Q4 2024 Lundin Mining Corp Earnings Call Transcript
Key Points
- Lundin Mining Corp (LUNMF) achieved record copper and zinc production in 2024, with copper production reaching 369,072 tonnes and zinc production at 191,704 tonnes.
- The company increased its ownership in the Caserones mine from 51% to 70%, adding approximately 24,000 tonnes of annualized attributable copper production.
- Lundin Mining Corp (LUNMF) formed a joint venture with BHP called Vicuna Corp, positioning the company as a top-tier copper producer.
- The sale of Neves-Corvo and Zinkgruvan to Boliden for up to $1.52 billion is expected to streamline the company's portfolio and strengthen its balance sheet.
- The company generated adjusted EBITDA of $1.7 billion and free cash flow from operations of $873 million in 2024.
- Copper sales volumes were negatively impacted by weather-related delays, resulting in approximately 20,000 tonnes of copper concentrate being recognized as revenue in Q1 2025 instead of Q4 2024.
- Pricing adjustments on prior period sales negatively impacted revenues by $46 million in the fourth quarter.
- The company faced non-cash tax impairments totaling $545 million, affecting earnings during the quarter.
- The fall of ground at the Eagle mine in the second quarter impacted nickel production, although it has been remediated.
- The company is in a moderate net debt position of just over $1.3 billion, although this is expected to improve with the sale of European assets.
Good day and thank you for standing by. Welcome to the Lundin Mining's fourth-quarter 2024 and year-end financial results conference call. At this time, all participants are on listen-only mode. After the speakers' presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded.
I'd now like to hand the conference over to your first speaker today, Jack Lundin, President and CEO. Please go ahead.
Good morning, and welcome to Lundin Mining's full-year and fourth-quarter 2024 earnings call. Last night, we reported our operating and financial results. A copy of our news release and presentation are available on the Lundin Mining website where a replay of this webcast will also be made available. All figures presented today are in U.S. dollars unless otherwise noted.
Before we begin our presentation, I would like to remind everyone that yesterday's results and certain comments on the call
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