Canadian base metals miner Lundin Mining took advantage of the favourable price environment in 2021, setting several all-time financial records.
The company on Thursday announced all-time-high earnings of nearly $880-million, adjusted earnings before interest, taxes, depreciation and amortisation of $1.9-billion and free cash flow of more than $1-billion.
For the 12 months ended December, Lundin grew its revenue from $2.04-billion to $3.23-billion and its net earnings surged from $189.1-million in 2020 to $879.3-million.
Free cash flow skyrocketed from $199.4-million in 2020 to $1-billion in 2021, the company reported.
"Our operations finished the year strong with excellent fourth quarter performance, including significant improvement at Candelaria. The Zinc Expansion Project at Neves-Corvo was substantially complete at year-end and commissioning is now under way," said CEO Peter Rockandel.
He added that expansion study work evaluating future growth and mine life extensions were advanced for the Candelaria underground mines, Keel zone of Eagle East and at Chapada.
"We are very excited about the discovery of the high-grade copper-gold Saúva prospect and potential positive implications for the Chapada expansion alternatives," he commented.
Lundin's acquisition of Josemaria Resources, for its world-class copper/gold project, remains on-track for closing in the second quarter of 2022.