Lundin says all mines on track to achieve or exceed annual guidance
(Kitco News) - Lundin Mining today reported that its operations performed well during Q1 2021 with production in-line with expectations. Full-year metal production at all mines remains on track to achieve or exceed previously reported guidance. Cash costs are also trending at or better than previously reported guidance.
In Q1 2021, Lundin produced 57,354 tonnes of copper, 33,365 tonnes of zinc, 34 thousand ounces of gold and 5,354 tonnes of nickel.
The company generated $158.7 million cash flow from operations in its first quarter 2021. Adjusted operating cash flow for the quarter was $279.8 million ($0.38 per share). Net earnings attributable to Lundin Mining shareholders for the quarter were $135.2 million ($0.18 per share) and adjusted earnings were $144.4 million ($0.20 per share). Adjusted EBITDA was $354.4 million for the quarter.
The company said that its annual nickel production guidance has been increased, reflecting excellent first quarter 2021 results from Eagle. All other production guidance for 2021 remains unchanged from that previously provided.
Lundin Mining is a diversified Canadian base metals mining company with operations in Brazil, Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc, gold and nickel.