Lundin Mining Lowers Guidance For Three Out of Four Operating MInes

SEATTLE (Scrap Monster): Toronto-headquartered Lundin Mining reported third quarter results. The company saw increased profits during the quarter. However, it lowered guidance for three out of the four operating mines, owing to labour and technical disruptions.

The company reported attributable net earnings for the quarter of $122.4 million or $0.17 per share and adjusted earnings of $106.4 million or $0.14 per share. The adjusted EBITDA for the quarter was $300.3 million. Lundin Mining generated cash flows of $272.2 million from operations. The adjusted operating cash flow for the quarter stood at $262 million or $0.36 per share. The gross profit for the quarter ended September 30, 2020 was $199.3 million, the company press release said.

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The miner cut 2020 guidance for Chapada in Brazil and Neves-Corvo in Portugal. Earlier, the company had withdrawn its guidance for Candelaria copper-gold mine in Chile. The operations at the mine continue to remain suspended due to strike action over a wage dispute.

Meantime, the company announced a dividend of C$0.04 per share, which will be payable on 16th December, 2020.

Commenting on the results, Marie Inkster, President and CEO stated that the company has been able to meet various challenges over the past month with immediate action plans.