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%
Drill Results

Critical Minerals Surge: Here Are Five Companies Mining Tungsten, Copper, and Silver

Global Copper Powerhouse Transitioning to Mega-Project Developer

By The Northwire Desk — AI Analysis Feb 19, 2026 · 10:15 LUN · 35.2 Lundin Mining Corporation
Executive Summary

The most recent significant news release (February 18, 2026) reports a massive 37% increase in Measured and Indicated (M&I) copper mineral resources, now totaling 28,372 kt. This follows the February 16, 2026, publication of the Vicuña Integrated Technical Study (PEA), which outlines a 70-year mine life for the Vicuña Project (a 50/50 joint venture with BHP). The PEA envisions a staged development with a total initial capital cost of $18.1 billion across three stages. Stage 1 alone requires $7.1 billion to establish production. The study projects average annual copper production of 395,000 tonnes over the first 25 years, peaking at over 500,000 tonnes. Additionally, the company pre-announced strong Q4 2025 financial results on January 28, 2026, including a $450 million net positive impact to earnings.

Material Impact

The resource expansion and Vicuña technical study are transformative milestones. - Geological Scale: The 37% increase in copper resources and 100% increase in gold resources solidify the Vicuña District as one of the largest undeveloped copper-gold-silver deposits globally. - Production Profile: If realized, the project moves Lundin Mining into the "top ten" global copper producers, doubling its current annual output (~331k tonnes in 2025). - Financial Commitment: The $18.1 billion capex requirement is staggering, representing more than 60% of the company's current market capitalization. However, the 50/50 JV with BHP and the upsized $4.5 billion credit facility mitigate the risk and provide a credible path to Stage 1 funding. - Strategic Pivot: Following the January 2026 sale of the Eagle Mine and the 2025 sale of European assets, Lundin is now a "pure-play" copper company focused on high-margin Latin American districts.

LUN · Price
Company Overview

Lundin Mining is a diversified Canadian base metals mining company with operations in Chile, Brazil, and Argentina. After divesting its European assets and the Eagle Mine (USA), its portfolio is concentrated in Latin America. - Flagship Project: The Vicuña District (50% interest), comprising the Josemaria and Filo del Sol deposits. It is the largest greenfield copper discovery in the last 30 years. - Current Production: Core producing assets include Candelaria (Chile, 80%), Caserones (Chile, 70%), and Chapada (Brazil, 100%).

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