Business
Lundin Mining Reports Second Quarter 2024 Results
VANCOUVER, BC, July 30, 2024 /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") today reported its
About this update from Lundin Mining Corporation
[{"type":"text","content":" VANCOUVER, BC, July 30, 2024 /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation (\"Lundin Mining\" or the \"Company\") today reported its second quarter 2024 financial results. Unless otherwise stated, results are presented in United States dollars on a 100% basis. Jack Lundin, President and CEO commented, \"During the quarter we generated record quarterly revenue of $1.1 billion which contributed to a strong financial performance for the Company. Adjusted EBITDA1 for the quarter was $461 million and free cash flow from operations1 was $338 million driven by stronger commodity prices and working capital inflows. \"At Candelaria, while mill throughput in the first half of the year was strong, we expect to achieve a significant step-up in production in the second half of the year with planned higher grades and higher mining rates from ore in Phase 11. This production step-up has started to materialize during the month of July from the open pit. \"Our team remains dedicated to enhancing operational performance, prioritizing safety and cost optimization. Cash costs1 for the quarter were at the lower end of our guidance range. We are well-positioned for a strong second half of the year and are on track to meet our consolidated production guidance for copper, gold, and zinc. Additionally, we have reduced our guidance for sustaining capital expenditures by $45 million.\" Second Quarter Operational and Financial Highlights Copper Production: Consolidated production of 79,708 tonnes of copper in the second quarter. Other Production: During the quarter, a total of 47,460 tonnes of zinc, 1,721 tonnes of nickel and approximately 32,000 ounces of gold were produced. Revenue: $1,083.6 million in the second quarter with a realized copper price1 of $4.79 /lb. Net Earnings and Adjusted Earnings1: Net earnings attributable to shareholders of the Company were $121.6 million or $0.16 per share in the second quarter with adjusted earnings of $122.1 million or $0.16 per share. Adjusted EBITDA1: $460.9 million generated during the quarter. Cash Generation: Cash provided by operating activities was $491.8 million and free cash flow from operations1 was $337.5 million, which was increased by a working capital release of $121.9 million. Growth: On July 2, 2024, the Company exercised its option to increase ownership in Caser...