Strong Quarterly Performance
Lundin Mining reported copper production of 76,774 tons and gold production of 31,849 ounces, keeping on track to meet annual guidance. The company achieved almost $1 billion in revenue, $388 million in adjusted EBITDA, and $337 million in adjusted operating cash flow.
Successful Asset Sale and Debt Reduction
The company completed the sale of European assets for $1.4 billion, using proceeds to pay off and cancel $1.15 billion in term loans and reduce debt on the revolving credit facility, significantly strengthening the balance sheet.
Promising Exploration and Project Developments
Entered an agreement with Talon Metals to acquire the Boulderdash project adjacent to Eagle Mine, providing a low-risk opportunity to extend mine life. Also, announced a large initial mineral resource estimate for the Vicuña project, highlighting its potential as one of the largest undeveloped copper, gold, and silver resources.
New Shareholder Distribution Policy
Introduced a policy committing to an annual return of approximately $220 million to shareholders, maintaining a set amount through increased share buybacks and adjusted dividends.