Lundin Mining unveils ambitious growth strategy to become Top-10 global copper producer

With its diversified operations in Argentina, Brazil, Chile, and the United States, Lundin Mining is positioning itself as a global leader in responsible copper, gold, and nickel production.

Lundin Mining Corporation (TSX: LUN; Nasdaq Stockholm: LUMI) has presented an ambitious roadmap to become one of the world’s top ten copper producers, aiming to exceed 500,000 tonnes of annual copper output and produce more than 550,000 ounces of gold. The strategic plan was unveiled ahead of the company's Capital Markets Day, taking place on June 18, 2025.

CEO Jack Lundin emphasized that the company is entering a new phase of growth driven by low-cost brownfield expansions at key sites including Candelaria, Caserones, and Chapada. “These projects are set to deliver significant production gains within the next three to five years, while our exploration initiatives—especially in the Vicuña district—represent long-term transformational opportunities,” he said.

Key Growth Projects

• Candelaria (Chile): The revised underground expansion project is expected to boost throughput capacity by up to 60%, potentially increasing annual copper production by 14,000 tonnes with limited capital investment.
• Caserones (Chile): Ongoing improvements in leaching operations could unlock an additional 7,000–10,000 tonnes of cathode copper per year.
• Chapada (Brazil): The Saúva project could add up to 20,000 tonnes of copper and 60,000 ounces of gold annually. A prefeasibility study is slated for completion by year-end.
• Eagle (USA): Exploration at the adjacent Boulderdash project could significantly extend mine life through a 70% earn-in agreement with Talon Metals.
• Vicuña District (Argentina/Chile): Home to the Filo del Sol and Josemaria deposits, the region is positioned as one of the world’s largest sources of copper, gold, and silver. An integrated development study is expected by Q1 2026.

Financial Outlook: Strong Free Cash Flow and Capital Returns

Lundin Mining maintains a robust financial outlook, projecting $3.7 billion in revenue and $800 million in adjusted free cash flow from operations for 2025, based on a forecast copper price of $4.40/lb. Over the next five years (2025–2029), the company expects to generate cumulative EBITDA of $8.1 billion and $4.9 billion in adjusted free cash flow.

To support its growth and deliver shareholder value, the company plans to return $220 million annually through dividends and share buybacks.

Revised 2025 Guidance

The company reaffirmed its full-year production targets and adjusted cash cost guidance for copper to a more competitive range of $1.95–$2.15/lb. Chapada’s cost structure has improved significantly due to favorable gold by-product pricing and currency movements.

Total capital expenditures for 2025 are forecasted at $795 million, with increased investment in the Vicuña Project accounting for the bulk of the rise in expansionary spending.