Lundin Mining Cuts 2026 Copper Guidance After Chile Winter Storm
Copper | 2026-08-20 10:55:31
As a result, Lundin Mining now expects consolidated copper output of 300,000-325,000 tonnes in 2026, compared with its earlier forecast of 310,000-335,000 tonnes. Also, consolidated cash costs are projected at $1.95-$2.15 per pound.
By Paul Ploumis
Lundin Mining Cuts 2026 Copper Guidance After Second Chile Winter Storm
MONTREAL (Scrap Monster): Lundin Mining has lowered its 2026 copper production forecast after a second severe winter storm caused further damage to infrastructure at its Caserones operation in Chile's Atacama region.
What Readers Should Know
- Caserones 2026 copper guidance reduced to 120,000–130,000 tonnes from 130,000–140,000 tonnes.
- Cash cost forecast raised to $2.15–$2.35/lb from $2.05–$2.25/lb at Caserones.
- Consolidated 2026 copper output now projected at 300,000–325,000 tonnes, down from 310,000–335,000 tonnes.
- Second winter storm on August 13–14 damaged transmission tower, causing renewed power outage.
- Full power restoration expected by end of week; backup generators maintaining essential operations.
- Candelaria and Chapada production outlooks remain unchanged.
Storm Damage Forces Production Cut
The storm, which began on August 13, brought heavy rain, snowfall and strong winds across northern Chile. At Caserones, a transmission tower damaged during an earlier storm was hit again, resulting in another power outage on August 14.
The mine had already faced a power disruption between July 18 and July 30. Repair teams are now working to restore the damaged transmission system, with full power expected to return only by the end of the week. Meanwhile, backup generators are being used to keep essential facilities operating while repairs continue, said a company news release.
Also Read
Updated 2026 Guidance Numbers
The repeated weather disruptions have forced Lundin Mining to reduce Caserones' 2026 copper production guidance to 120,000–130,000 tonnes from the previous 130,000–140,000 tonnes. At the same time, the company has raised its cash cost forecast to $2.15–$2.35 per pound from $2.05–$2.25 per pound.
As a result, Lundin Mining now expects consolidated copper output of 300,000–325,000 tonnes in 2026, compared with its earlier forecast of 310,000–335,000 tonnes. Also, consolidated cash costs are projected at $1.95–$2.15 per pound.
Other Operations Unchanged
Candelaria's production outlook remains unchanged at 135,000–145,000 tonnes of copper, while Chapada is expected to produce 45,000–50,000 tonnes.
People Also Ask
Why did Lundin Mining cut its 2026 copper production forecast?
A second severe winter storm in mid-August damaged a transmission tower at the Caserones mine in Chile, causing a renewed power outage and forcing the company to lower guidance.
What is the new 2026 copper production guidance for Caserones?
Caserones' 2026 copper production guidance has been reduced to 120,000–130,000 tonnes, down from the previous 130,000–140,000 tonnes.
What are the updated cash cost forecasts for Caserones?
Cash costs at Caserones are now projected at $2.15–$2.35 per pound, up from the earlier $2.05–$2.25 per pound range.
When is full power expected to be restored at Caserones?
Repair teams are working to restore the damaged transmission system, with full power expected to return by the end of the week following the August 14 outage.
Are Candelaria and Chapada production outlooks affected?
No. Candelaria's outlook remains at 135,000–145,000 tonnes of copper, and Chapada is expected to produce 45,000–50,000 tonnes, both unchanged.
POLL
What was the main factor behind Lundin Mining’s lower 2026 copper guidance?
Frequently Asked Questions
- Why did Lundin Mining reduce its 2026 copper production guidance?
The company lowered its forecast after a second severe winter storm caused additional damage to power infrastructure at the Caserones mine in Chile.
- What is Lundin Mining’s revised consolidated copper outlook?
The company now expects consolidated copper production of 300,000-325,000 tonnes in 2026, versus 310,000-335,000 tonnes previously.
- Are Candelaria and Chapada production forecasts affected?
No. Candelaria remains forecast at 135,000-145,000 tonnes, while Chapada is expected to produce 45,000-50,000 tonnes of copper.
