Lundin Mining Corporation
Lundin Mining Corporation
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Australian Newcrest Mining’s self-proclaimed June 2020 (FY 20) year of investment in the future has produced a statutory profit up 15% on FY 2019 to $US647M, with underlying profit jumping 34% to $750M.
The bottom line, with only minimal impact from the COVID-19 pandemic, was on group gold production down 13% to 2.17Moz, but copper up 30% to 137,623t at AISC up to $862oz from $738oz, but offset by a realised gold price up 21% to $1,530oz, albeit with the copper price down 8% to $2.57/lb.
Successfully avoiding the COVID-19 global pandemic, diversified miner Lundin Mining has managed a $US150M turn around to lift June 2020 qtr (Q2 20) net earnings to $38.7M from Q1 20’s $111.5M loss on increased copper/gold production.
Lundin Mining is forging ahead, with minimal problems from COVID-19 and turning a Q1 20 $111.5 loss into a Q2 20 $38.7M profit
Lundin Mining has posted a $US208.5M profit-to-loss turnaround in the Mar 2020 qtr (Q1 20) for an attributable net loss of $111.5M from Q4 19’s $97M net earnings.
The result was also on copper, zinc and gold production falls, with only nickel up, and cutting FY/CY2020 production expectations.
Diversified global miner Lundin Mining has cut FY2020 guidance after big Q1 20 swing from profit to $111.5M loss
Lundin Mining is expecting a similar FY/CY20 as 2019, which saw copper production up, but zinc/nickel down
Australian-based explorer PolarX is on the lookout for a new farm-in partner for its 100%-owned Stellar property at the Alaska Range project 250km NE of Anchorage following the decision of its 12.8% largest shareholder Lundin Mining not to exercise its earn-in right.
With production of all its mineral commodities down, Lundin Mining’s 9-months Sept 2019 YTD (YTD19) net earnings have slumped to $US84.4M from YTD18’s $183.7M.
Gross profit fell to $294.9M from $364.6M on revenue steady at $1.3B and cash flow from operations down to $378.2M from $432.1M. The net earnings/gross profit fall was primarily due to lower metal prices and price adjustments totalling $67.5M, higher depreciation of $44.8M and higher zinc treatment/refining charges of $12.5M.
Australian explorer/developer PolarX is raising $A4.26M primarily to fund upcoming exploration at the Zackly and Caribou Dome prospects within its 100%-owned Alaska Range copper-gold project in the US.
Canadian miner Lundin Mining is buying 14.3% of Western Australia-based explorer PolarX for $A4.3M, a deal that will give Lundin an exclusive option to earn 51% of PolarX’ Stellar Project, within its 100%-owned Alaska Range Project, US, via the staged spending of another $US24M on exploration and staged payments to PolarX of $20M.