Lundin Mining Third Quarter Results
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 10/29/14 -- Lundin Mining Corporation (TSX: LUN)(OMX: LUMI) ("Lundin Mining" or the "Company") today reported net earnings of $33.7 million ($0.06 per share) for the quarter ended September 30, 2014. Cash flows of $57.5 million were generated from operations in the quarter, not including the Company's attributable cash flows from Tenke Fungurume.
Paul Conibear, President and CEO commented, "We are pleased with our aggregate operating performance year-to-date, especially the outstanding rapid ramp up of nickel and copper production from Eagle Mine. We continue to expect the overall achievement of our guided annual production and cost targets. The fourth quarter of 2014 will be an exciting quarter of transition and growth for Lundin Mining, with the anticipated closing of the Candelaria acquisition, along with the ramp up of production at Eagle. Consistent performance from our existing operations over the last few years, the successful execution and startup of Eagle, and a balance sheet well supported by cash from Tenke has strongly positioned the Company to deliver excellent value to shareholders and contribute significantly to growth in production, cash flow and earnings in 2015."
Highlights
Operational Performance
Wholly-owned operations: Nickel, lead and zinc production were in-line with targeted production for the quarter, while copper production was lower than expectations.
(1) Cash cost/lb of copper, zinc and nickel are non-GAAP measures defined as all cash costs directly attributable to mining operating, less royalties and by-product credits.
Tenke: Tenke operations continue to perform well.
Eagle Nickel/Copper Project: delivered ahead of schedule and on budget.
Since production commenced in late September, Eagle realized the following operating results over its first thirty days;
Financial Performance
Corporate Highlights
Financial Position and Financing
Outlook
2014 Production and Cost Guidance
2014 Capital Expenditure Guidance
Capital expenditures for 2014 are expected to be $440 million (including Eagle, but excluding Tenke), unchanged from previous guidance. Major capital investments for 2014 remain as follows:
2014 Exploration Guidance
About Lundin Mining
Lundin Mining Corporation ("Lundin", "Lundin Mining" or the "Company") is a diversified Canadian base metals mining company with operations and development projects in Portugal, Sweden, Spain, and the USA, producing copper, zinc, lead and nickel. In addition, Lundin Mining holds a 24% equity stake in the world-class Tenke Fungurume ("Tenke") copper/cobalt mine in the Democratic Republic of Congo ("DRC") and in the Freeport Cobalt Oy business, which includes a cobalt refinery located in Kokkola, Finland.
On Behalf of the Board,
Paul Conibear, President and CEO
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Ontario Securities Act. This report includes, but is not limited to, forward looking statements with respect to the Company's estimated full year metal production, cash costs, exploration expenditures, and capital expenditures, as noted in the Outlook section and elsewhere in this document. These estimates and other forward-looking statements are based on a number of assumptions and are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to the estimated cash costs, timing and amount of production from the Eagle project, cost estimates for the Eagle project, foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; uncertain political and economic environments; changes in laws or policies, foreign taxation, delays or the inability to obtain necessary governmental permits; litigation risks; and other risks and uncertainties, including those described in the Risk and Uncertainties section of the Company's Annual Information Form and in each Management's Discussion and Analysis. Forward-looking information may also be based on other various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of copper, zinc, lead and nickel; that the Company can access financing, appropriate equipment and sufficient labour and that the political environment where the Company operates will continue to support the development and operation of mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements.
Contacts:
Lundin Mining Corporation
Sophia Shane
Investor Relations North America
+1-604-689-7842
Lundin Mining Corporation
John Miniotis
Senior Manager, Corporate Development and Investor Relations
+1-416-342-5565
Lundin Mining Corporation
Robert Eriksson
Investor Relations Sweden
+46 8 545 015 50
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 29.10.2014 - 21:30 Uhr
Sprache: Deutsch
News-ID 348125
Anzahl Zeichen: 0
contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Mining & Metals
Diese Pressemitteilung wurde bisher 142 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Lundin Mining Third Quarter Results"
steht unter der journalistisch-redaktionellen Verantwortung von
Lundin Mining Corporation (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
