Total copper production is forecast to be about 300,000 tonnes per year throughout the period with output increasing 25% in 2021 to 275,000-299,000t due to increasing grades at Candelaria and a full year of uninterrupted operations.
The company has reached collective agreements with all five unions representing employees at Candelaria. Ramp-up of the operation to full capacity is underway and is anticipated to be achieved in the coming weeks. Installation of a fourth, more powerful, ball mill motor as part of the Candelaria mill optimisation project has been pulled forward and is to be complete in December 2020.
Gold production is forecast to average 170,000-175,000 ounces a year while zinc production is forecast to grow from about 141,000-151,000 tonnes in 2021 to 221,000-236,000t in 2023 due to increased production from the Neves-Corvo mine.
Nickel production is forecast to maintain current levels in 2021 before increasing over 10% in 2022 as higher-grade ore from Eagle East contributes to the mill feed.
Lundin announced an anticipated 50% increase in its quarterly dividend to 6c per share for an annualised 24c, and renewal of a normal course issuer bid (NCIB) to repurchase up to 63.7 million shares.
Shares in Lundin Mining are trading at C$9.90, valuing the company at $7.3 billion.
