Lundin Mining Lifts Copper Resources 37% While Reserves Dip on Project Reclassifications

Lundin Mining ( (TSE:LUN) ) just unveiled an announcement.

Lundin Mining reported a substantial increase in its consolidated Measured and Indicated copper Mineral Resources, which rose 37% year over year to 28.4 million tonnes of contained copper, alongside sizeable gold and silver inventories. The gains were driven mainly by an updated Mineral Resource estimate at the Filo del Sol deposit in the Vicuña Project, partially offset by the sale of the Eagle mine and the divestiture of Neves-Corvo and Zinkgruvan.

The company’s Proven and Probable copper Mineral Reserves declined to 6.3 million tonnes, reflecting declassification of reserves at Filo del Sol and Josemaria as new resource models superseded older technical studies, as well as mine depletion and asset sales. Management expects that advancing technical work at Vicuña and ongoing drilling at Caserones and Chapada’s Saúva area will support future conversion of resources back into reserves, underscoring longer-term growth potential despite near-term reserve reductions.

More about Lundin Mining

Lundin Mining is a diversified base metals mining company focused on copper, gold and silver production, with key operations and projects in Chile, Brazil, Argentina and other jurisdictions. The company’s portfolio includes producing assets such as Candelaria and Caserones, as well as major development interests in the Vicuña district, positioning it as a significant player in large-scale copper-gold-silver projects.

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