Lundin’s free cash flow topped $1 billion in 2021

Canadian base metal miner Lundin Mining took advantage of the favorable price environment in 2021, setting several all-time financial records.

The company on Thursday reported record earnings of nearly $880 million, adjusted earnings before interest, taxes, depreciation and amortization of $1.9 billion and free cash flow of more than $1 billion.

For the 12 months ended December, Lundin increased revenue by $2.04 billion to $3.23 billion and net income rose from $189.1 million in 2020 to $879.3 million.

Free cash flow fell from $199.4 million in 2020 to $1 billion in 2021, the company reported.

“Our operations ended the year strong with excellent performance in the fourth quarter, including a significant improvement at Candelaria. The zinc expansion project at Neves-Corvo was substantially complete at the end of the year and the commissioning is now underway,” said CEO Peter Rockandel.

He added that expansion study work assessing future growth and mine life extensions was advanced for the Candelaria underground mines, Eagle East’s Keel Zone and at Chapada.

“We are very excited about the discovery of the high-grade copper-gold Saúva prospect and the potential positive implications for Chapada expansion alternatives,” he commented.

Lundin’s acquisition of Josemaria Resources, for its world-class copper/gold project, remains on track to close in the second quarter of 2022.

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