Lundin Mining sees record copper production in 2023

Staff Writer | January 15, 2024 | 10:27 am Top Companies Canada Latin America Copper Gold Nickel Zinc 
Concentrate loadout at an unspecified mine. Credit: Lundin Mining

Lundin Mining (TSX: LUN; NASDAQ: LUMI) is pleased with its 2023 production of metals, which was at the guidance midpoint or above for all metals produced. A record 694 million lb. of copper, and a respectable 408.2 million lb. of zinc, a record 36.2 million lb. of nickel, and also 148,968 oz. of gold (the upper end of guidance) were produced.

Highlights of individual mine production are listed below:

  • The Candelaria mine in Chile achieved guidance with 335.1 million lb. of copper and 89,700 oz. of gold.
  • The Caserones mine (also in Chile) was over guidance during the last half of the year with 143.8 million lb. of copper, and for the full year, output was 307.6 million lb.
  • The Chapada mine in Brazil achieved guidance with 100.8 million lb. of copper and 59,268 oz. of gold.
  • Zinc production was at the upper end of guidance at 68.4 million lb. for the Neves-Corvo mine in Portugal and slightly below guidance at 43.3 million lb. for the Zinkgruvan mine in Sweden.
  • The Eagle mine in Michigan exceeded guidance for both copper (30 million lb.) and nickel (36.2 million lb.)

Looking ahead to 2024, Lundin expects the output to be largely in line with last year’s numbers. Guidance for copper is 806.9 million to 881.8 million lb.; for zinc is 429.9 million to 474 million lb.; for gold is 155,000 to 170,000 oz.; and for nickel is 22 million to 28.7 million lb.

Lundin president and CEO Jack Lundin said 2023 production was over 550,000 tonnes of copper equivalent. Last year’s guidance shows an increase of over 20% for copper production and 10% for zinc production over 2023.

“As we turn the page on a transformational year for the company, our focus remains on achieving operational excellence by consistently maintaining elevated safety standards, all while meeting production guidance at competitive costs,” he added.

Lundin also forecast sustaining capital across all producing mines to be C$1.13 billion ($840 million). In order to advance the Josemaria copper-gold project in Argentina to a production decision, the company plans to make capital expenditures of C$301.7 million ($225 million).

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