Lundin meets guidance for all metals, shares up

The Candelaria open-pit copper mine in Chile’s Atacama province. Credit: Lundin Mining

Lundin Mining (TSE: LUN) reported on Wednesday production of 230,781 tonnes of copper in 2020, at the upper end of the guidance range and gold production of 163,000 oz, exceeding guidance.

Candelaria copper (126,702 tonnes) and gold (76,000 oz) production in Chile both exceeded annual guidance. The operation returned to full production capacity in December 2020 after reaching new collective union agreements and the upgrade installation of the fourth and final ball mill motor.

Chapada copper (50,038 tonnes) and gold (87,000 oz) production in Brazil both exceeded annual guidance. Chapada returned to full processing capacity in December 2020 after the installation of a second repaired motor on the ball mill.

Eagle copper and nickel mine in US also achieved annual guidance.

Year-end 2020 net debt position was approximately $65 million.

Midday Wednesday, Lundin’s stock was up nearly 3% on the TSE. The company has a C$9 billion market capitalization.

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