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(Kitco News) - Lundin Mining (TSX: LUN) yesterday reported that in Q2 2023, the company produced 60,057 tonnes of copper (Q2 2022: 64,096 tonnes), 36,115 tonnes of zinc (Q2 2022: 41,192 tonnes), 34 koz of gold (Q2 2022: 39 koz), and 4,686 tonnes of nickel (Q2 2022: 4,719 tonnes).
Lundin Mining said that overall, its operations performed well during the second quarter of 2023 and the company remains on track to achieve production guidance.
The company also reported that gross profit for the quarter ended June 30, 2023 was $52.8 million, an increase of $6.8 million and largely comparable to the prior year quarter.
For the three months ended June 30, 2023, the company’s net earnings of $61.3 million were $109.9 million higher than the prior year quarter due primarily to lower general exploration and business development costs and lower income taxes.
Adjusted earnings for the three months ended June 30, 2023, of $16.0 million were $51.3 million higher than the adjusted loss of the prior year quarter due to the same factors as the change in net earnings.
"Overall, we are pleased with the performance of our operations during the second quarter. We are currently tracking at the midpoint or higher for copper, gold and nickel guidance and the lower end for zinc,” the company said in a statement.
“We generated adjusted EBITDA of over $160 million despite a decline in metal prices early in the second quarter and resulting provisional pricing adjustments,” it added.
Lundin Mining is a diversified Canadian base metals mining company with projects and operations in Argentina, Brazil, Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc, gold and nickel.
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