Industria
Lundin Mining Pre-Announces Items Impacting the Fourth Quarter and Full Year 2024 Results
Revenue in the fourth quarter 2024 is expected to be negatively impacted by unaudited provisional pricing adjustments on prior period concentrate sales of approximately $46 million on a pre-tax basis. These adjustments primarily include downward adjustments in relation to copper sales, partially offset by upward adjustments on nickel sales.
Revenue in the fourth quarter 2024 is also expected to be negatively impacted by a timing difference between the production and shipment date of approximately 20,000 tonnes of copper concentrate. Two shipments of copper concentrate from Caserones scheduled for December 2024 were delayed to early January due to certain operational and weather related issues. Payments of approximately $45 million relating to these shipments were received in December, however the revenue will only be recognized in the first quarter of 2025.
Items of significant impact in the fourth quarter 2024 are expected to include unaudited realized foreign exchange gains of $15 million on a pre-tax basis. Gains were primarily due to significant weakening of the Brazilian real ("BRL") and Chilean peso ("CLP") against the US dollar during the quarter.
In the fourth quarter 2024 the Company is also expected to recognize certain non-cash items that will impact the Company's earnings but not adjusted EBITDA, adjusted earnings or adjusted earnings per share. These include unaudited unrealized foreign exchange gains of approximately $11 million on a pre-tax basis and an unaudited unrealized loss of approximately $74 million on a pre-tax basis related to the mark-to-market valuation of the Company's foreign exchange and commodity derivative contracts, primarily due to weakening of the CLP, BRL, and Canadian dollar against the US dollar during the quarter. Additionally, the Company is expected to recognize an unaudited unrealized loss of approximately $12 million on a pre-tax basis related to the mark-to-market valuation of the Company's foreign exchange contracts due to weakening of the Swedish krona and Euro against the US dollar during the quarter.
During the fourth quarter, throughput at Eagle increased as ramp rehabilitation progressed. An unaudited amount of approximately $11 million , related to overhead costs from the partial suspension of underground operations, is expected to impact the Company's earnings for the quarter. This amount will be excluded from adjusted EBITDA, adjusted earnings, and adjusted earnings per share. Normal throughput rates are expected to resume during the first quarter of 2025.
Production costs in the fourth quarter 2024 are expected to include an unaudited write down of inventory items amounting to $22 million .
The Company will release its fourth quarter 2024 operations and financial results after market close on Wednesday, February 19, 2025 , and will hold a webcast and conference call on Thursday, February 20, 2025 to present the results. Webcast and conference call details are provided below.
Thursday, February 20, 2025
7:00 AM PT | 10:00 AM ET
WEBCAST LINK
DIAL IN LINK
To participate in the call click on the dial in LINK above and complete the online registration form. Once registered you will receive the dial-in information and a unique PIN to join the call and ask questions.
A replay of the webcast will be available by clicking on the webcast LINK above and will be archived on the Company's website for a limited period of time.
Lundin Mining is a diversified Canadian base metals mining company with operations or projects in Argentina , Brazil , Chile , and the United States of America , primarily producing copper, gold and nickel. In December 2024 the Company announced the sale of its European assets to Boliden. The transaction is expected to close in mid-2025 subject to customary conditions and regulatory approvals.
The information was submitted for publication, through the agency of the contact persons set out below on January 27, 2025 at 15:00 Pacific Time .
For further information, please contact: Stephen Williams , Vice President, Investor Relations: +1 604 806 3074; Robert Eriksson , Investor Relations Sweden: +46 8 440 54 50
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