Northwire Canada EditionWednesday, November 11, 2026
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Gold 4,030.20 −2.0% Silver 51.23 −2.8% Copper 6.27 −1.2% Oil 86.04 −0.9% Palladium 1,024.00 +0.2% NVX 0.910 +0.0% MSR 0.435 +0.0% ELE 22.85 −4.0% ALS 53.01 −2.2% APM 5.13 −6.6% AVL 5.46 −5.4% NG 8.84 −9.0% ATY 0.220 −2.2% CN 0.125 −10.7% PMET 3.22 −4.2% ITH 1.99 −11.6% VMET 12.33 −6.9% ABX 56.41 −5.6% PUR 0.370 +8.8% SCY 0.085 +6.2% AUMN 0.300 +7.1% Gold 4,030.20 −2.0% Silver 51.23 −2.8% Copper 6.27 −1.2% Oil 86.04 −0.9% Palladium 1,024.00 +0.2% NVX 0.910 +0.0% MSR 0.435 +0.0% ELE 22.85 −4.0% ALS 53.01 −2.2% APM 5.13 −6.6% AVL 5.46 −5.4% NG 8.84 −9.0% ATY 0.220 −2.2% CN 0.125 −10.7% PMET 3.22 −4.2% ITH 1.99 −11.6% VMET 12.33 −6.9% ABX 56.41 −5.6% PUR 0.370 +8.8% SCY 0.085 +6.2% AUMN 0.300 +7.1%
Technical Study

Lundin Mining Announces Vicuna Integrated Technical Study Results Highlighting a World-Class Mining District

Lundin’s Vicuña District PEA Outlines a Multi-Generational Monster with a Massive $18 Billion Capital Hurdle

By The Northwire Desk — AI Analysis Feb 16, 2026 · 15:00 LUN · 34.8 Lundin Mining Corporation
Executive Summary

The most recent news (February 16, 2026) announces the results of the Integrated Technical Study (PEA) for the Vicuña Project, a 50/50 joint venture with BHP. The study outlines a staged development of the Filo del Sol and Josemaria deposits in Argentina/Chile. Key metrics include a 70-year mine life with an initial three-stage capital cost totaling $18.1 billion USD. Average annual production for the first 25 years is projected at 395,000 tonnes of copper, 711,000 ounces of gold, and 22.2 million ounces of silver. The project boasts a base case after-tax NPV8% of $9.5 billion USD and an IRR of 14.8% at $4.60/lb copper. Notably, cash costs net of by-products for the first 25 years are projected to be negative (-$0.20/lb), making it one of the lowest-cost copper assets globally if realized.

Material Impact

The news is Material - Positive but carries significant capital execution risk. - Scale and Longevity: A 70-year mine life and production profile ranking in the top five global copper-gold-silver mines transforms Lundin from a mid-tier producer to a global major. - Economic Sensitivities: While the 14.8% IRR at base case is somewhat lean for a project of this scale in Argentina, the sensitivity to spot prices (25.5% IRR and $28.8 billion NPV) highlights massive leverage to current metal prices. - Cost Structure: Negative net cash costs (-$0.20/lb Cu) for the first quarter-century of production provide a massive cushion against commodity price volatility. - Funding: The company concurrently announced commitments to upsize its credit facility to $4.5 billion USD, which management claims fully funds Lundin's share of initial Stage 1 construction ($3.55 billion USD).

LUN · Price
Company Overview

Lundin Mining is a diversified base metals producer with operations in Chile (Candelaria, Caserones), Brazil (Chapada), and exploration/development in Argentina. Following the sale of its European assets and the Eagle mine, LUN is now a "pure-play" copper growth vehicle. The flagship project is the Vicuña District (50% interest), which combines the Josemaria and Filo del Sol deposits. The company aims to become a top-10 global copper producer with output exceeding 500,000 tonnes per year once Vicuña is fully operational.

Read the original news release →

More from Lundin Mining Corporation

Oct 15, 2026 · 17:30

Lundin reported a $66m storm standby cost hit to q3 earnings, partially offset by a $51m pricing gain.

Earnings Oct 01, 2026 · 02:17

Lundin’s Caserones production guidance was lowered by storm damage, while the Vicuña project remains a key catalyst for future growth.

Other Sep 15, 2026 · 03:26

Lundin’s weather-driven delays at Caserones cut tests keep the Vicuña final investment decision as the primary catalyst for the project.

Production / Operations Aug 19, 2026 · 02:00

Lundin trimmed its copper production guidance following a second storm, while maintaining the option to expand the Vicuña project.

Production / Operations Jul 27, 2026 · 02:00

Lundin’s Caserones outage extends to two to three weeks, shrinking the margin for error while maintaining its production guidance.

Production / Operations Jul 21, 2026 · 04:00

Lundin’s Chile winter storm temporarily halts Caserones operations while year guidance remains intact and the Vicuña project approaches final investment decision.

Production / Operations