Lundin Mining Corporation ("Lundin Mining" or the "Company") today announced its financial and operational results for the first quarter of 2025, showcasing robust production, a stronger balance sheet, and continued progress on strategic growth initiatives.
The Company produced 76,774 tonnes of copper and 31,849 ounces of gold in Q1 2025, maintaining momentum toward full-year production guidance. Driven by higher realized gold prices and solid operational performance, revenue reached $963.9 million, with adjusted EBITDA of $387.9 million and adjusted operating cash flow of $337 million from continuing operations.
“This quarter reflects the strength of our strategy. The sale of our European assets, the formation of Vicuña Corp. with BHP, and the launch of a new shareholder return policy position us for sustainable growth,” said Jack Lundin, President and CEO of Lundin Mining.
On April 16, Lundin Mining closed the sale of its European operations, Zinkgruvan and Neves-Corvo, to Boliden for $1.4 billion in cash, a move that significantly bolstered its financial position. The Company immediately repaid $1.15 billion in outstanding term loans, strengthening its capital structure and financial flexibility.
During the quarter, the Company also unveiled a new shareholder distribution policy targeting $220 million annually in combined dividends and share buybacks.
In January, Lundin Mining finalized the joint acquisition of Filo Corp. with BHP, forming Vicuña Corp., a 50/50 joint venture consolidating the Filo del Sol and Josemaria projects across Argentina and Chile. On May 4, the Company released updated and initial Mineral Resource estimates for these assets, highlighting Vicuña as one of the world’s largest copper, gold, and silver resource clusters.
In addition, Lundin signed an exclusivity agreement with Talon Metals Corp. on March 5 to acquire “Boulderdash,” a high-potential exploration asset adjacent to the Company’s Eagle Mine in the United States.
The Company reaffirmed its 2025 guidance for production, cash costs, and capital expenditures. Enhanced throughput at Candelaria and Caserones, along with stronger gold prices, is expected to support lower cost structures into Q2.
Following the sale of Zinkgruvan and Neves-Corvo, their financials are now categorized under “discontinued operations.” As of March 31, 2025, assets and liabilities from these units were reclassified as held-for-sale, with a net loss of $13.8 million in the quarter from discontinued segments.
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