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

Canada-based Lundin Mining Corporation’s total copper production in the third quarter of 2020 declined by 18pc to 61,444mt from 74,560mt in the prior-year period, according to the company’s Q3 report.


The company’s zinc output in Q3 stood at 32,787mt, down by 6pc from 35,028mt in the prior-year period. Nickel production, however, increased significantly by 50pc to 4,854mt from 3,232mt in the same period year prior.


In the Jan-Sep period, the company’s total copper and zinc outputs stood at 188,896mt and 101,316mt, respectively, while it produced 11,809mt of nickel in the same period.


The company has also trimmed guidance for some of its mines. The company has cut the copper guidance for Brazil’s Chapada mine to 45,000mt-50,000mt from the earlier guidance of 51,000mt-56,000mt.


Guidance for the Candelaria mine in Chile was withdrawn earlier this month, with the copper-gold operations remaining suspended at the mine due to strike action over a wage dispute.


Neves-Corvo mine’s copper guidance was cut to 32,000mt-34,000mt from 35,000mt-40,000mt, while its zinc output guidance was slashed to 70,000mt-72,000mt from earlier 70,000mt-75,000mt.


Sweden-based Zinkgruvan mine’s zinc guidance was cut down to 72,000mt-74,000mt. Eagle copper-nickel mine’s guidance has remained unchanged. 


The company’s planned exploration expenditures of $35mn in 2020 have remained unchanged from Q2 guidance. The company will be focusing on supporting in-mine and near-mine targets at its mines.


It is planning to officially restart the Zinc Expansion Project at Neves-Corvo in early 2021 with planned Q4 FY20 activities which will include commissioning of the SAG mill with waste.

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