Copper cash costs of $1.22/lb for the quarter were in-line with the prior year, and better than full year guidance due to cost reduction plans, operational efficiencies, lower electricity and diesel prices, increased productivity, and higher sales volumes.Įarly works on the Los Diques tailings project continues on schedule.
Copper production was 16% lower than the prior year comparable period due to lower head grades. The Company remains on track to meet or exceed full year guidance.Ĭandelaria (80% owned): The Candelaria operations produced, on a 100% basis, 41,507 tonnes of copper, and approximately 473,000 ounces of silver and 24,300 ounces of gold in concentrate. Net debt is a non-GAAP measure defined as cash and cash equivalents, less long-term debt and finance leases, before deferred financing fees.įor the first quarter of 2016, production and cash costs(1) results were favourable as the Company continues with its production optimization and spending restraint measures, but financial results were negatively impacted by a lower metal price environment. Normalized earnings is a non-GAAP measure calculated as net earnings attributable to shareholders before the tax effected impact of foreign exchange gains/losses, unrealized gains/losses on revaluation of marketable securities or currency options and valuation adjustments on deferred tax assets. Operating earnings is a non-GAAP measure defined as sales, less operating costs (excluding depreciation) and general and administrative costs. Net (loss) earnings attributable to Lundin shareholders Summary financial results for the quarter: Our ongoing emphasis on cost efficiencies and productivity enhancements is expected to enable the Company to continue to generate healthy margins and further improve our strong financial position and reduce net debt throughout the year.” Paul Conibear, President and CEO, commented, “We are pleased that all our operations achieved better than expected metal production with lower costs than forecast, enabling the Company to remain on track to meet or improve upon full year guidance on metal produced, capital spending, and operating costs.
A net loss attributable to Lundin shareholders of $22.1 million ($0.03 per share) resulted for the quarter ended March 31, 2016. TORONTO, ONTARIO–(Marketwired - April 27, 2016) - Lundin Mining Corporation (TSX:LUN)(OMX:LUMI) (“Lundin Mining” or the “Company”) today reported cash flows of $42.9 million generated from operations in the quarter, not including the Company’s attributable cash flows from Tenke Fungurume.
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