Lundin Mining Corporation (TSX: LUN) shared yesterday morning the results of its mineral resource and mineral reserve estimate for its attributable properties effective June 30, 2021. The report includes measured & indicated resources of 10.5 million copper tonnes.
The estimates are calculated based on the mining firm’s equity ownership of the properties. It holds 80% interest in the Candelaria mine while it owns 100% of the Chapada, Neves-Corvo, Semblana, and Zinkgruvan.
The report also includes measured & indicated resources of 6.9 million zinc tonnes, 2.0 million lead tonnes, 11.8 million gold ounces, 340 million silver ounces, and 83 thousand nickel tonnes.
On the other hand, proven & probable mineral reserve estimate comprises 5.3 million copper tonnes, 2.8 million zinc tonnes, 0.9 million lead tonnes, 6.6 million gold ounces, 138 million silver ounces, and 77 thousand nickel tonnes.
On August 19, BMO Capital Markets lowered their 12-month price target on the company to $14.50 from $16 and downgraded their recommendation to market ‘perform’ from ‘outperform’.
Lundin Mining last traded at $9.73 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.