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Lundin Mining Corporation Message Board

  • crunchman12002 crunchman12002 Apr 24, 2013 6:06 PM Flag

    LUNDIN MINING FIRST QUARTER RESULTS

    LUNDIN MINING FIRST QUARTER RESULTS
    Toronto, April 24, 2013 (TSX: LUN; OMX: LUMI) Lundin Mining Corporation (“Lundin Mining” or the “Company”) today reported net earnings of $50.1 million ($0.09 per share) for the quarter ended March 31, 2013. Cash flows of $45.8 million were generated from operations, not including the Company’s attributable cash flows of $43.6 million from Tenke Fungurume.
    Paul Conibear, President and CEO commented, “Our focus on operational execution continues in 2013. We remain on track to meet our annual production guidance targets and are well positioned to continue to improve our strong balance sheet throughout the year.

    Tenke was clearly the highlight of the quarter, as copper production set another quarterly record and we received cash returns of $45 million from the operation. Based on current metal prices and operating conditions, we expect to continue to receive meaningful amounts of cash distributions from Tenke throughout the remainder of the year.

    We are also pleased to announce the closing of the acquisition of the Kokkola cobalt refinery during the quarter. The acquisition will enable immediate entry and value-added vertical integration to the refined cobalt market and will help maximize the value of the cobalt resources at Tenke."

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