Lundin’s free cash flow tops $1bn
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.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation