Wir verwenden Cookies, um Ihnen eine optimale Funktion der Webseite zu ermöglichen. Wenn Sie weitersurfen, stimmen Sie der Cookie-Nutzung zu. Mehr erfahren
In Ihrem Webbrowser ist JavaScript deaktiviert. Um alle Funktionen dieser Website nutzen zu können, muss JavaScript aktiviert sein.
RohstoffWelt - Die ganze Welt der Rohstoffe HomeKontaktRSS
Powered by: Powered by GoldSeiten.de
 
[ Druckversion ]
Lundin Mining Corp.
Lundin Mining Corp.
Registriert in: Kanada WKN: A0B7XJ Rohstoffe:
Art: Originalaktie ISIN: CA5503721063 Gold
Silber
Kupfer
Nickel
Blei
Zink
Kobalt
Heimatbörse: TSX Alternativ: LUNMF
Währung: CAD    
Symbol: LUN.TO Forum:

Lundin Mining Fourth Quarter and Full Year 2023 Results

22.02.2024 | 0:30 Uhr | CNW

VANCOUVER, Feb. 21, 2024 - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corp. ("Lundin Mining" or the "Company") today reported its fourth quarter and full year 2023 financial results. Unless stated otherwise, results are presented on a 100% basis and Caserones results are from July 13, 2023.

Jack Lundin, President and CEO commented, "2023 was a milestone year for the Company. We finished the year generating a record $3.4 billion in revenues and achieved our best-ever quarterly and full year copper production which we forecast to further increase by over 15% in 2024. Our 2023 financial performance was strong with $1.4 billion in adjusted EBITDA1, $345 million in free cash flow from operations1 and we returned $206 million to our shareholders in dividends.

"The Company's record copper production was driven by our strategic acquisition of a majority interest in Chile's Caserones copper mine, as well as organically through our expansion project at Neves-Corvo, which also contributed to record fourth quarter zinc production for the Company. Going forward, we will be disciplined in our growth plans and capital allocation as we continue to optimize assets and operational efficiencies to drive down costs.

"At Josemaria, we're derisking the project via optimization and trade-off studies that aim to enhance the overall value of the Project. We are concurrently continuing to explore potential partnership opportunities and actively working towards establishing stability agreements in Argentina."

Fourth Quarter Highlights

  • Copper Production: Consolidated production of 103,337 tonnes of copper in the fourth quarter, a quarterly record for the Company and an increase of over 80% on the same quarter in the previous year.
  • Other Production: During the quarter, a total of 50,719 tonnes of zinc, 3,729 tonnes of nickel and approximately 44,000 ounces of gold were produced. The zinc expansion project ("ZEP") at Neves-Corvo contributed to record quarterly zinc volumes being produced.
  • Revenue: $1,060.0 million in the fourth quarter.
  • Adjusted EBITDA1: $419.7 million generated during the quarter.
  • Adjusted Earnings1: Net earnings attributable to shareholders of the Company were $38.8 million ($0.05 per share) in the fourth quarter with adjusted earnings of $79.7 million ($0.10 per share).
  • Cash Generation: Cash provided by operating activities1 was $306.1 million and free cash flow from operations was $116.8 million, which included a working capital build of $56.0 million.

Full Year 2023 Highlights

  • Copper Production: Record copper production of 314,798 tonnes of copper for the full year which is above the midpoint of originally-published2 2023 annual copper production guidance.
  • Revenue: $3,392.1 million for the full year.
  • Adjusted EBITDA: $1,363.5 million generated during the full year.
  • Adjusted Earnings: Net earnings attributable to shareholders of the Company were $241.6 million ($0.31 per share) in 2023 and adjusted earnings of $336.2 million ($0.44 per share).

___________________________

1 These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2023 and the Reconciliation of Non-GAAP measures section at the end of this news release.

2 Guidance as outlined in the news release 'Lunding Mining Announces Closing of the Acquisition of Majority interest in the Caserones Mine in Chile and Commitments for New $800 Millon Term Loan' dated July 13, 2023 and 'Lundin Mining Announces 2022 Production Results & Provides 2023 Guidance" dated January 12, 2023.

  • Cash Generation: During the year, cash provided by operating activities1 was $1,016.6 million and free cash flow from operations1 amounted to $345.1 million, which included a working capital build of $7.6 million.
  • Balance Sheet: To fund the Caserones acquisition, the Company obtained a term loan in July 2023 of a principal amount of $800.0 million with an additional $400.0 million accordion option, maturing July 2026 ("Term Loan"). As at December 31, 2023, the Company had a net debt balance of $946.2 million, excluding lease liabilities.
  • Growth: The Company acquired a 51% interest in the Caserones copper mine on July 13, 2023 which added an additional 120,000 to 130,000 tonnes of copper2 to the Company's production profile on a 100% basis. The acquisition adds another long-life asset in a tier one jurisdiction, which is strategically located in the Vicuña District.
  • Leadership: Jack Lundin assumed the role of CEO in the fourth quarter of 2023. During the year several senior leadership changes took place to add financial, technical and operational capacity to the team as the Company's head office relocated to Vancouver.

Summary Financial Results


Three months ended

December 31,


Twelve months ended

December 31,

US$ Millions (except per share amounts)

2023

2022


2023

2022

Revenue

1,060.0

811.4


3,392.1

3,041.2

Gross profit

188.9

155.2


652.4

762.6

Attributable net earningsa

38.8

145.6


241.6

426.9

Net earnings

66.8

145.3


315.2

463.5

Adjusted earnings a,b,c

79.7

191.5


336.2

482.8

Adjusted EBITDAb,c

419.7

353.7


1,363.5

1,292.5

Basic and diluted earnings per share ("EPS")1

0.05

0.19


0.31

0.56

Adjusted EPSa,b,c

0.10

0.25


0.44

0.63

Cash provided by operating activities

306.1

156.9


1,016.6

876.9

Adjusted operating cash flowb

362.0

289.1


1,024.2

992.9

Adjusted operating cash flow per shareb

0.47

0.38


1.33

1.30

Free cash flow from operationsb

116.8

(35.7)


345.1

381.4

Free cash flowb

61.2

(124.3)


13.5

34.1

Cash and cash equivalents

268.8

191.4


268.8

191.4

Net (debt) cash excluding lease liabilitiesb

(946.2)

16.3


(946.2)

16.3

Net (debt) cashb

(1,223.4)

(10.9)


(1,223.4)

(10.9)

a. Attributable to shareholders of Lundin Mining Corp..

b. These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis for the year ended December 31, 2023 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

c. Q2 2023 amounts have been adjusted from those presented in the Company's MD&A for the three and six months ended June 30, 2023.

  • For the year ended December 31, 2023 the Company generated revenue of $3,392.1 million (2022 - $3,041.2 million), gross profit of $652.4 million (2022 - $762.6 million) and adjusted EBITDA of $1,363.5 million (2022 - $1,292.5 million). Financial results include the contribution from the acquisition of the Caserones copper mine ("Caserones") located in Chile, from the closing date of the transaction on July 13, 2023.
  • Net earnings attributable to shareholders of the Company were $38.8 million ($0.05 per share) in the fourth quarter, and were impacted by higher interest expenses and increased deferred tax on foreign exchange revaluation of non-monetary assets at the Josemaria Project in Argentina.

________________________

1 These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2023 and the Reconciliation of Non-GAAP measures section at the end of this news release.

2 Represents Caserones 2024 production guidance as outlined in the news release 'Lundin Mining Provides 2024 Guidance & Announces 2023 Production Results' dated January 14, 2024.

  • Adjusted earnings1 attributable to shareholders of the Company for the twelve months ended December 31, 2023 of $336.2 million ($0.44 per share) were $146.6 million lower than the prior year after adjusting for the non-cash revaluation of derivative contracts, fair value adjustments relating to the Caserones acquisition and deferred tax relating to foreign exchange translation and a Chilean mining royalty rate change, among other things.
  • Cash and cash equivalents as at December 31, 2023 were $268.8 million. Cash provided by operating activities of $1,016.6 million in the year ended December 31, 2023 was used to fund investing activities of $1,674.5 million. Investing activities in the year included $648.6 million net cash paid at closing for the acquisition of Caserones, consisting of $796.6 million upfront cash consideration after adjustments, net of $148 million cash and cash equivalents held by SCM Minera Lumina Copper Chile ("Lumina Copper") at closing on a 100% basis. Cash generated from financing activities was $728.6 million, which was comprised primarily of the proceeds from the Term Loan to finance the Caserones acquisition.
  • Free cash flow1 for the three months ended December 31, 2023 of $61.2 million was $185.5 million higher than the prior year comparable period and benefited from the inclusion of Caserones cash flows as well as higher gross profit overall at the operations.
  • As at February 21, 2024, the Company had a cash balance of approximately $446.7 million and a net debt balance excluding lease liabilities of approximately $851.4 million.

Operational Performance

Total Production

(Contained metal)a

2023

2022

YTD

Q4

Q3

Q2

Q1

Total

Q4

Q3

Q2

Q1

Copper (t)b

314,798

103,337

89,942

60,057

61,462

249,659

56,552

63,930

64,096

65,081

Zinc (t)

185,161

50,719

49,774

36,115

48,553

158,938

44,308

40,327

41,912

32,391

Nickel (t)

16,429

3,729

4,290

4,686

3,724

17,475

4,096

4,379

4,719

4,281

Gold (koz)b

149

44

35

34

36

154

36

45

39

34

Molybdenum (t)b

2,024

928

1,096

-

-

-

-

-

-

-

a. Tonnes (t) and thousands of ounces (koz)



b. Candelaria and Caserones production is on a 100% basis. Caserones results are from July 13, 2023.

Candelaria (80% owned): Candelaria produced, on a 100% basis, 152,012 tonnes of copper, approximately 90,000 ounces of gold and 1.5 million ounces of silver in concentrate during the year. Copper production was consistent with the prior year due to higher throughput being offset by lower grades and recoveries. Gold production was higher than in the prior year due to higher throughput and grades. Both metals were within the most recently disclosed 2023 production guidance ranges. Total production costs were higher than the prior year primarily due to inflationary cost increases and unfavourable foreign exchange. Copper cash cost1 of $2.07/lb was within the most recently disclosed 2023 cash cost guidance range.

Caserones (51% owned): Caserones produced 65,210 tonnes of copper and 2,024 tonnes of molybdenum on a 100% basis during the year, from the acquisition closing date of July 13, 2023 to the end of the year. Both metals met or exceeded the most recently disclosed 2023 production guidance ranges due to strong throughput, grade and recoveries. Copper cash cost of $1.99/lb was slightly below the low end of the most recently disclosed cash cost guidance range as a result of higher production.

Chapada (100% owned): Chapada produced 45,719 tonnes of copper and approximately 59,000 ounces of gold, with copper production remaining consistent to the prior year and gold production being negatively impacted by lower grade, throughput, and recoveries. Both metals were within the most recently disclosed 2023 production guidance ranges. Total production costs were lower than the prior year due to lower sales volumes. Full year copper cash cost of $2.27/lb was below the low end of the most recently disclosed cash cost guidance.

____________________________

1 These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2023 and the Reconciliation of Non-GAAP measures section at the end of this news release.

Eagle (100% owned): Eagle's production of 16,429 tonnes of nickel and 13,600 tonnes of copper were near the higher ends of recently disclosed 2023 production guidance ranges but lower than that in the prior year due to planned lower grades. Total production costs were lower than the prior year due to lower sales volumes. Nickel cash cost1 of $2.16/lb was within the most recently disclosed 2023 cash cost guidance range but higher than the prior year as a result of lower grade, lower by-product credits and higher repair and maintenance costs.

Neves-Corvo (100% owned): Neves-Corvo produced 33,823 tonnes of copper and 108,812 tonnes of zinc during the year. Zinc production increased significantly from the prior year due to higher throughput as a result of the zinc expansion project ("ZEP"). Copper production also increased due to higher throughput and production of both metals was within the most recently disclosed 2023 production guidance ranges. Total production costs were lower than in the prior year despite higher sales, primarily due to lower input costs, in particular lower electricity and diesel prices, partially offset by unfavourable foreign exchange. Copper cash cost1 of $2.37/lb for the year exceeded the most recently disclosed 2023 cash cost guidance range and was higher than in the prior year primarily due to lower zinc by-product credits, higher treatment and refining charges, and unfavourable foreign exchange.

Zinkgruvan (100% owned): Zinc production of 76,349 tonnes was consistent with the prior year, but slightly below the most recently disclosed 2023 production guidance range. Installation of a sequential flotation system during the year achieved improved recoveries, but a longer than anticipated ramp-up limited mill availability and reduced recoveries, limiting production of both lead and zinc. Lead production of 26,284 tonnes was also lower than in the prior year. Total production costs and sales volumes were consistent with the prior year and zinc cash cost1 of $0.43/lb was below the most recently disclosed 2023 cash cost guidance range but higher than in the prior year, primarily due to lower by-product credits.

_________________________

1 These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2023 and the Reconciliation of Non-GAAP measures section at the end of this news release.

Outlook

Production, cash cost, capital expenditures and exploration investment guidance for 2024 remains unchanged from the most recently reported guidance as outlined in the news release 'Lundin Mining Provides 2024 Guidance & Announces 2023 Production Results" dated January 14, 2024.

2024 Production and Cash Cost Guidance




Guidancea


(contained metal)

Production

Cash Cost ($/lb)b


Copper (t)

Candelaria (100%)

160,000 - 170,000

1.60 - 1.80c



Caserones (100%)

120,000 - 130,000

2.60 - 2.80



Chapada

43,000 - 48,000

1.95 - 2.15d



Eagle

9,000 - 12,000




Neves-Corvo

30,000 - 35,000

1.95 - 2.15c



Zinkgruvan

4,000 - 5,000




Total

366,000 - 400,000



Zinc (t)

Neves-Corvo

120,000 - 130,000




Zinkgruvan

75,000 - 85,000

0.45 - 0.50c



Total

195,000 - 215,000



Nickel (t)

Eagle

10,000 - 13,000

2.80 - 3.00


Gold (koz)

Candelaria (100%)

100 - 110




Chapada

55 - 60




Total

155 - 170



Molybdenum (t)

Caserones (100%)

2,500 - 3,000


a. Guidance as outlined in the news release 'Lundin Mining Provides 2024 Guidance & Announces 2023 Production Results" dated January 14, 2024.

b. Cash costs are based on various assumptions and estimates, including but not limited to: production volumes, commodity prices (Cu: $3.75/lb, Zn: $1.10/lb,Pb: $0.90/lb, Au: $1,800/oz, Mo: $20.00/lb, Ag: $23.00/oz ), foreign exchange rates (€/USD:1.05, USD/SEK:10.50, USD/CLP:850, USD/BRL:5.00) and production costs. Cash cost is a non-GAAP measure - see section 'Non-GAAP and Other Performance Measures' of the Company's Management's Discussion and Analysis for the year ended December 31, 2023 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

c. 68% of Candelaria's total gold and silver production are subject to a streaming agreement and silver production at Zinkgruvan and Neves-Corvo are also subject to streaming agreements. Cash costs are calculated based on receipt of approximately $429/oz gold and $4.28/oz to $4.68/oz silver.

d. Chapada's cash cost is calculated on a by-product basis and does not include the effects of its copper stream agreements. Effects of the copper stream agreements are reflected in copper revenue and will impact realized price per pound.

2024 Capital Expenditure Guidancea,b



($ millions)


Candelaria (100% basis)

300


Caserones (100% basis)

205


Chapada

110


Eagle

25


Neves-Corvo

125


Zinkgruvan

75


Other

-


Total Sustaining

840


Josemaria (expansionary)

225


Total Capital Expenditures

1,065


a. Guidance as outlined in the news release 'Lundin Mining Provides 2024 Guidance & Announces 2023 Production Results" dated January 14, 2024.

b. Sustaining capital expenditure is a supplementary financial measure, and expansionary capital expenditure is a non-GAAP measure - see section 'Non-GAAP and Other Performance Measures' of the Company's Management's Discussion and Analysis for the year ended December 31, 2023 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

2024 Exploration Investment Guidance

Total exploration expenditure guidance for 2024 is $48.0 million.

Exploration: Exploration drilling campaigns are underway at Caserones, Josemaria, Chapada and Zinkgruvan. Drilling at Caserones is targeting the Angelica target and Caserones sulphide deep target with three rigs. Initial holes are underway at Josemaria's Cumbre Verde target, and additional roads are being developed to gain access to higher priority areas. At Chapada, drilling is focused on higher grade corridors within known areas of mineralization that could contribute higher grades to the mine plan. At Zinkgruvan, drilling with six rigs is focused on extending multiple deposits, with the priority on the high-grade Borta Barkom area.

Senior Leadership Appointments

The Company would also like to announce the executive appointments of Patrick Merrin as Executive Vice President, Technical Services and Joel Adams as Vice President, Commercial.

Patrick Merrin

Mr. Merrin was appointed Executive Vice President, Technical Services and brings over 25 years of international experience in mining and metals including 10 years in executive and senior technical, project and operating roles. Mr. Merrin was appointed CEO of Copper Mountain Mining prior to its acquisition in 2024. He has also worked as Senior Vice President Canadian Operations with Newcrest Mining, COO of Mining with the Washington Companies and Senior Vice President of Canadian Operations with Goldcorp. Earlier in his career he also held positions with Hudbay Minerals, Xstrata and Anglo American.

Mr. Merrin holds a Bachelor of Chemical Engineering from McGill University, a Master of Business Administration from the Rotman School of Business at the University of Toronto and is a registered Professional Engineer (Ontario).

Joel Adams

Mr. Adams was appointed Vice President, Commercial and will lead Lundin Mining's commercial strategy. He has more than 15 years of experience as a base metal trader and in logistics management.

Prior to joining Lundin Mining, Joel was a Portfolio Manager with Balyasny Asset Management where he was focused on commodity trading. In addition, Mr. Adams was a senior base metals trader at Trafigura and prior to that held diverse roles within Glencore's base metals business from 2010 to 2020 as a senior member of the copper division in Switzerland.

Joel holds a Bachelor's degree in International Business from the University of Colorado.

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining company with projects and operations in Argentina, Brazil, Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc, nickel and gold.

The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on February 21, 2024 at 15:30 Pacific Standard Time.

Technical Information

The scientific and technical information in this press release has been prepared in accordance with the disclosure standards of National Instrument 43-101 ("NI 43-101") and has been reviewed by Arman Barha, P.Eng., Vice President, Technical Services, a "Qualified Person" under NI 43-101. Mr. Barha has verified the data disclosed in this release and no limitations were imposed on his verification process.

Reconciliation of Non-GAAP Measures

The Company uses certain performance measures in its analysis. These performance measures have no standardized meaning within generally accepted accounting principles under International Financial Reporting Standards and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. For additional details please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis for the year ended December 31, 2023 which is available on SEDAR+ at www.sedarplus.ca.

Cash Cost per Pound and All-in Sustaining Costs can be reconciled to Production Costs on the Company's Consolidated Statement of Earnings as follows:


Twelve months ended December 31, 2023



Operations

Candelaria

Caserones

Chapada

Eagle

Neves-Corvo

Zinkgruvan


($000s, unless otherwise noted)

(Cu)

(Cu)

(Cu)

(Ni)

(Cu)

(Zn)

Total

Sales volumes (Contained metal):








Tonnes

144,473

66,075

43,761

13,339

32,054

65,344


Pounds (000s)

318,508

145,670

96,476

29,407

70,667

144,059


Production costs







2,086,108

Less: Royalties and other







(66,237)

Inventory fair value adjustment







(39,945)








1,979,926

Deduct: By-product credits







(699,915)

Add: Treatment and refining







183,328

Cash cost

660,160

290,553

219,278

63,457

167,424

62,467

1,463,339

Cash cost per pound ($/lb)

2.07

1.99

2.27

2.16

2.37

0.43


Add: Sustaining capital

380,112

83,880

72,291

22,201

102,621

53,358


Royalties

-

15,820

8,568

22,994

3,949

-


Reclamation and
other closure
accretion and depreciation

9,258

2,560

7,836

11,331

5,387

3,744


Leases & other

13,325

47,944

4,999

4,100

553

427


All-in sustaining cost

1,062,855

440,757

312,972

124,083

279,934

119,996


AISC per pound ($/lb)

3.34

3.03

3.24

4.22

3.96

0.83











Twelve months ended December 31, 2022



Operations

Candelaria

Caserones1

Chapada

Eagle

Neves-Corvo

Zinkgruvan


($000s, unless otherwise noted)

(Cu)

(Cu)

(Cu)

(Ni)

(Cu)

(Zn)

Total

Sales volumes (Contained metal):








Tonnes

147,251

-

45,563

14,427

31,592

65,684


Pounds (000s)

324,633

-

100,449

31,806

69,648

144,808


Production costs







1,661,358

Less: Royalties and other







(53,785)








1,607,573

Deduct: By-product







(656,534)

Add: Treatment and refining







124,841

Cash cost

637,486

-

209,238

25,168

158,351

45,637

1,075,880

Cash cost per pound ($/lb)

1.96

-

2.08

0.79

2.27

0.32


Add: Sustaining capital

389,731

-

104,711

16,413

71,222

48,144


Royalties

-

-

12,298

33,281

4,169

-


Reclamation and other closure accretion and depreciation

8,001

-

7,388

18,512

1,562

3,937


Leases & other

11,313

-

3,988

2,404

1,404

665


All-in sustaining cost

1,046,531

-

337,623

95,778

236,708

98,383


AISC per pound ($/lb)

3.22

-

3.36

3.01

3.40

0.68


1 Caserones results are from July 13, 2023 to December 31, 2023.


Three months ended December 31, 2023



Operations

Candelaria

Caserones

Chapada

Eagle

Neves-Corvo

Zinkgruvan


($000s, unless otherwise noted)

(Cu)

(Cu)

(Cu)

(Ni)

(Cu)

(Zn)

Total

Sales volumes (Contained metal):








Tonnes

38,888

35,690

13,080

3,105

9,054

17,316


Pounds (000s)

85,733

78,683

28,836

6,845

19,961

38,176


Production costs







648,037

Less: Royalties and other







(24,520)

Inventory fair value adjustment







(7,760)








615,757

Deduct: By-product







(204,164)

Add: Treatment and refining







57,938

Cash cost

152,276

183,687

54,108

16,229

39,218

24,013

469,531

Cash cost per pound

1.78

2.33

1.88

2.37

1.96

0.63


Add: Sustaining capital

79,316

55,031

19,858

6,548

28,070

10,546


Royalties

-

8,270

2,174

5,003

1,081

-


Reclamation and other closure accretion and depreciation

2,158

1,427

2,047

2,620

1,305

933


Leases & other

2,901

25,715

1,131

1,101

106

103


All-in sustaining cost

236,651

274,130

79,318

31,501

69,780

35,595


AISC per pound ($/lb)

2.76

3.48

2.75

4.60

3.50

0.93



Three months ended December 31, 2022



Operations

Candelaria

Caserones

Chapada

Eagle

Neves-Corvo

Zinkgruvan


($000s, unless otherwise noted)

(Cu)

(Cu)

(Cu)

(Ni)

(Cu)

(Zn)

Total

Sales volumes (Contained metal):








Tonnes

33,561

-

12,037

3,239

6,351

17,635


Pounds (000s)

73,990

-

26,537

7,141

14,001

38,878


Production costs







450,927

Less: Royalties and other







(15,664)








435,263

Deduct: By-product







(168,620)

Add: Treatment and refining







33,897

Cash cost

186,628

-

51,782

17,169

32,462

12,499

300,540

Cash cost per pound

2.52

-

1.95

2.40

2.32

0.32


Add: Sustaining capital

117,174

-

41,299

5,968

22,086

16,607


Royalties

-

-

3,137

9,152

3,185

-


Reclamation and other closure accretion and depreciation

1,999

-

1,855

4,403

481

902


Leases & other

4,360

-

932

638

835

118


All-in sustaining cost

310,161

-

99,005

37,330

59,049

30,126


AISC per pound ($/lb)

4.19

-

3.73

5.23

4.22

0.77


Adjusted EBITDA can be reconciled to Net Earnings on the Company's Consolidated Statement of Earnings as follows:


Three months ended

December 31,


Twelve months ended

December 31,

($thousands)

2023

2022


2023

2022

Net earnings

66,753

145,295


315,249

463,533

Add back:






Depreciation, depletion and amortization

223,056

142,710


653,596

554,750

Finance income and costs

34,891

16,664


102,699

64,185

Income taxes

102,616

(2,347)


216,599

134,628


427,316

302,322


1,288,143

1,217,096

Unrealized foreign exchange loss

2,769

(3,836)


1,224

21,164

Unrealized losses (gains) on derivative contracts

(19,309)

(62,971)


21,932

(62,971)

Ojos del Salado sinkhole expenses

1,687

55,482


16,922

63,271

Loss (income) from equity investment in associates

-

-


60

(3,297)

Caserones inventory fair value adjustment

7,760

-


39,945

-

Ore stockpile inventory write-down

-

62,546


-

62,546

Gain on disposal of subsidiary

-

-


(5,718)

(16,828)

Other

(493)

173


1,040

11,525

Total adjustments - EBITDA

(7,586)

51,394


75,405

75,410

Adjusted EBITDA

419,730

353,716


1,363,548

1,292,506







Adjusted earnings and adjusted earnings per share can be reconciled to Net Earnings Attributable to Lundin Mining Shareholders on the Company's Consolidated Statement of Earnings as follows:


Three months ended

December 31,


Twelve months ended

December 31,

($thousands, except share and per share amounts)

2023

2022


2023

2022

Net earnings attributable to Lundin Mining shareholders

38,797

145,562


241,562

426,851

Add back:






Total adjustments - EBITDA

(7,586)

51,394


75,405

75,410

Tax effect on adjustments

(2,987)

8,214


(26,925)

(797)

Deferred tax expense due to change in tax rate

14,500

-


40,200

-

Deferred tax arising from foreign exchange translation

41,168

(14,469)


28,841

(20,733)

Non-controlling interest on adjustments

(4,221)

829


(22,886)

2,026

Total adjustments

40,874

45,967


94,635

55,906

Adjusted earnings

79,671

191,529


336,197

482,757







Basic weighted average number of shares outstanding

773,476,216

770,804,446


772,532,260

762,518,753







Net earnings attributable to shareholders

0.05

0.19


0.31

0.56

Total adjustments

0.05

0.06


0.13

0.07

Adjusted earnings per share

0.10

0.25


0.44

0.63

Free Cash Flow from Operations and Free Cash Flow can be reconciled to Cash provided by Operating Activities on the Company's Consolidated Statement of Earnings as follows:


Three months ended

December 31,


Twelve months ended

December 31,

($thousands)

2023

2022


2023

2022

Cash provided by operating activities

306,081

156,890


1,016,612

876,889

Sustaining capital expenditures

(203,827)

(204,686)


(727,224)

(639,831)

General exploration and business development

14,500

12,094


55,692

144,353

Free cash flow from operations

116,754

(35,702)


345,080

381,411

General exploration and business development

(14,500)

(12,094)


(55,692)

(144,353)

Expansionary capital expenditures

(41,082)

(76,485)


(275,913)

(202,993)

Free cash flow

61,172

(124,281)


13,475

34,065

Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share can be reconciled to Cash Provided by Operating Activities on the Company's Consolidated Statement of Earnings as follows:


Three months ended

December 31,


Twelve months ended

December 31,

($thousands, except share and per share amounts)

2023

2022


2023

2022

Cash provided by operating activities

306,081

156,890


1,016,612

876,889

Changes in non-cash working capital items

55,965

132,167


7,605

116,056

Adjusted operating cash flow

362,046

289,057


1,024,217

992,945







Basic weighted average number of shares outstanding

773,476,216

770,804,446


772,532,260

762,518,753

Adjusted operating cash flow per share

$ 0.47

0.38


1.33

1.30

Net (debt) cash and Net (debt) cash excluding lease liabilities can be reconciled to Debt and Lease Liabilities, Current Portion of Debt and Lease Liabilities and Cash and Cash Equivalents on the Company's Consolidated Statement of Earnings as follows:

($thousands)

December 31, 2023

December 31, 2022


Debt and lease liabilities

(1,273,162)

(27,179)


Current portion of total debt and lease liabilities

(212,646)

(170,149)


Less deferred financing fees (netted in above)

(6,374)

(4,926)



(1,492,182)

(202,254)


Cash and cash equivalents

268,793

191,387


Net (debt) cash

(1,223,389)

(10,867)


Lease liabilities

277,208

27,166


Net (debt) cash excluding lease liabilities

(946,181)

16,299


Cautionary Statement on Forward-Looking Information

Certain of the statements made and information contained herein is "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of pending litigation; the results of any Preliminary Economic Assessment, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates, and interest rates; the development and implementation of the Company's Responsible Mining Management System; the Company's ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company's projects; the Company's integration of acquisitions and any anticipated benefits thereof; and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking statements.

Forward -looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, nickel, zinc, gold and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions; that the political environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: global financial conditions, market volatility and inflation, including pricing and availability of key supplies and services; risks inherent in mining including but not limited to risks to the environment, industrial accidents, catastrophic equipment failures, unusual or unexpected geological formations or unstable ground conditions, and natural phenomena such as earthquakes, flooding or unusually severe weather; uninsurable risks; volatility and fluctuations in metal and commodity demand and prices; significant reliance on assets in Chile; reputation risks related to negative publicity with respect to the Company or the mining industry in general; delays or the inability to obtain, retain or comply with permits; risks relating to the development of the Josemaria Project; health and safety laws and regulations; risks associated with climate change; risks relating to indebtedness; economic, political and social instability and mining regime changes in the Company's operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; inability to attract and retain highly skilled employees; risks inherent in and/or associated with operating in foreign countries and emerging markets, including with respect to foreign exchange and capital controls; project financing risks, liquidity risks and limited financial resources; health and safety risks; compliance with environmental, unavailable or inaccessible infrastructure, infrastructure failures, and risks related to ageing infrastructure; changing taxation regimes; the inability to effectively compete in the industry; risks associated with acquisitions and related integration efforts, including the ability to achieve anticipated benefits, unanticipated difficulties or expenditures relating to integration and diversion of management time on integration; risks related to mine closure activities, reclamation obligations, environmental liabilities and closed and historical sites; reliance on key personnel and reporting and oversight systems, as well as third parties and consultants in foreign jurisdictions; information technology and cybersecurity risks; risks associated with the estimation of Mineral Resources and Mineral Reserves and the geology, grade and continuity of mineral deposits including but not limited to models relating thereto; actual ore mined and/or metal recoveries varying from Mineral Resource and Mineral Reserve estimates, estimates of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; ore processing efficiency; community and stakeholder opposition; regulatory investigations, enforcement, sanctions and/or related or other litigation; financial projections, including estimates of future expenditures and Cash Costs, and estimates of future production may not be reliable; enforcing legal rights in foreign jurisdictions; risks associated with the use of derivatives; risks relating to joint ventures and operations; environmental and regulatory risks associated with the structural stability of waste rock dumps or tailings storage facilities; exchange rate fluctuations; compliance with foreign laws; potential for the allegation of fraud and corruption involving the Company, its customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; risks relating to dilution; risks relating to payment of dividends; counterparty and customer concentration risks; activist shareholders and proxy solicitation matters; estimation of asset carrying values; relationships with employees and contractors, and the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; conflicts of interest; existence of significant shareholders; challenges or defects in title; internal controls; risks relating to minor elements contained in concentrate products; the threat associated with outbreaks of viruses and infectious diseases; and other risks and uncertainties, including but not limited to those described in the "Risks and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2023 and the "Managing Risks" section of the Company's MD&A for the year ended December 31, 2023, which are available on SEDAR+ at www.sedarplus.ca under the Company's profile.

All of the forward-looking statements made in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecast or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. 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 forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward-looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.

SOURCE Lundin Mining Corp.



Contact
Stephen Williams, Vice President, Investor Relations +1 604 806 3074; Robert Eriksson, Investor Relations Sweden: +46 8 440 54 40
 
Bookmarken bei Mister Wong Furl YiGG Wikio del.icio.us Webnews
A A A Schriftgröße
 
 
 
© 2007 - 2024 Rohstoff-Welt.de ist ein Mitglied der GoldSeiten Mediengruppe
Es wird keinerlei Haftung für die Richtigkeit der Angaben übernommen! Alle Angaben ohne Gewähr!
Kursdaten: Data Supplied by BSB-Software.de (mind. 15 min zeitverzögert)

Werbung | Mediadaten | Kontakt | AGB | Impressum | Datenschutz