Lundin Mining Announces 2025 Production Results and 2026 Guidance
Executive Summary
- Lundin Mining reported full‑year 2025 production that met or exceeded its copper, gold and nickel guidance, marking the third consecutive year of achieving consolidated production targets.
- The company released three‑year production guidance for 2026‑2028, forecasting 310‑335 kt of copper in 2026 and 315‑340 kt in 2027, with corresponding gold ranges of 134‑149 koz (2026) and 143‑158 koz (2027).
- Capital expenditure guidance for 2026 includes $550 M sustaining capex and $445 M expansionary capex (including a $395 M Vicuña project share), while exploration spend is set at $53 M.
Key Details
- 2025 Production Results (100% basis)
- Copper: 331,232 t (beat original guidance)
- Gold: 141,859 oz (within revised guidance)
- Nickel (Eagle): 9,907 t
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Q4 2025 Caserones copper production: 39,612 t (record for the mine)
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2026‑2028 Production Guidance
- Copper – 2026: 310,000–335,000 t; 2027: 315,000–340,000 t; 2028: 290,000–315,000 t.
- Gold – 2026: 134,000–149,000 oz; 2027: 143,000–158,000 oz; 2028: 132,000–147,000 oz.
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Adjustments reflect lower underground mining rates at Candelaria (first half 2026) and mine‑sequencing improvements that add ~20,000 t copper in 2027.
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Cash Cost Guidance (2026)
- Consolidated cash cost: $1.90–$2.10 per lb Cu (net of by‑product credits).
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Site‑specific ranges: Candelaria $2.05–$2.25/lb, Caserones $2.05–$2.25/lb, Chapada $1.00–$1.20/lb.
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Capital Expenditure Guidance (2026)
- Sustaining capex: $550 M (Candelaria $215 M, Caserones $235 M, Chapada $100 M).
- Expansionary capex: $445 M (Vicuña joint‑venture with BHP $395 M; other expansion projects $50 M).
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Total projected capex: $995 M.
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Exploration Expenditure (2026) – $53 M, primarily at Caserones (≈39,800 m drilling), Candelaria (16,000 m) and Chapada (13,700 m).
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Vicuña Project – 50% interest; 2026 work plan includes 50,000 m drill program at Filo del Sol, equipment purchases for Josemaria, and advancement of access road and processing studies.
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Operational Highlights
- Caserones produced 132,881 t Cu in 2025 (above original guidance).
- Candelaria delivered 145,471 t Cu in 2025 due to higher mill throughput.
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Chapada produced 43,974 t Cu in 2025; Eagle contributed 9,907 t Ni.
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Forward‑Looking Statements – Guidance assumes copper price $4.00/lb, gold $1,800/oz, molybdenum $20/lb, and exchange rates (CLP/USD 900, USD/BRL 5.50).
Notable Quotes
“I am proud to report that Lundin Mining has delivered production in line with guidance for the third consecutive year… Our three‑year production and one‑year cost outlook remains firmly on track…” – Jack Lundin, President & CEO.