Lundin Mining 2Q copper and nickel output rises

Lundin Mining

Lundin Mining 2Q copper and nickel output rises as major assets recover. The company lifted group copper production by 11.8pc. Lundin Mining 2Q copper and nickel output also benefited from higher throughput in Chile.

Copper gains led by Chilean mines

Lundin Mining 2Q copper and nickel output surged on Chilean strength. Candelaria produced 36,999t, up 18.7pc on higher throughput. Caserones added 29,290t, while Chapada delivered 11,274t. Eagle contributed 2,510t to the copper total. As a result, group copper reached 80,073t in the quarter. First-half copper rose 3.9pc to 156,847t. The company remains on track for 303,000-330,000t in 2025.

Nickel recovery continues; molybdenum lags

Nickel production improved as Eagle’s rehabilitation advanced. Quarterly nickel rose 57.6pc to 2,713t despite temporary outages. Guidance stays at 8,000-11,000t for 2025. However, molybdenum output at Caserones fell 46.8pc to 380t on lower grades. Meanwhile, Lundin completed the sale of Neves-Corvo and Zinkgruvan. The divestment sharpened focus on copper and nickel growth.

Balanced operations support delivery against guidance. Management prioritized throughput gains and equipment availability. Therefore, unit costs should benefit from higher volumes. Market exposure now leans toward copper price upside. This aligns with tightening refined copper balances into 2026.

The Metalnomist Commentary

Lundin’s mix now amplifies copper leverage just as supply tightens. Watch Candelaria throughput, Eagle stability, and Caserones grades for momentum. Any Chile or US downtime could quickly swing quarterly run-rates.