Lundin Mining boosts quarterly net earnings 456%, ups dividend
(Kitco News) - Lundin Mining reported yesterday that its net earnings for the quarter ended June 30, 2021 were $268.4 million, an increase of $220.2 million or 456% compared to the prior year quarter. The increase was primarily due to higher realized metal prices and price adjustments.
In a statement, the company said that its operations performed well during the quarter with production generally in line with expectations. In Q2 2021, Lundin Mining produced 63,457 tonnes of copper (Q2 2020: 65,285 tonnes), 34,833 tonnes of zinc (Q2 2020: 31,582 tonnes), 41 koz of gold (Q2 2020: 44 koz) and 4,774 tonnes of nickel (Q2 2020: 3,380 tonnes).
President and CEO Marie Inkster commented, "Our operations performed well in the second quarter, particularly as our South American mines continued to address evolving challenges of COVID-19. Production of all metals increased over the first quarter. On this performance, we were able to take advantage of the current base metal price environment, generating over $480 million of adjusted EBITDA and a quarterly record of nearly $300 million of free cash flow."
Lundin Mining also announced that its Board of Directors has declared dividends totaling CAD$0.18 per share, comprised of a regular quarterly dividend of CAD$0.09 per share and a performance dividend of CAD$0.09 per share. This represents an increase of 300% compared to the most recent CAD$0.06 per share dividend paid on June 23, 2021.
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.