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Lundin Mining Third Quarter Results

Nachrichtenquelle: Marketwired
25.10.2018, 00:30  |  875   |   |   

TORONTO, Oct. 24, 2018 (GLOBE NEWSWIRE) -- (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or the “Company”) today reported cash flows of $140.9 million generated from operations in the third quarter of the year. Net earnings from continuing operations attributable to Lundin Mining shareholders were $7.0 million ($0.01 per share) for the quarter.

Marie Inkster, President and CEO commented, “Although the impact of reduced metal prices affected the quarter earnings, the underlying operational performance at the mines was excellent and enabled the generation of more than $140 million of operating cash flow.  

The reinvestment programs at Candelaria are advancing on plan and improvement in mining rates was achieved with good contractor performance management and ongoing delivery of new open pit equipment. Major underground and surface construction is underway on the Neves-Corvo Zinc Expansion Project, though overall progress continues to be impacted by contractor under-performance. Development of Eagle East continues to outperform and is on pace to produce first ore ahead of schedule and within budget in early 2020. ”  

Summary financial results for the quarter and year-to-date:    


      Three months ended     Nine months ended
      September 30,     September 30,
    US$ Millions (except per share amounts) 2018   2017     2018   2017  
    Revenue 379.7   601.7     1,317.8   1,544.2  
    Gross profit 59.6   260.6     364.6   567.9  
    Continuing, attributable net earnings1 7.0   131.8     167.1   238.4  
    Attributable net earnings / (loss) 1 7.0   131.8     167.1   293.4  
    Net earnings / (loss) 9.1   156.6     183.7   348.0  
    Basic and diluted earnings / (loss) per share2 0.01   0.18     0.23   0.40  
    Cash flow from operations 140.9   249.5     432.1   673.4  
    Cash and cash equivalents 1,469.9   2,152.9     1,469.9   2,152.9  
    Net cash 3 1,031.7   1,145.5     1,031.7   1,145.5  

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