Lundin Mining Corporation

Quarterly Highlights

Second Quarter 2015
For the second quarter of 2015, all of the Company's operations continued to perform well, with most operations meeting or exceeding expectations. Production results continue to be strong, cash costs remain competitive, and favourable profit margins were
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First Quarter 2015
For the first quarter of 2015, all of the Company's operations performed well, substantially meeting and in a number of cases performing better than guidance for production and cash costs.
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Year End 2014
For 2014, all of the Company's operations substantially met or performed better than guided on production. Aggregate capital spending was below guidance.
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Third Quarter 2014
Nickel, lead and zinc production were in-line with targeted production for the quarter, while copper production was lower than expectations.
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Second Quarter 2014
Nickel and lead production exceeded expectations, while copper and zinc production were in-line with targeted production for the quarter. Higher throughput at Aguablanca resulted in better than expected nickel and copper production, while higher lead grades and throughput at Zinkgruvan resulted in higher lead production. Copper, nickel and lead production guidance has been increased reflecting excellent mine production at Aguablanca, higher throughput at Zinkgruvan and better than expected lead grades from the Lombador ore body at Neves-Corvo.
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First Quarter 2014
Wholly-owned operations: Copper, nickel, and lead production all exceeded expectations, while zinc production was in-line with targeted production. Higher throughput at Neves-Corvo and Aguablanca resulted in better than expected copper and nickel production, respectively, while significantly higher lead grades at Zinkgruvan resulted in lead production exceeding expectations.
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Year End 2013
Wholly-owned operations: Copper and nickel production exceeded the high end of our production guidance, while zinc and lead met our overall targets. Higher throughput at Neves-Corvo resulted in better than expected copper production, while nickel and copper production at Aguablanca was assisted by better than expected throughput, grades and recoveries.
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Third Quarter 2013
On July 17, 2013, the Company completed the acquisition of the high grade Eagle nickel/copper underground mine and associated Humboldt mill ("Eagle Project" or "Eagle") from Rio Tinto Nickel Company, a subsidiary of Rio Tinto plc ("Rio Tinto"). The Eagle Project is located in the Upper Peninsula of Michigan, USA. Total consideration paid was $315.3 million, consisting of a $250.0 million purchase amount plus project expenditures from January 1, 2013 until transaction closing of $65.3 million, subject to customary adjustments. The Company drew down $200.0 million on its revolving credit facility and utilized cash on hand to fund this acquisition.
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Second Quarter 2013
Overall mine performance during the quarter achieved objectives. Copper and lead production for the quarter were largely in-line with expectations while nickel production was higher than anticipated. Zinc production improved from the first quarter of 2013; however, cash costs per pound1 of zinc continued to be higher than expected. Copper, zinc and lead production guidance for Neves-Corvo and Zinkgruvan has been maintained as originally reported. Nickel and copper production guidance at Aguablanca has been increased reflecting excellent mine performance year-to-date.
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First Quarter 2013
The Company reported net earnings of $50.1 million ($0.09 per share) for the quarter ended March 31, 2013. Cash flows of $45.8 million were generated from operations, not including the Company's attributable cash flows of $43.6 million from Tenke Fungurume.
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Year End 2012
The Company's strong and steady performance throughout the year is reflected in the production results which are at the high end of guidance targets.
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Third Quarter 2012
The Company continued to perform well in the third quarter with production and operational results that were in line with expectations.
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Second Quarter 2012
Wholly-owned operations: After a strong first quarter, the Company continued to perform well in the second quarter with excellent operational results generating higher than expected copper and zinc production.
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First Quarter 2012
Wholly-owned operations: Outstanding operational performance generated higher than expected copper, zinc and lead production. Sales volumes were higher and operating costs were lower than expectations.
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Year End 2011
Wholly-owned operations: A strong fourth quarter of production generated higher than guided copper production while zinc and lead production ended the year essentially in line with expectations.
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Third Quarter 2011
Copper and zinc production improved over the previous quarter; however, production at both Neves-Corvo and Zinkgruvan was curtailed due to a number of issues. We continued to mine low grade stockwork ores at Neves-Corvo and consequently plant recoveries..
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Second Quarter 2011
Copper production was below expectations as a result of low head grades at Neves-Corvo coupled with annual plant maintenance brought forward to the month of June 2011. Zinc production was in line with expectations; shortfall in production at Zinkgruvan...
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First Quarter 2011
Production was in-line with guidance: Neves-Corvo copper metal production was in-line with annual market guidance despite lower average head-grade and milling difficulties with wet weather in January; Zinkgruvan is achieving higher throughput with the commissioning of the daylight ramp, albeit costs are elevated as efforts are now made to reduce waste material stored underground (resulting from ore pass failures in 2010); Galmoy is ahead of expectations on higher throughput and grade...
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Year End 2010
Overall, production approximated guidance. Wholly-owned operations: mine production was generally in accordance with expectations, while milling/deliveries fell marginally short owing to the extreme weather in Europe and shaft/crusher availability...
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Third Quarter 2010
Copper and nickel production for the quarter was below expectations owing to: unexpected delays at Neves-Corvo affecting two high-grade stopes (+7% copper grade) limiting ore production and resulting in replacement material coming from lower-grade sourc
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Second Quarter 2010
Operational and Financial Highlights
Second quarter production is close to expectations: zinc and lead well ahead of plan; Neves-Corvo continued to be affected by industrial action in April and was back above plan in June; Aguablanca was only margin....
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First Quarter 2010
Guidance for the first quarter was released at the time of the release of fourth quarter 2009 results. This drew attention to specific items and events that were expected to affect the quarter's production and earnings. The actual results for the quarter accord with this guidance.
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Year End 2009
Lundin Mining reported net income, before discontinued operations and impairment charges, of $105.2 million ($0.19 per share) for the year and $72.2 million ($0.12 per share) in the fourth quarter of 2009, up from a loss of $131.9 million (loss of $0.32 per share) in the fourth quarter of 2008.
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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.
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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.
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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.
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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 earnings1 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.
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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%.
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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.
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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.
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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.
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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.
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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.
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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.
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