Lundin Mining had a successful year in 2025, reporting record financial performance and unveiling a new copper-focused strategy. The company highlighted a strong growth pipeline in South America, including the Vicuña project. Lundin also announced a new corporate brand identity reflecting its renewed strategic direction.
The company saw significant growth in its copper resource base, with contained metal exceeding 35 million tons of copper, 60 million ounces of gold, and 960 million ounces of silver. Lundin emphasized the doubling of the company’s copper resource base, as well as the addition of substantial gold and silver inventory.
Lundin Mining achieved its best financial performance in 2025, with record revenue exceeding $4.1 billion and Adjusted EBITDA reaching $1.9 billion. The company declared its 39th regular quarterly dividend, paid $106 million in dividends, and repurchased 15.1 million shares, totaling $256 million returned to shareholders through dividends and buybacks.
In the fourth quarter, Lundin Mining generated close to $1.4 billion in revenue, with robust copper and gold production supporting results. Copper accounted for 87% of revenue in the quarter, reflecting an increase from the prior year period. The company’s sales mix was increasingly weighted towards copper.
Lundin Mining reported free cash flow of $774 million for the year and $388 million for the quarter. The company ended 2025 with a net cash position of $77 million, excluding capital leases. A non-cash deferred tax recovery of $517 million at Caserones in the quarter contributed to a significantly strengthened balance sheet.
COO Juan Andrés Morel highlighted the company’s operational performance, exceeding original copper guidance and meeting revised guidance across all metals. Consolidated copper production, including Eagle, reached 331,000 tons for the year, and gold production was about 34,000 ounces in the fourth quarter.
Candelaria maintained steady operations, producing 145,000 tons of copper in 2025. Caserones achieved its highest quarterly copper production since Lundin acquired the mine in 2023, with improved leaching practices boosting copper cathode production. Chapada’s production was slightly second half weighted, with full-year copper production at the upper end of guidance.
Lundin Mining released results from the Integrated Technical Report on the Vicuña project, projecting significant copper, gold, and silver production during peak years. The company committed to upsizing its revolving credit facility to $4.5 billion to fund the next phase of growth, aiming for a potential sanction decision for Vicuña by the end of 2026.
For 2026, Lundin forecasted consolidated copper production of 310,000 to 335,000 tons, gold production of 134,000 to 149,000 ounces, and consolidated cash costs of $1.90 to $2.10 per pound of copper. The company also outlined sustaining and expansionary capex plans to support growth initiatives, including the Vicuña project.
Management addressed various operational and financial aspects during the earnings call, including costs, production performance, and market trends. Lundin Mining is focused on executing its growth strategy and maximizing the potential of its key mining assets across different regions.
Read more at Yahoo Finance: Lundin Mining Q4 Earnings Call Highlights