Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Lundin Mining met or exceeded its 2020 guidance for copper, zinc, nickel, and gold mined by the company at its five mines.


The company indicated in its production report for 2020, released on Jan 20, that consolidated copper production from its Candelaria, Chapada, Eagle, Neves-Corvo, and Zinkgruvan mines stood at 230,781mt, falling within the higher range of its 217,000-232,000mt guidance for the year.


The largest output for the red metal was reported from the Candelaria mine where the copper output for the year exceeded the annual guidance at 126,702mt against a projected 120,000-125,000mt. Output at Chapada also exceeded its annual guidance tallying at 50,038mt against a forecast of 45,000-50,000mt.


In Q4 2020, Lundin’s consolidated copper output stood at 41,885mt, of which 19,509mt was from Candelaria.


The miner’s consolidated zinc output from Neves-Corvo and Zinkgruvan was reported within the lower range of its guidance at 142,744mt against a projection of 142,000-146,000mt. The company indicated that its Zinc Expansion Project (ZEP), which was put on hold earlier last year, was officially restarted in January 2021 and is expected to improve zinc output moving forward.


The Canadian miner’s Eagle mine is the only nickel-producing mine in its portfolio. Eagle’s full-year nickel production was reported at 16,718mt, well within the 2020 guidance range of 15,000-18,000mt.


In Q4 2020, total zinc production stood at 41,428mt while nickel output was reported at 4,909mt.

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