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Lundin Mining operations perform well in second quarter; cuts annual copper production outlook

  • Lundin Mining (OTCPK:LUNMF -4.9%) said it performed well in Q2, with copper output at all its operations higher than in the prior-year quarter, despite the impact of the Covid-19 pandemic.
  • Copper output is up 37% Y/Y to 65,285 tonnes, while zinc output fell 15% to 31,582 tonnes. The miner also produced 44,000 oz of gold and 3,380 tonnes of nickel.
  • Revenue climbed to $533.3M, from $369.3M, a year ago, owing to the inclusion of the Chapada mine, in Brazil. Net earnings rose to $48.3M, from a loss of $8.6M, while adjusted earnings jumped to $52.8M, from loss of $11.1M, in prior year quarter.
  • Cash flows were $37.6M, while adjusted operating cash flow was $179M
  • The company lowered overall copper production guidance for 2020, to 264,000-293,000 tonnes, from its previous guidance of 251,000-274,000 tonnes.
  • The zinc and nickel guidance remains unchanged at 142,000-152,000 tonnes, and 15,000-18,000 tonnes.
  • The company’s gold guidance has been increased by 10,000 oz to 175,000-190,000 ounces.

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