Lundin Mining Corporation
Lundin Mining Corporation
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Lundin Mining has a booming Q1 22 profit run up to $378M from Q1 21's $154M, but on global production down, with the exception of nickel
Lundin Mining has completed its takeover of Josemaria Resources via a plan of arrangement with an implied equity value of $C625M ($US485M).
Increased production across the board and higher realized metal prices have lifted diversified Canada base metals miner Lundin Mining’s Dec 2021 year (FY/CY 21) attributable net earnings to $US780.3M from the previous year’s 168.8M and net earnings to $879.3M from $189.1M.
Adjusted EBITDA jumped to $1,869.4M from $856.9M, cash flow from operations to $1,485M from $565.9M and free cash flow to $1,009.6M from $199.4M.
Diversified Canadian base metals miner Lundin Mining has discovered a new copper-gold mineralized system called Saúva, 15km N of the Chapada mine in Goiás, Brazil.
part of the company’s ongoing exploration program aimed at increasing the Chapada resource.
Favourable base metal prices have set a 2nd consecutive free cash flow record up to $US407M for Lundin Mining’s Sept 2012 qtr (Q3 21), well up on Q2 21’s $298.9M.
Cash flow from operations was also up to $523.1M from $419M, but not enough to stop attributable net earnings plunging to $173.7M from $242.6M, adjusted earnings to $168.4M from $226.3M and gross profit to $303.9M from $380.2M. Revenue also slipped to $756.4M from $872.3M, with adjusted EBITDA down to $411.3M from $480.7M and adjusted operating cash flow to $294.1M from $431.6M.
The owners of Spain’s Minas de Aguas Teñidas (MATSA) company plan to launch the sale of the copper miner on Friday in a deal led by investment banks Bank of Montreal (BMO) and UBS that could fetch up to $US2B, Reuters reports.
Lundin Gold has cut Dec 2021 year (FY/CY 21) metal-in-concentrate output (100% basis) from its Candelaria Copper Mining Complex in Chile to 150,000t-155,000t Cu from 172,000t-182,000t and gold to 85,000oz-90,000oz from 95,000oz-100,000oz, without yet altering total FY/CY 21 expectations of 275,000t-299,000t Cu and 95,000oz-100,000oz Au.
Gold and nickel shone for Canadian miner Lundin Mining with Dec 2020 year (FY/CY 20) gold output a 1st up 163,000oz and nickel to 16,718t from FY/CY 2019’s 13,494t, but with copper easing to 230,781t from 235,498t and zinc to 142,744t from 151,515t.
The result saw all metals from the company’s operations, which span Brazil, Chile, Portugal, Sweden and the US, achieve annual production guidance.
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.