Lundin Mining Third Quarter Results
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|
|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|