TORONTO, Feb. 22, 2023 /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or the “Company”) today reported net earnings attributable to Lundin Mining shareholders of $145.6 million ($0.19 per share) in the fourth quarter and $426.9 million ($0.56 per share) for the year ended December 31, 2022. Adjusted earnings1 were $191.5 million ($0.25 per share) for the quarter and $482.8 million ($0.63 per share) for the year. Adjusted EBITDA1 for the quarter and year were $353.7 million and $1,292.5 million, respectively.

“The Lundin Mining team delivered solid operating and financial results in 2022. Despite challenging site–specific and global inflationary conditions, production guidance was achieved for copper, nickel and gold, and we generated over $3.0 billion in revenue, nearly $1.0 billion of adjusted operating cash flow and $1.3 billion of adjusted EBITDA. We also returned over $330 million to our shareholders in dividends and share buybacks,” commented Peter Rockandel, CEO.

Mr. Rockandel added, “In 2023, we are focused on delivering-to-plan at each of our operations while diligently advancing our significant growth projects. Our long-life cost-competitive mines and strong financial position, provide a solid base for us to create value and material growth beyond the ~400,000 tonnes of copper-equivalent production we delivered in 2022.”

Summary Financial Results
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1 These are non-GAAP measures. Please refer to the Company’s discussion of non-GAAP and other performance measures in its Management’s Discussion and Analysis for the year ended December 31, 2022 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

2 Attributable to shareholders of Lundin Mining Corporation.


Highlights

For the year ended December 31, 2022, the Company generated revenue in excess of $3.0 billion (2021 - $3.3 billion). The Company achieved gross profit of $762.6 million (2021 - $1,369.7 million) and adjusted EBITDA of $1,292.5 million (2021 - $1,869.4 million). The Company remains in a strong balance sheet position maintaining low leverage with ample liquidity available.

Total copper and gold production substantially achieved the most recent guidance, with gold at the top end of the guidance range. Total zinc produced exceeded the prior year but was below the guidance range. Total nickel produced achieved guidance. Production costs and C1 costs were higher than the prior year primarily due to inflationary impacts on consumables, particularly diesel and electricity, as well as on contractor costs, partially offset by favourable foreign exchange.

Operational Performance

Candelaria (80% owned): Candelaria produced, on a 100% basis, 152,042 tonnes of copper, approximately 86,000 ounces of gold and 1.6 million ounces of silver in concentrate during the year. Production of copper was higher than the prior year due to higher grades. Gold production was lower than the prior year due to throughput. Copper production was modestly below guidance but gold production was within the guidance range. Production costs were higher than the prior year due primarily to higher costs for energy and consumables. Copper cash cost1 of $1.96/lb were higher than the annual guidance due primarily to bonuses paid resulting from early successful union negotiations, and higher than the prior year due to the impact of higher production costs, partially offset by a weaker CLP.

Chapada (100% owned): Chapada produced 45,739 tonnes of copper and approximately 68,000 ounces of gold, with both metals lower than the prior year due to mine sequencing impacting grades as a result of above average rainfall experienced in the first half of 2022. Copper production was within the guidance range and gold production exceeded guidance. Production costs were higher than the prior year due to higher costs for energy and other input costs. Full year copper cash cost of $2.08/lb was better than guidance.

Eagle (100% owned): Eagle’s production of 17,475 tonnes of nickel and 15,895 tonnes of copper were both lower than the prior year due to planned lower grades. Both metals achieved annual guidance. Production costs were higher than the prior year due to higher energy and consumable costs. Nickel cash cost of $0.79/lb was higher than the prior year as a result of higher production costs and exceeded guidance due to by-product copper prices.

Neves-Corvo (100% owned): Neves-Corvo produced 31,906 tonnes of copper and 82,435 tonnes of zinc during the year. Copper production was lower than prior year due to lower grades and recoveries, while zinc production was higher than the prior year as a result of increased throughput from ZEP (“Zinc Expansion Project”). However, both metals were below guidance. Production costs were higher than the prior year due primarily to inflationary impacts on electricity, partially offset by a weaker Euro. Copper cash cost of $2.27/lb for the year was higher than the prior year due to increased production costs. Cash cost was higher than guidance due to higher production costs and lower zinc by-product volumes.

Zinkgruvan (100% owned): Zinc production of 76,503 tonnes was below the prior year and annual guidance due to grades. Lead production of 30,517 tonnes was higher than the prior year due to higher grades. Production costs were higher than the prior year, but on a per unit basis, zinc cash cost of $0.32/lb for the current year was better than guidance and prior year due to higher by-product credits.

Total Production

https://lundinmining.com/news/lundin-mining-fourth-quarter-and-full-year-2022-re-123105/

Lundin Mining Announces Declaration of Regular Dividend
February 22, 2023
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TORONTO, Feb. 22, 2023 /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or the “Company”) today announced that its Board of Directors has declared a regular quarterly dividend of Canadian Dollars (“CAD”) $0.09 per share, payable on April 12, 2023, to shareholders of record at the close of business on March 24, 2023. This dividend qualifies as an ‘eligible dividend’ for Canadian income tax purposes. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors.

Dividends on shares traded on the Toronto Stock Exchange (“TSX”) will be paid in CAD on April 12, 2023. Dividends on shares traded on Nasdaq Stockholm will be paid in Swedish kronor in accordance with Euroclear principles on April 14, 2023. To execute the payment of the dividend, a temporary administrative cross-border transfer closure will be applied by Euroclear from March 22, 2023 up to and including March 24, 2023 during which period shares of the Company cannot be transferred between TSX and Nasdaq Stockholm.


Lundin Mining Files Updated Technical Reports for Candelaria, Neves-Corvo and Eagle Operations
February 22, 2023
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TORONTO, Feb. 22, 2023 /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or the “Company”) has filed an updated technical report for its Candelaria mine titled “Technical Report for the Candelaria Copper Mining Complex, Atacama Region, Region III, Chile”, an updated technical report for its Neves-Corvo mine titled “NI 43-101 Technical Report on the Neves-Corvo Mine, Portugal”, and an updated technical report for its Eagle mine titled “NI 43-101 Technical Report on the Eagle Mine, Michigan, U.S.A.” (collectively, the “Technical Reports”).

The Technical Reports were prepared in accordance with the Canadian Securities Administrator’s National Instrument 43-101 - Standards of Disclosure for Mineral Projects, and are available for review under the Company’s profile on SEDAR (www.sedar.com) and on the Company’s website (www.lundinmining.com)