Business
Lundin Mining Reports Second Quarter 2023 Results
TORONTO, Aug. 2, 2023 /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") today reported net earnings
About this update from Lundin Mining Corporation
[{"type":"text","content":" TORONTO, Aug. 2, 2023 /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation (\"Lundin Mining\" or the \"Company\") today reported net earnings attributable to Lundin Mining shareholders of $59.1 million ($0.08 per share) and $205.7 million ($0.27 per share) for the three and six months ended June 30, 2023, respectively. The Company also generated adjusted earnings1 of $16.0 million ($0.02 per share) and adjusted EBITDA1 of $162.2 million in the second quarter. Adjusted earnings were $141.7 million ($0.18 per share) and adjusted EBITDA were $499.1 million for the six months ended June 30, 2023. Adjusted operating cash flow1 were $110.6 million ($0.14 per share) and $345.7 million ($0.45 per share) for the three and six months ended June 30, 2023. \"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. We generated adjusted EBITDA of over $160 million despite a decline in metal prices early in the second quarter and resulting provisional pricing adjustments. Lundin Mining's earnings and cash-generation potential has further increased with the addition of Caserones which closed early in the third quarter. On a 100% proforma basis, including Caserones, Lundin Mining's operations produced approximately 280,000 tonnes of copper-equivalent metal in the first half of this year. Caserones produced approximately 70,000 tonnes of copper in the first half of the year and is off to a strong start in the third quarter,\" commented Peter Rockandel, CEO. Mr. Rockandel added, \"With the free cash flow from operations, the new $800 million Term Loan, and the existing $1.75 billion revolving credit facility, Lundin Mining retains a strong balance sheet and significant liquidity to progress growth projects.\" Summary Financial Results Three months ended June 30, Six months ended June 30, US$ Millions (except per share amounts) 2023 2022 2023 2022 Revenue 588.5 590.2 1,339.9 1,581.3 Gross profit 52.8 46.0 266.2 524.8 Attributable net earnings (loss)2 59.1 (52.6) 205.7 292.5 Net earnings (loss) 61.3 (48.6) 226.6 329.5 Adjusted earnings 1,2 16.0 (35.3) 141.7 260.3 Adjusted EBITDA1 162.2 148.6 ...