  

 
 

  1.30  

 
 
 

Net debt and net debt excluding lease liabilities can be reconciled to Debt and Lease Liabilities, Current Portion of Debt and Lease Liabilities and Cash and Cash Equivalents on the Company's Consolidated Balance Sheets as follows:

 
 
                                                        
 

  ($ thousands), continuing operations  

 
 

   December 31, 2024   

 
 

  December 31, 2023  

 
 

  December 31, 2022  

 
 

  Debt and lease liabilities  

 
 

   (1,610,925)   

 
 

  (1,273,162)  

 
 

  (27,179)  

 
 

  Current portion of debt and lease liabilities  

 
 

   (395,232)   

 
 

  (212,646)  

 
 

  (170,149)  

 
 

  Less deferred financing fees (netted in above)  

 
 

   (7,656)   

 
 

  (6,374)  

 
 

  (4,926)  

 
 

  Add debt and lease liabilities related to liabilities classified as held-for-sale  

 
 

   (16,266)   

 
 

  -  

 
 

  -  

 
 
 

   (2,030,079)   

 
 

  (1,492,182)  

 
 

  (202,254)  

 
 
 
 
 
 

  Cash and cash equivalents  

 
 

   357,478   

 
 

  268,793  

 
 

  191,387  

 
 

  Add cash and cash equivalents related to assets classified as held-for-sale  

 
 

   74,801   

 
 

  -  

 
 

  -  

 
 

   Net debt   

 
 

   (1,597,800)   

 
 

  (1,223,389)  

 
 

  (10,867)  

 
 
 
 
 
 

  Lease liabilities  

 
 

   249,185   

 
 

  277,208  

 
 

  27,166  

 
 

  Lease liabilities related to liabilities classified as held-for-sale  

 
 

   16,266   

 
 

  -  

 
 

  -  

 
 

   Net debt excluding lease liabilities   

 
 

   (1,332,349)   

 
 

  (946,181)  

 
 

  16,299  

 
 
 

   Cautionary Statement on Forward-Looking Information   

 

Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of pending litigation; the results of any Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates and interest rates; the development and implementation of the Company's Responsible Mining Management System; the Company's ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company's projects; the Company's integration of acquisitions and expansions and any anticipated benefits thereof, including the anticipated project development and other plans and expectations with respect to the 50/50 joint arrangement with BHP; the timing and completion of the sale of the Company's European assets; and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.

 

Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, gold, zinc, nickel and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions and the realization of synergies and economies of scale in connection therewith; that the political environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, such information is inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; challenges and conflicts that may arise in partnerships and joint operations; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile ; the impact of global financial conditions, market volatility and inflation; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company's operation in emerging markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company's projects and mines; any breach or failure information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time; risks relating to acquisitions or business arrangements; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; the exclusive jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; minor elements contained in concentrate products; changes in the relationship with its employees and contractors; the Company's Mineral Reserves and Mineral Resources which are estimates only; payment of dividends in the future; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; risks associated with climate change; the Company's common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company's internal controls; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the completion of the sale of the Company's European assets; and other risks and uncertainties, including but not limited to those described in the "Risks and Uncertainties" section of the Company's MD&A for the year ended December 31, 2024 and the "Risks and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2024 , which are available on SEDAR+ at www.sedarplus.ca under the Company's profile.

 

All of the forward-looking information in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward‐looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.

 
 

  Lundin Mining Fourth Quarter and Full Year 2024 Results (CNW Group/Lundin Mining Corporation) 

 
 
 
 

SOURCE Lundin Mining Corporation

 

 

 

 Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2025/19/c4990.html  

 
 

 

News Provided by Canada Newswire via QuoteMedia

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