Lundin Mining announces its first half results

Javiera Pizzoleo / Mayo 6, 2024 | 15:46
The adjusted EBITDA yielded a result of $362.9 million for the first quarter of 2024, compared to $336.9 million in the first quarter of 2023.

Lundin Mining reported its financial results for the first quarter of 2024.

During the three months ended March 31, 2024, the mining company generated revenues of $937.0 million (first quarter of 2023: $751.3 million), including 86,189 tonnes of copper sold at a realized price of $3.98/lb.

The increase compared to the same period last year is mainly due to the inclusion of Caserones' revenues, and to some extent, offset by lower sales volumes at most mines and lower realized prices for copper and zinc.

Regarding adjusted EBITDA, it amounted to $362.9 million for the first quarter of 2024, compared to $336.9 million in the first quarter of 2023. The company explains that they benefited from the inclusion of Caserones, favorable exchange rates, and operational improvements at Chapada.

'Our strategic acquisition of a majority interest in the Caserones copper mine continues to drive revenue and production growth. First-quarter copper revenues and production increased by 25% and 43%, respectively, compared to the same quarter last year, and were in line with our expectations. Production at Candelaria will be weighted towards the second half due to higher grades resulting from planned mining sequencing,' said the president and CEO of the mining company, Jack Lundin.

During the quarter, a total of 45,688 tonnes of zinc, 3,255 tonnes of nickel, and approximately 33,000 ounces of gold were produced.

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