Lundin Mining Caps Record 2024 with 'Transformative' Growth

Lundin Mining LUNMF reported record copper and zinc production in 2024, capping a year with strategic expansions and portfolio optimization, particularly regarding copper.

Copper production reached 369,067 tons, while zinc production hit 191,704 tons, achieving record highs. Gold output was 158,436 ounces, and nickel production at the Eagle Mine totaled 7,486 tons, meeting or exceeding all guidance targets.

"We announced three strategic transactions while maintaining operational performance to meet production guidance on a consolidated basis for copper and gold and within revised guidance for zinc and nickel. The Company was able to achieve record production for copper and zinc during the year. This is a testament to the great effort and focus of the entire team at Lundin Mining," said President and CEO Jack Lundin – calling 2024 "a transformative year."

The acquisition of an additional 19% stake in the Caserones mine in Chile expanded Lundin's ownership to 70%, adding 24,000 tons of annual attributable copper production. Caserones and the flagship Candelaria mine were the company's top performers, with Candelaria achieving its best second-half results in 30 years, producing nearly 100,000 tons of copper during this period.

On January 15, Lundin formally finalized a partnership with BHP to acquire Filo Corp. and established Vicuña, a joint venture to develop the Filo del Sol and Josemaria projects. Filo del Sol, located in the Vicuña district, is a high-sulphidation epithermal deposit with significant copper, gold, and silver resources.

The site holds a probable estimate of 2,22 million pounds of copper, 2,86 million ounces of gold, and 133,33 million ounces of silver. The estimated life of the open-pit mine is 13 years, with a potential for further expansion.

For 2025, Lundin forecasts copper production of 303,000–330,000 tons, gold output of 135,000–150,000 ounces, and nickel production of 8,000–11,000 tons. Sustaining capital expenditures are $530 million, with $205 million allocated to expansion projects. Exploration spending will focus on in-mine and near-mine targets, with a $40-million budget.

In December, the firm announced a $1.52 billion sale of its Neves-Corvo and Zinkgruvan operations in Europe to Boliden AB. The sale marks an exit from the family's ancestral region (Sweden) to focus on projects that will drive long-term growth.

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