Q2 2024 Lundin Mining Corp Earnings Call Transcript
Key Points
- Lundin Mining Corp (LUNMF) reported a strong financial performance with $461 million in adjusted EBITDA and $338 million in free cash flow from operations.
- The company announced a joint acquisition of Filo with BHP, which is expected to transform its growth profile and solidify its presence in the Vicuna district in Argentina.
- Lundin Mining Corp (LUNMF) achieved Coppermark Certification at Candelaria and Casarones, highlighting its commitment to sustainability.
- The company exercised its option to increase ownership in Casarones to 70%, enhancing its copper-dominant portfolio.
- Record revenue of $1.1 billion was achieved in Q2 2024, driven by higher commodity prices.
- Operational challenges included unscheduled maintenance and lower mining rates, impacting production at several sites.
- Nickel production at Eagle was affected by additional ramp rehabilitation work, leading to a revision of guidance for the remainder of the year.
- Casarones experienced a challenging winter with prolonged snowstorms and unscheduled maintenance events, impacting mill throughput.
- Neves-Corvo copper production is expected to be on the lower end of the guidance range for the year.
- Eagle's nickel production guidance has been revised downward due to operational challenges, impacting overall production targets.
Good morning, ladies and gentlemen, and welcome to Lundin Mining Q2 2024 financial results and webcast conference call. (Operator Instructions) This call is being recorded on Thursday, July 31, 2024.
I would now like to turn the conference over to Jack Lundin. Please go ahead.
Welcome, everyone, and thank you for joining Lundin Mining's second quarter conference call. For those that were on our corporate update call on Tuesday, where we announced the joint acquisition of Filo with BHP, thank you for joining today as well.
Yesterday after market close, we reported our operating and financial results for Q2. The press release and presentation are available on our website under our Investors section. All figures presented today are in US dollars unless otherwise noted.
Before we start the presentation, I would like to remind our listeners that the call may contain forward-looking information and this information by its nature is subject to risks and
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