Proactive Investors - Lundin Mining Corporation (TSX:TSX:LUN) has announced strong 2023 production results, boosted by the acquisition of a 51% stake in the Caserones copper-molybdenum mine in Chile.
For the year to December 31, 2023, the company reported consolidated copper production of 314,798 tonnes and copper-equivalent production of more than 550,000 tonnes. Key achievements include Candelaria meeting guidance with 152,012 tonnes of copper and 89,700 ounces of gold, Caserones exceeding original guidance with 139,520 tonnes of copper, and Chapada hitting its targets with 45,719 tonnes of copper and 59,268 ounces of gold.
Zinc production at 185,161 tonnes and consolidated gold production at 148,968 ounces were also at or above the upper end of guidance. Eagle's nickel and copper production exceeded original guidance, showcasing the company's operational excellence.
"2023 was a significant year for Lundin Mining and we are well positioned for growth in 2024," president and CEO Jack Lundin commented in a statement.
"The 51% acquisition of Caserones led to a record in annual copper production. We have initiated comprehensive value optimization efforts across our Latin American sites. We are beginning to execute on some of these initiatives at Chapada and Candelaria and the kickoff of optimization work at Caserones will begin this quarter."
Looking ahead to 2024, the company said it is aiming for sustained growth, with copper production guidance set at 366,000–400,000 tonnes, zinc production at 195,000–215,000 tonnes, gold production at 155,000–170,000 ounces, and nickel production at 10,000–13,000 tonnes.
"An exciting exploration program has begun on both the Chilean and Argentinian side of the Vicuña district," Lundin added.
"We will look to drive value from the drill bit as this has proven to be a key contributor to the overall value creation at Lundin Mining."