Canadian base metal mining company Lundin Mining released its copper, nickel, zinc and gold production estimates till 2023. For 2021, copper and zinc production is slated to be higher, nickel to remain unchanged, while gold production could drop, according to the company statement. The company has operations in Brazil, Chile, Portugal, Sweden and the USA.
Lundin Mining said its copper production will go up by 25pc in 2021 from 2020, in the recently released production guidance till 2023. The earlier guidance was released in Nov 2019.
The company had projected its copper production forecast for 2020 at 272,000- 296,000mt. Lundin Mining’s recent forecast estimated the production to go up to 275,000 -299,000mt in 2021 while in 2022, it will be 281,000-305,000mt and for 2023 the projection stands at 278,000-302,000mt.
While updating outlook for 2021, the company said that due to increasing grades at Candelaria and uninterrupted contribution from Candelaria and Chapda will push the production levels in 2021.
Zinc production will go up by 30pc in 2022 compared to 2021 following the completion of its ramp-up at the Neves-Corvo Zinc Expansion Project (ZEP). The ZEP is scheduled to restart in Jan 2021. The company had estimated that zinc production will go up to 183,000 -198,000mt in 2022, up from 141,000-151,000mt in 2021.
The company’s earlier estimate put zinc production around 224,000-234,000mt in 2021
Lundin Mining shared that its nickel production will remain unchanged in 2021 from 2020 and will increase by 10pc in 2022 to 17,000 to 20,000mt on the higher-grade contribution to the mill feed from Eagle nest. The company had earlier said that its nickel production will remain flat at 15,000-18,000mt, both in 2021, 2022.
The gold production forecast will be 175,000oz at the midpoint of 2021 with 110,000oz are unencumbered. The company had said that its gold production forecast for 2021 will drop to 180,000-190,000oz, down from 190,000-200,000oz in 2020.