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Lundin Mining Corporation (“Lundin Mining” or the “Company”) (TSX:LUN)(OMX:LUMI) today reported cash flows of $244.7 million generated from operations in the first quarter of the year, not including the Company’s attributable cash flows from Tenke Fungurume. Net earnings attributable to Lundin Mining shareholders of $91.6 million ($0.13 per share) for the quarter ended March 31, …
Lundin Mining Corporation (“Lundin Mining” or the “Company”) (TSX:LUN)(OMX:LUMI) today reported cash flows of $244.7 million generated from operations in the first quarter of the year, not including the Company’s attributable cash flows from Tenke Fungurume. Net earnings attributable to Lundin Mining shareholders of $91.6 million ($0.13 per share) for the quarter ended March 31, 2017 were aided by improved copper and zinc prices.
(This news release contains forward-looking statements. Please refer to the cautionary language under the heading “Cautionary Statement on Forward-Looking Information and Non-GAAP Performance Measures” below. All dollar amounts expressed in this news release are in US dollars unless otherwise noted.)
Mr. Paul Conibear, President and CEO commented:
“Our operations performed reliably and in line with plan during the first quarter. We have improved cash cost guidance at both Eagle and Neves-Corvo, and reconfirm the production outlook for the year. The Company’s cash position now stands at over $2.0 billion, reflecting the nearly $214 million of cash generated during the first quarter, in addition to proceeds from the sale of Tenke received in April.
We remain focused on value creation and disciplined in our approach to investment opportunities both on our own assets and externally. Expansion studies and projects are advancing at all of our operations, and most notably a final Feasibility Study on our Neves-Corvo Zinc Expansion Project, expected to approximately double current zinc production, is on track to be delivered very soon with an expectation of fast tracking this significant value added project.”
Highlights
Operational Performance
Assisted by higher by-product metal prices, cash costs for the first quarter of 2017 were largely favourable compared to the prior year and guidance. Production for the first quarter of 2017 was consistent with expectations although, with the exception of nickel, was less than that reported in the prior year. The Company remains on track to meet overall full year guidance.
The full press release is available here.