Lundin Mining lifts copper outlook, cuts costs on Chile gains

Canada’s Lundin Mining (TSX: LUN) has raised its full-year copper guidance by about 4% to 319,000–337,000 tonnes, up from 303,000–330,000 tonnes, after stronger-than-expected performance at its Caserones mine in Chile prompted the company to also lower its cost forecasts.In its latest earnings report, Lundin said copper production, revenue, EBITDA, and earnings all improved from the first and second quarters. The Vancouver-based miner generated more than $1 billion in revenue and delivered $383 million in adjusted operating cash flow. Consolidated copper cash costs averaged $1.61 per pound, roughly 6% lower than in 2024 and the lowest quarterly cost so far this year.“We are updating our full-year guidance to reflect strong operational performance, particularly at Caserones,” president and CEO Jack Lundin said. “The midpoint of consolidated copper production is increasing by 11,500 tonnes to 328,000 tonnes, with a new range of 319,000 to 337,000 tonnes.”He added that better results at Caserones and Chapada, in Brazil, have driven the overall copper cash cost guidance down to $1.85–$2 per pound.“Strong performance at Caserones and Chapada resulted in cost guidance cuts of ~12% and 21%, respectively, driving the overall cost reduction,” BMO’s Matt Murphy wrote Thursday. “The company is in position to achieve this new range, having produced 75% of the copper guidance midpoint year-to-date, and tracking below the midpoint of the revised cost guidance range.”Beat expectationsLundin’s copper output reached 87,400 tonnes, beating market expectations of 81,100 tonnes. Gold production of 37,800 ounces was roughly in line with forecasts of 37,600 ounces. Copper sales totalled 78,800 tonnes, ahead of consensus at 76,400 tonnes, while gold sales of 38,800 ounces topped the expected 36,000 ounces.BMO’s Murphy raised his price target by 14% to C$25, citing a stronger operational record and a favourable long-term growth outlook.In leadership news, Ron Hochstein, who led Lundin Gold (TSX, NASDAQ: LUG) since 2015, will become on Friday the CEO of Vicuña Corp., a joint venture between Lundin Mining and BHP (ASX, NYSE: BHP) managing the Filo del Sol and Josemaría projects in the Chile-Argentina border area.Under Hochstein’s tenure, Lundin Gold built Fruta del Norte, one of only two large-scale operating mines in Ecuador, into what he has described as “a standard for responsible mining development.” The high-grade gold mine began commercial production in February 2020. The company continues to explore for another discovery in Ecuador with similar potential.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com