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Lundin Mining trades down after production update

Kitco News

Today Lundin Mining (TSE:LUN) pared back its outlook with drops across most of its metals.

The stock traded down 3.27% for the day to end at $10.35 a share.

A year ago total copper production for 2022 was forecast between 281,000 to 305,000 tonnes. The company now expects to produce between 258,000 to 282,000.

Gold production was set at 162,000 to 172,000 ounces. The company now expects between 153,000 to 163,000 ounces.

And lastly nickel was forecast at 17,000 to 20,000. It is now 15,000 to 18,000 tonnes.

Candelaria mine is the biggest copper and gold producer within Lundin's portfolio and accounted for most of the drop. The company is undertaking debottlenecking initiatives of the Candelaria plant pebble crushing circuit to increase mill capacity.

A bright spot was zinc, which was forecast between 141,000 to 151,000 tonnes. The company now expects to produce between 188,000 to 203,000 tonnes.

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