Lundin Mining Slipped into Loss in Q3 This Year

SEATTLE (Scrap Monster): Lundin Mining Corporation reported net loss attributable to its shareholders of $11.2 million or $0.01 per share during the third quarter of the year. The earnings totalled $281.3 million or $0.37 per share during the initial nine-month period of 2022.

The adjusted earnings for the quarter stood at $30.9 million or $0.04 per share for the quarter, whereas it were $288.9 million or $0.38 per share during the nine-month period ended September 30, 2022. Meantime, the adjusted EBITDA for the quarter and Jan-Sep ’22 were $202.4 million and $938.8 million respectively.

The company reported higher zinc and nickel production over the prior quarter. However, the copper production recorded decline. The production costs and cash costs stood higher than the prior year quarter.

Commenting on the outlook, the copper production is expected to be within the guidance range, whereas the gold output is likely to hit the upper end of the guidance range. However, the zinc production will struggle to meet the 2023 guidance range.

Peter Rockandel, President and CEO noted that the operations performed well in Q3. The strong adjusted EBITDA and adjusted operating cash flow, despite high inflation, demonstrates the superior quality of its portfolio of assets, he added.

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