Lundin Mining lowers 2026 copper outlook after second Chile storm
Canadian miner Lundin Mining said on Wednesday it had lowered its 2026 copper production forecast after a second severe winter storm hit its operations in Chile's Atacama region, delaying the company's recovery from a previous weather-related power outage.
The storm, which began on August 13, brought heavy rainfall at lower elevations, along with unusually heavy snowfall and high winds at higher altitudes.
A second power outage at Caserones on August 14 was caused by severe winds and heavy snowfall that re-damaged a transmission tower already affected by an earlier storm, the company said. A first outage knocked out power at the site from July 18 to July 30.
The Canadian copper miner cut its full-year copper production outlook for its Caserones mine to between 120 000 tons 130 000 tons from 130 000 tons to 140 000 tons originally, while raising its cash cost forecast to between $2.15/lb and $2.35/lb from $2.05/lb to $2.25/lb originally.
The consolidated company-wide copper production forecast was reduced to between 300 000 tons and 325 000 tons, with cash costs now expected to be at between $1.95/lb and $2.15/lb.
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