Lundin Mining (TSX: LUN) saw a successful 2025, with the company last night indicating that it has achieved production for all metals within its portfolio.
The fourth quarter saw the company produce 87,032 tonnes of copper, 34,129 ounces of gold, and 2,174 tonnes of nickel. The big story this quarter was Caserones, which in Q4 produced 39,612 tonnes of copper on a 100% basis, the highest quarterly consolidated copper production level since Lundin has owned the mine.
For the full year, copper production stood at 331,232 tonnes, followed by gold production of 141,859 ounces and nickel production of 9,907 tonnes. Guidance midpoints for 2025 meanwhile had anticipated 328,000 tonnes of copper, 140,500 ounces of gold, and 10,000 tonnes of nickel.
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On a site by site basis, only Eagle fell short of any production guidance figures, producing 8,906 tonnes of copper versus a guidance range of 9,000 to 10,000 tonnes.
“I am proud to report that Lundin Mining has delivered production in line with guidance for the third consecutive year, reflecting the accuracy of our planning cycle and our disciplined focus on operational consistency,” commented Lundin Mining CEO Jack Lundin.
As for 2026, the company expects to produce between 310,000 and 335,000 tonnes of copper, and between 134,000 and 149,000 ounces of gold. Following the sale of the Eagle Mine to Talon Metals, the company is no longer in the nickel business.
Cash cost guidance meanwhile is calling for costing to be between $1.90 and $2.10 per pound of copper produced. Capital expenditures for the year are expected to total $995 million, of which $550 million has been allocated to sustaining capital, $50 million to expansionary capital, and $395 million to Vicuna.
“Looking ahead, our three-year production and one year cost outlook remains firmly on track with previously disclosed forecasts. Mine sequencing optimizations are expected to increase copper production by 20,000 tonnes in 2027, while the midpoint of 2026 has been adjusted by 5,000 tonnes, resulting in a net increase of approximately 15,000 tonnes over the two-year period,” continued Lundin.
Lundin Mining last traded at $36.67 on the TSX.
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