Q3 2024 Lundin Mining Corp Earnings Call Transcript
Key Points
- Lundin Mining Corp (LUNMF) reported strong copper production of approximately 100,000 tons for the quarter, contributing to solid revenue performance of over USD 1 billion.
- The company increased its ownership in Caserones to 70%, adding valuable copper tonnes to its production profile.
- Candelaria had an excellent quarter, producing 50,000 tonnes of copper, driven by planned higher head grades, contributing to strong financial results.
- The joint venture with BHP to acquire Philo Mining is expected to significantly grow Lundin Mining Corp (LUNMF)'s business and aligns with its long-term ambitions to become a top-tier copper producer.
- The company declared its regular dividend to shareholders for the 31st consecutive quarter, demonstrating a commitment to returning value to shareholders.
- A 14-day labor strike at Caserones impacted production, resulting in lower grades and recoveries during the quarter.
- The company faced challenges with mine dewatering at Caserones, affecting recoveries temporarily.
- Nickel production at Eagle was limited due to ramp rehabilitation, resulting in lower output for the quarter.
- Working capital build of $166 million negatively impacted free cash flow from operations during the quarter.
- The company recorded a one-off charge of around $11 million at Candelaria related to repairs and maintenance costs.
During the year. I see in. Yes, good day, and thank you for standing by. Welcome to the Lundin Mining's Third Quarter 2024 Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question and answer session. To ask a question. During this session, you will need to press star one on your telephone. You will then hear an automated message advising that your hands raised. To withdraw your question, please press star one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Jack lending, President and CEO of Lundin Mining. Please go ahead.
Good day, everyone. Welcome to Lundin Mining's Third Quarter of 2024 before conference call. Thank you for joining yesterday, we reported our operating and financial results for the three-month period ending September 30th, a press release and presentation summarizing. The results are
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