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Fourth Quarter 2009
Mr. Phil Wright, President and CEO commented, "The large turnaround in profit in the fourth quarter reflects the effect of stronger metal prices and the continued good performance of our European operations.
"Tenke's ramp up to commercial production has gone extremely well and the mine produced 70,000 tonnes of copper cathode during 2009.
"At year-end we had $141.6 million of cash on hand and net debt to equity stood at only 1.7%. This puts us in a strong position to pursue our growth ambi... |
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Third Quarter 2009
Lundin Mining Corporation ("Lundin Mining" or the "Company") reported unaudited net income for the quarter of $3.7 million, or $0.01 per share. Operating earnings were $91.8 million, up from $68.9 million in the third quarter of 2008. Cash flow from operations during the quarter was $40.0 million, compared to $46.8 million in the third quarter of 2008.
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Second Quarter 2009
Commenting on the quarter, Mr. Phil Wright, President and CEO said, "We have seen a strong rebound from the low point last quarter with measures taken to improve performance and reduce cost paying off.
"Net income and cash flow are substantially improved from last quarter and our wholly-owned operations are well ahead of our internal expectations.
"Tenke reached another important milestone, with first sales recorded during the quarter. Sales of 12,000 tonnes of copper were recorded with p... |
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First Quarter 2009
Commenting on the quarter, Mr. Phil Wright, President and CEO said "This quarter has probably represented the bottom for us in terms of cash flow and earnings. We paid out $68.1 million in customer settlements that related to last quarter's severe price falls and, post this, all our mining operations are now cash flow positive.
"The recent equity raising, coupled with a limited-term copper hedge, has removed the liquidity concerns we had at the start of the quarter and we are now in a positi... |
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Annual Report 2008
2008 has been a tumultuous year for base metal mining companies best defined by the collapse of metal prices starting in September 2008. De-stocking in supply chains, coupled with collapsing demand, has seen base metal inventories rise, prices fall and profits contract.
Your company responded early. At the first sign of the sharp fall in metal prices, action was taken to reduce expenditure. Revised operating plans were devised with the objective of ensuring that the key operations were capabl... |
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Third Quarter 2008
Unaudited net earnings, before impairment charges and related taxes, were $2.1 million for the third quarter of 2008. Operating earnings and cash flow from operations for the quarter were $68.9 million and $46.8 million respectively. These compare to $153.9 million and $155.3 million respectively in the prior corresponding quarter.
Mr. Phil Wright, President and CEO commented, "Prices have fallen sharply in the quarter. The price decline and commensurate price adjus... |
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Second Quarter 2008
Unaudited net earnings, before impairment charges and related taxes, of $56.2 million ($0.14 per share) for the second quarter 2008. Operating earnings* for the first six months were $320 million ($0.82 per share), exceeding internal expectations by 8%.
Production of all metals was in-line with, or ahead of, internal expectations with the exception of a shortfall in zinc production from Aljustrel which is under-going start-up. Copper and nickel production forecasts for 2008 are being revised ... |
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First Quarter 2008
Lundin Mining reported a net earnings of $78.8 million for the first quarter 2008, representing an increase of 51% compared with the first quarter 2007. Earnings per share were up 11%, on the expanded capital, to $0.20 for the quarter.
Sales revenue for the quarter of US$305.7 million is an increase of 58% over the previous corresponding period. Copper and lead prices have risen year-on-year while zinc and nickel prices have fallen. A large part of the increase is related to the inclusion of ... |
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Annual Report 2007
Delivering growth and operating excellence is my focus. Lundin Mining has secured its position in the industry as a responsible, profitable and growing mining company with a quality, growth-oriented portfolio of assets. Six mines are in operation producing copper, zinc, lead and nickel and the Company has one of the best project development pipelines in the sector.
Much was achieved in 2007 with the Company enjoying tremendous growth through acquisition, exploration and optimization of operations. |
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Third Quarter 2007
"The Company's potential for volume growth in the future is significant with major expansion programs in two core assets of the Company. Zinc production will be quadrupled at the Neves-Corvo mine from 2011 onward and production of copper concentrates will begin at the Zinkgruvan mine in 2010. In addition, our interest in the Tenke Fungurume project was consolidated into our assets during the period as well as the Aguablanca nickel-copper mine. We will continue to optimize the performance of ope... |
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Second Quarter 2007
A solid performance in most of our operations and rising metals prices during the spring led to record net earnings. Meanwhile, the growth strategy continues. We recently closed the acquisition of Tenke Mining Corp., which adds a highly promising, world class copper/cobalt project, Tenke Fungurume, in the Democratic Republic of Congo to our asset portfolio. We have also broadened our commodity mix into nickel with the acquisition of Rio Narcea Gold Mines, Ltd. Rio Narcea's main asset is the Span... |
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First Quarter 2007
During the period up to the end of April, Lundin Mining has announced two major transactions. We have entered into an agreement with Canadian listed base metals producer Rio Narcea Gold Mines, Ltd. ("Rio Narcea") and offered to acquire for cash all of the outstanding shares and warrants in Rio Narcea. We have also entered an agreement with Tenke Mining Corp. ("Tenke") to merge. Rio Narcea will, following completion of the transaction, with immediate effect contribute to group cash flow from i... |
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Annual Report 2006
On October 19, 2006, the shareholders of Lundin Mining Corporation and of EuroZinc Mining Corporation approved a merger of the two companies to form a premier global base metal mining company and thus forming a new Lundin Mining Corporation. The merger brought together two young and ambitious mining companies with the intent of becoming the next major global mining house in the base metal sector. The transition from two companies to one, was successfully completed before year end. We entered 200... |
