Lundin Mining Produces Record Copper And Zinc In 2024

Lundin Mining (TSX: LUN) has released its full year 2024 production results, while also providing production guidance for the three year period of 2025 through to 2027.

The fourth quarter saw Lundin produce 101,491 tonnes of copper, 51,946 tonnes of zinc, 1,617 tonnes of nickel, 912 tonnes of molybdenum and 46,456 ounces of gold. For the full year, Lundin managed to hit its revised production guidance across all metals, with production breaking down as follows:

• Copper: 369,067 tonnes versus guidance of 366,000 to 389,000 tonnes
• Zinc: 191,704 tonnes versus guidance of 190,000 to 199,000 tonnes
• Gold: 158,436 ounces versus guidance of 155,000 to 170,000 ounces
• Nickel: 7,486 tonnes versus guidance of 7,000 to 9,000 tonnes
• Molybdenum: 3,183 tonnes versus guidance of 2,800 to 3,300 tonnes

For the full year, production of both copper and zinc hit record levels, which is partially a result of Lundin increasing its ownership in Caserones from 51% to 70% during the fiscal year.

The company this morning also provided production guidance for the next three years, along with costing guidance for 2025. For 2025, guidance is as follows:

• Copper: Production of 303,000 to 330,000 tonnes at a consolidated cash cost of $2.05 to $2.30 per pound in 2025
• Gold: 135,000 to 150,000 ounces, with no costing provided
• Nickel: 8,000 to 11,000 tonnes at a cash cost of $3.05 to 3.25 per pound
• Capital expenditures of $735 million, consisting of sustaining capital of $530 million, and $205 million related to expansionary capital expenditures
• Exploration expenditures of $40 million, primarily to be spent at in-mine and near-mine targets

Lundin notably has sold off its European assets, impacting expected outputs of copper, while removing the production of zinc and molybdenum from Lundin’s portfolio.

Commenting on 2024, Jack Lundin, CEO, stated, “2024 was a transformative year for the Company. We announced three strategic transactions while maintaining operational performance to meet production guidance on a consolidated basis for copper and gold and within revised guidance for zinc and nickel. The Company was able to achieve record production for copper and zinc during the year. This is a testament to the great effort and focus of the entire team at Lundin Mining.”

Lundin Mining last traded at $12.44 on the TSX.

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