Lundin 2026 Copper Guidance Falls as Candelaria Slows Underground Mining

Lundin Mining

Lundin 2026 copper guidance has moved lower after weaker expectations at Candelaria in Chile. The company cut its 2026 copper target to 310,000-335,000t. That compares with earlier guidance of 320,000-348,000t. As a result, Lundin 2026 copper guidance now reflects a more cautious view of underground mining rates.

The revision matters because Candelaria remains Lundin’s largest copper-producing asset. The company expects lower underground mining rates in the first half of 2026. That change directly reduced expected output from the site. Therefore, Candelaria copper production is now the main reason for the group downgrade.

However, Lundin’s overall operating picture is not weak across the board. The company produced 331,232t of copper in 2025, beating its initial guidance. It also raised copper expectations at Caserones and Chapada for 2026. Meanwhile, Lundin has sharpened its portfolio around copper after selling its Eagle nickel-copper asset.

Candelaria Copper Production Weighs on the 2026 Outlook

Candelaria copper production is carrying more operational risk than Lundin’s other core assets. The company lowered 2026 guidance for the mine to 135,000-145,000t. Its previous estimate stood at 140,000-150,000t. That reduction may look modest, but it matters because of the asset’s size inside the portfolio.

The mine also underperformed in 2025 compared with the previous year. Copper production at Candelaria fell by 10pc to 145,471t. That decline suggests the new guidance cut did not emerge in isolation. Instead, it reflects an operating trend investors should watch closely in 2026.

For copper markets, this type of downgrade remains important. Global supply growth still depends heavily on stable performance from established mines. When a large Chilean asset slows, even slightly, confidence in near-term supply weakens. Therefore, Lundin 2026 copper guidance reinforces how sensitive the market remains to mine-specific disruption.

Caserones Copper Output and Chapada Recovery Support Lundin Copper Strategy

Caserones copper output is now providing the strongest counterweight inside Lundin’s portfolio. The company lifted 2026 guidance for the Chilean operation by 13pc to 130,000-140,000t. It also said production will be modestly weighted toward the first half. That reflects a more favourable grade profile in the coming year.

Caserones already showed stronger momentum in 2025. Copper production there rose 7pc year on year to 132,881t. That improvement helped Lundin raise its 2025 copper guidance during the third quarter. As a result, Caserones copper output has become a more important stabiliser for group performance.

Chapada is also moving in the right direction. Lundin raised 2026 guidance for the Brazilian mine by 12pc to 45,000-50,000t. The company expects better recovery as stockpile material falls from about 25pc to 10pc of mill feed. Consequently, Chapada may contribute more meaningful quality improvement than headline tonnage alone suggests.

Lundin’s broader copper strategy is becoming clearer. The company has raised 2027 guidance across its three copper projects by an average of 4pc. It also sold Eagle, its only nickel-producing asset, in order to focus on larger copper operations. Therefore, Lundin is positioning itself as a more concentrated copper producer, even as Lundin 2026 copper guidance moves lower.

The Metalnomist Commentary

This guidance cut is not a company-wide setback. It is a reminder that copper portfolios still depend on a few large mines performing well. Lundin’s strategy remains constructive, but Candelaria now deserves far more attention than the headline guidance change suggests.

Lundin Mining Copper Production Holds Steady as Chilean Assets Drive Record Year

Lundin Mining

Lundin Mining copper production held broadly steady in the fourth quarter of 2025, helping the Canadian miner deliver record full-year copper output. The performance reinforces the strategic importance of Chilean assets in Lundin’s portfolio as global copper producers compete to secure growth in a tightening long-term supply market.

The company produced 331,232t of copper in 2025, placing Lundin Mining copper production in the upper half of its revised guidance range of 319,000-337,000t. The result was supported mainly by strong performance at Candelaria and Caserones in Chile, where higher throughput, better recoveries, and increased cathode production strengthened the group’s operating base.

Lundin Mining copper production also remained stable into the end of the year. Fourth-quarter output reached 87,032t, compared with 84,999t in the third quarter. That stability matters because copper buyers are watching not only new project pipelines, but also the ability of established producers to deliver reliable tonnes from existing assets.

Chilean Operations Strengthen Lundin’s Copper Platform

Candelaria remained Lundin’s largest copper-producing asset in 2025, delivering 145,471t of copper. The operation continues to anchor the company’s near-term supply profile and gives Lundin a strong position in one of the world’s most important copper mining jurisdictions.

Caserones also played a central role in the record year, contributing 132,881t of copper. The asset benefited from higher throughput, improved recoveries, and increased cathode output. It also achieved its highest quarterly production since Lundin acquired the operation in mid-2023, showing that the asset is becoming a more productive part of the group.

Chapada in Brazil added 43,974t of copper during the year, giving Lundin a broader South American production base beyond Chile. Gold production reached 141,859oz in 2025, while nickel production totalled 9,907t. Both were within or above guidance, supporting the company’s wider metals portfolio even as copper remains the core strategic focus.

Stable 2026 Guidance Keeps Focus on Efficiency and Growth

Lundin expects copper production to remain broadly stable at 310,000-335,000t in 2026. This suggests the company is entering the year with a focus on cost optimisation, operating discipline, and asset efficiency rather than a sharp near-term volume expansion.

Nickel output fell to 2,174t in the fourth quarter from 2,724t in the third quarter, but the result remained aligned with operational expectations. Rehabilitation work at Eagle East in the United States helped restore mining and processing rates earlier in the year, supporting a more stable operating base.

Longer term, Lundin’s growth strategy depends on asset optimisation and new project development. Further improvements at Caserones could support incremental copper gains, while the Vicuna project with BHP represents a larger strategic growth pathway. If advanced successfully, these initiatives could strengthen Lundin’s position as a more important copper producer in the global energy transition supply chain.

The Metalnomist Commentary

Lundin’s 2025 performance shows why operational reliability is becoming as valuable as headline growth in copper mining. In a market increasingly defined by permitting delays and project scarcity, stable output from Chilean and Brazilian assets can carry real strategic weight.

Lundin Copper Output Rises as Caserones Grades Lift First-Quarter Production

Lundin Mining

Lundin copper output increased in the first quarter as stronger production from the Caserones mine in Chile offset lower grades at Candelaria. The Canadian miner produced 79,934t of copper during the quarter, up 7% from a year earlier.

Lundin copper output was led by Caserones, where production rose by 34.3% to 38,552t. The increase was driven by unexpectedly higher copper concentrate grades, making Caserones the largest contributor to the company’s quarterly copper production.

Lundin copper output remains on track with the company’s 2026 guidance of 310,000-335,000t. The result reinforces Lundin’s increasingly copper-focused strategy after recent asset sales reduced its exposure to zinc and nickel.

The company now generates 85% of quarterly revenue from copper. That shift gives Lundin more direct exposure to long-term demand from grids, electrification, data centres, renewable energy and industrial infrastructure.

Caserones Strength Offsets Candelaria Grade Pressure

Caserones was the clear operating driver in the first quarter. Higher grades lifted copper output and helped offset weaker performance elsewhere in Chile.

The mine also produced 589t of molybdenum in the quarter, down 2.2% from a year earlier. Molybdenum remains a valuable by-product because of its role in special steel, stainless steel, energy equipment and high-temperature industrial applications.

Candelaria produced 30,808t of copper, down 16.9% from a year earlier because of lower grades. The decline shows how sensitive copper output remains to ore quality, even at established assets.

Brazil’s Chapada mine produced 10,574t of copper. This gave Lundin additional geographic diversity across its copper portfolio, although Chile remained the dominant contributor.

The mixed mine performance highlights a common copper industry pattern. Higher grades at one asset can offset weakness at another, but sustained production growth still depends on grade control, mill performance and operational reliability.

Vicuna Project Anchors Lundin’s Long-Term Copper Growth

Lundin’s longer-term growth story is increasingly tied to the Vicuna copper project on the Argentina-Chile border. The company published a technical study for the project in the first quarter.

Vicuna is planned to produce more than 500,000 t/yr of copper once fully operational. If developed successfully, it could become one of the more important new copper growth projects in the Americas.

The project matters because new large-scale copper supply remains difficult to bring to market. Permitting, capital intensity, infrastructure, water access and cross-border complexity will all shape Vicuna’s development path.

Lundin has also simplified its portfolio. It completed the sale of the US-based Eagle mine to Talon Metals at the start of the quarter, further concentrating the business around copper.

The company previously sold its Neves-Corvo mine in Portugal and Zinkgruvan mine in Sweden to Boliden. Those assets were Lundin’s only zinc-producing mines, leaving the company with a much clearer copper-led structure.

For investors and industrial buyers, that portfolio shift is important. Lundin is positioning itself more directly around copper’s strategic demand growth rather than maintaining a broader base metals mix.

The Metalnomist Commentary

Lundin’s first quarter shows the value of becoming a focused copper producer at a time when copper is becoming a strategic industrial material. The next question is whether Vicuna can move from technical promise to bankable supply in a market that needs large, reliable copper projects.

Vicuña Copper Project Financing Moves Lundin Closer to Top-Tier Copper Growth

Vicuña Copper Project

Vicuña copper project financing is now a defining step in Lundin Mining’s long-term growth strategy. The company secured commitments of up to $4.5bn to advance the Argentina-Chile copper-gold-silver project. That is a major increase from the earlier $1.75bn package. As a result, Vicuña copper project financing gives Lundin a much stronger platform for future expansion.

This matters because the Lundin Vicuña project is one of the world’s largest undeveloped copper districts. Lundin says the project could produce more than 500,000 metric tonnes a year once fully operational. That level of output would materially change the company’s global position. Therefore, Vicuña copper project financing is not only a funding story. It is a scale story.

Lundin Vicuña Project Gains a More Flexible Capital Structure

Lundin Vicuña project now has a financing structure built for phased development. Total commitments under the amended facility reach $4.5bn. Lundin can initially draw $2.25bn, with the facility expanding as key conditions are met. As a result, the capital package gives the company more flexibility as the project advances.

The structure also supports staged execution. The facility can rise to $3.5bn after certain milestones and then to the full $4.5bn after Stage 1 is sanctioned. Its maturity will also extend to 2031. Therefore, Vicuña copper project financing is designed to match the project’s development timeline rather than force a single upfront funding leap.

This approach matters in large copper projects. Capital intensity is high, timelines are long, and execution risk remains significant. A facility that expands with project progress gives lenders and developers a more disciplined framework. Meanwhile, it shows confidence that Vicuña can move from development into a sanctioned growth asset.

Vicuña Copper Output Could Redefine Lundin’s Position

Vicuña copper output is the real strategic prize behind this financing. Lundin wants to become a top-10 copper producer as Vicuña reaches full production. A project targeting more than 500,000 t/yr would give that ambition real credibility. Consequently, the Lundin Vicuña project could become one of the company’s most important long-term assets.

The partnership with BHP also strengthens that outlook. Lundin is advancing the project with one of the world’s largest mining groups. That adds technical weight, project experience, and broader strategic importance. As a result, Vicuña copper project financing is reinforced by a partnership structure that the market is likely to take seriously.

The broader copper context makes the story even more important. Large new copper projects are increasingly valuable as future supply growth looks harder to secure. A district with scale, financing support, and a major operating partner stands out. Therefore, Vicuña copper output could matter well beyond Lundin’s own portfolio.

The Metalnomist Commentary

This financing matters because it turns Vicuña into a more credible growth engine, not just a large undeveloped resource. The biggest takeaway is scale with structure. Lundin now has a stronger path toward building one of the copper sector’s most important next-generation projects.

Lundin Mining Achieves Record Copper and Zinc Output in 2024, Plans Zinc Exit in 2025

Lundin Mining

Lundin Mining, a Canada-based base metals producer, announced record-breaking copper and zinc production in 2024. Despite these achievements, the company plans to cease zinc production in 2025 following the sale of key assets.

Lundin’s Copper and Zinc Production Hits New Highs

Lundin Mining boosted copper production by 17.2% year-over-year, reaching an all-time high of 369,067 metric tons (t) in 2024. The surge was largely driven by an increased stake in the Caserones mine in Chile, where Lundin expanded its ownership from 51% to 70%, adding approximately 24,000 t/yr of copper.

The company also reported record zinc production, climbing 3.5% to 191,704t. However, rehabilitation and development work at the Neves-Corvo mine in Portugal affected sequencing, leading Lundin to revise its 2024 zinc production guidance downward.

In contrast, nickel output plummeted by 54.4%, dropping to 7,486t from the Eagle East mine in the U.S..

Lundin to Exit Zinc Production and Focus on Copper

Lundin is set to exit the zinc market in 2025 with the sale of its Neves-Corvo and Zinkgruvan mines to Boliden, a leading Swedish metals company. The deal is expected to close by mid-2025, marking Lundin's full withdrawal from zinc operations.

Moving forward, Lundin’s 2025 copper production guidance is set between 303,000-330,000t, excluding contributions from Neves-Corvo and Zinkgruvan. Nickel output is projected at 8,000-11,000t, with production at Eagle East gradually tapering over the next three years.

The company plans to invest $40 million in in-mine and near-mine exploration this year, reinforcing its long-term copper growth strategy.

Conclusion

Lundin Mining’s record-breaking copper and zinc output underscores its operational strength. However, its strategic pivot away from zinc highlights a renewed focus on copper. With major investments in exploration and the Caserones mine expansion, Lundin aims to solidify its position in the global copper market.

Talon acquires Lundin’s US Ni, Cu subsidiary in a strategic Eagle Mine deal

Lundin Mining

Talon acquires Lundin’s US Ni, Cu subsidiary in a transaction that reshapes US nickel supply. The deal transfers full ownership of the Eagle Mine and the nearby Humboldt Mill in Michigan. Talon acquires Lundin’s US Ni, Cu subsidiary as producers and policymakers push domestic critical minerals. Therefore, the Eagle asset becomes a key lever for US nickel and copper security.

The Eagle Mine has delivered meaningful metal since 2013. The operation has produced more than 194,000 tonnes of nickel and 185,000 tonnes of copper. Meanwhile, the Humboldt Mill supports regional processing and concentrates logistics. As a result, Talon gains immediate producing exposure without greenfield build risk.

Deal structure gives Lundin a large Talon stake

The consideration relies on equity rather than cash. Lundin will receive 275.2 million Talon shares valued at about $83.7 million. After closing, Lundin will hold nearly 20% of Talon. Therefore, Lundin keeps upside exposure while shifting its operating focus.

Timing also matters for market perception. The companies expect the transaction to close in early January. However, integration and operating continuity will decide whether investors reward the structure. As a result, Talon must prove it can run the asset smoothly.

Talon targets mine life extension and stable mill output

Talon plans to explore options to extend the mine’s life. The company also expects to maintain production capacity at the Humboldt Mill. Meanwhile, life extension can require drilling, permitting, and capital discipline. Therefore, Talon’s near-term priority is operational stability.

The acquisition also reflects Lundin’s portfolio direction. Lundin is shifting attention toward larger copper positions in Brazil and Chile. However, nickel remains strategically important across batteries and defense supply chains. As a result, Eagle’s ownership shift may trigger more US-focused consolidation.

The Metalnomist Commentary

This deal looks like a practical route to domestic nickel exposure with operating history. However, the real value will come from resource conversion and a credible life-extension plan. The owners who secure long-lived feed will control the next US nickel narrative.

Lundin Mining Eyes Argentina Incentives to Advance Vicuña Copper Project

Lundin Mining

Copper price rally offsets production dip as Lundin expands in South America

Lundin Mining Argentina copper incentives may become a key strategic lever for advancing its Vicuña project amid a global copper bull run. The company is evaluating Argentina’s Incentives Regime for Large Investments (RIGI), which offers tax relief, streamlined customs, and royalty reductions for large-scale projects.

Vicuña project gains traction under pro-investment Argentine policy

Lundin is bullish on Argentina’s current investment climate under President Javier Milei. The Vicuña project—located in the Andes and rich in copper, gold, and silver—is in pre-construction. If approved under RIGI, it would gain critical cost advantages and regulatory support, enhancing its competitiveness in the South American copper belt.

Profit soars despite Q1 output declines

Lundin’s Q1 2025 copper output declined 4% year-on-year to 77,000 tonnes, while shipments fell to 81,000 tonnes. However, surging copper prices—ranging between $4.43 and $4.63/lb—doubled the company’s net profit to $168 million. Nickel performance weakened, with output and sales down sharply from Q1 2024. Lundin remains focused on reaching 303,000–330,000 tonnes of copper output by year-end and recently divested its European zinc assets to Boliden for $1.4 billion.

The Metalnomist Commentary

Lundin’s pursuit of Argentine incentives reflects growing investor interest in copper projects outside traditional jurisdictions. With copper demand surging and Argentina offering favorable fiscal terms, the Vicuña project could emerge as a new anchor in Lundin’s Americas-focused strategy.

Lundin Mining Sells Neves-Corvo and Zinkgruvan Mines to Boliden for $1.52bn

Lundin Mining

Canada-based Lundin Mining announced the sale of its two major European mining operations — Neves-Corvo in Portugal and Zinkgruvan in Sweden — to Swedish Boliden for a total of $1.52 billion. The deal, which is expected to close by mid-2025, will represent Lundin’s complete exit from its operating assets in Europe. The company plans to use the proceeds from this sale to strengthen its balance sheet and fuel its growth strategy in South America.

Key Details of the Deal

The acquisition will significantly boost Boliden’s mining and smelting capacity. Neves-Corvo and Zinkgruvan produced a combined total of 185,000 tonnes of zinc concentrate and 38,000 tonnes of copper concentrate in 2023. With this acquisition, Boliden anticipates a sharp increase in its output, especially in zinc, which is expected to rise to 70% of its zinc smelting capacity (up from 35%). For copper, Boliden forecasts an increase in concentrate production to 40% of its copper smelting capacity, from 30%, based on 2023 figures.

In 2023, Neves-Corvo produced 108,812 tonnes of zinc and 33,823 tonnes of copper, while Zinkgruvan produced 76,349 tonnes of zinc and 4,434 tonnes of copper, both in concentrate. This expansion aligns with Boliden's ongoing efforts to boost its mining capabilities in Europe and provide a stronger foundation for its future operations.

Boliden’s Expanding Operations

Following the completion of the transaction, Boliden will operate a total of seven mining areas and five smelters, further solidifying its position as a key player in the European metals market. This acquisition will also contribute to the company’s growing portfolio of critical base metals, including zinc and copper, which are essential for various industrial applications, including the green energy transition.

The Neves-Corvo and Zinkgruvan mines come with on-site processing facilities, which will enable Boliden to efficiently manage the mining and refining of these crucial metals.

Lundin’s Strategic Shift

For Lundin Mining, the sale marks a strategic shift toward focusing its operations on high-growth regions, particularly in South America, where the company has substantial mining interests. By exiting Europe, Lundin aims to optimize its portfolio and concentrate resources on projects that offer the highest potential for expansion and value creation.

Conclusion

The $1.52 billion deal between Lundin Mining and Boliden highlights the growing consolidation in the mining sector and underscores the importance of strategic acquisitions to secure long-term growth. For Boliden, the acquisition of Neves-Corvo and Zinkgruvan will enhance its production capacity, positioning the company to meet rising global demand for zinc and copper. Meanwhile, Lundin Mining is set to reorient its focus on South American mining assets, setting the stage for future growth.

BHP and Lundin Mining Partner on Argentinian Copper Projects

BHP and Canada-based Lundin Mining have entered into a definitive agreement to acquire mining company Filo and jointly develop the Josemaria copper project in Argentina. The agreement involves forming a 50/50 joint venture to manage the Filo del Sol (FDS) and Josemaria copper projects in San Juan province. The FDS deposit is an advanced-stage copper exploration project, while Josemaria, already controlled by Lundin, is also at an advanced development stage and situated nearby.

Both companies are optimistic about the potential of this partnership. Lundin Mining’s CEO, Jack Lundin, emphasized the significance of FDS, describing it as "one of the world's largest undeveloped copper-gold-silver deposits." The joint venture aims to "develop an emerging copper district with world-class potential that could support a globally ranked mining complex," according to Lundin.

Argentina has emerged as a promising copper-rich region, and companies are rushing to secure a stake in the region. Both companies are "excited about their role in developing the region," as they partner to acquire FDS. The acquisition, valued at C$4.1 billion (approximately $2.96 billion), involves Lundin contributing $1.5 billion towards the purchase. Additionally, BHP will pay $690 million in cash to Lundin for the Josemaria stake in the joint venture.

This deal, however, is still subject to approval by the court under Canadian law and requires the endorsement of Filo’s shareholders. Once completed, this venture will position BHP and Lundin as significant players in the global copper market, contributing to the supply chain essential for electric vehicles and renewable energy technologies.

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.

Lundin Mining Adjusts Annual Copper and Zinc Production Guidance

Lundin Mining

Canada-based Lundin Mining has revised its full-year production guidance for copper and zinc, reflecting operational challenges and shifting market conditions. Despite a rise in third-quarter copper production, the company reported a decline in zinc output, prompting a recalibration of its production targets.

Copper Production Sees Mixed Results

Lundin Mining tightened its annual copper production guidance to 366,000-389,000t, down from the previous range of 366,000-400,000t. In the third quarter, Lundin achieved a copper output of 99,855t, an 11% increase year-on-year. This brought the total copper production for the first nine months of 2023 to 267,576t, a remarkable 27% rise compared to the same period last year.

Chile's Candelaria mine played a pivotal role, contributing 50,018t of copper in Q3, thanks to higher head grades. However, this increase was partially offset by disruptions at other assets:

Labour action in August at the Caserones mine in Chile.

A ground fall at the Eagle East mine in the U.S. during the second quarter.

Lower grades at the Neves-Corvo mine in Portugal.

These operational challenges led to a downward revision of production guidance at these sites.

Zinc and Nickel Production Declines

Lundin’s annual zinc production guidance was adjusted to 190,000-199,000t, reduced from the earlier projection of 195,000-215,000t. While output at Sweden's Zinkgruvan mine increased, it was counterbalanced by lower production at Neves-Corvo due to rehabilitation and development impacting mine sequencing. Refined zinc production in Q3 was down 6.4%, with 46,610t produced, bringing the year-to-date total to 139,758t, a 4% decrease compared to 2022.

Nickel production suffered a significant setback, plummeting nearly 80% year-on-year to 893t in the third quarter, largely due to reduced mining rates at Eagle East.

Molybdenum Production from Caserones Acquisition

Following the mid-July 2023 acquisition of the Caserones copper-molybdenum mine, Lundin began producing molybdenum. However, third-quarter output was 693t, approximately 37% lower than the same period last year.

These adjustments highlight Lundin Mining’s proactive approach to navigating operational hurdles while maintaining a focus on long-term growth and stability in a volatile commodities market.

Lundin Mining Eyes Majority Stake in Talon Metals’ Boulderdash Cu-Ni Site

Lundin Mining

Proposed earn-in deal could expand Lundin’s footprint near Eagle mine, boosting U.S. copper and nickel exploration.

Lundin Mining, a Canada-based mining company, has entered into an earn-in agreement with Talon Metals, aiming to acquire up to 70% ownership in the Boulderdash copper and nickel exploration site in Michigan, USA. The site is adjacent to Lundin’s existing Eagle mine, a key producer of battery-grade nickel and copper.

Under the agreement, Lundin provided a $5 million advance to Talon Metals to fund initial drilling. In return, the company will earn a 44.625% stake after financing 30,000 meters of drilling, executed in three 10,000-meter phases.

High-Grade Discoveries and Strategic Location

Drilling at Boulderdash, which began following a 2023 discovery, has revealed impressive grades—2.95% copper and 2.33% nickel. These early results suggest the site may offer high-quality battery metal resources, potentially strengthening domestic U.S. supply chains.

Following the drilling phase, Lundin would fund a feasibility study to secure an additional 25.375% stake, bringing total ownership to 70%. The company also retains the option to acquire 90% in other nearby properties.

Eagle Mine Synergies Enhance Regional Potential

The Boulderdash site is located near the Eagle mine, which is forecast to produce 8,000–11,000 tonnes each of nickel and copper this year. Both sites are connected via road to the Humboldt processing mill, allowing potential synergies in infrastructure, logistics, and operational efficiency.

If the deal is not finalized, Talon will either repay the $5 million advance or issue shares to Lundin. The collaboration marks a strategic move to boost U.S. battery metal output amid growing demand for EV and energy storage materials.

Workers at Lundin's Caserones Mine in Chile Go on Strike Amid Labor Disputes

Workers at the Caserones copper mine in Chile, controlled by Canada-based Lundin Mining, have initiated a strike following unsuccessful employment negotiations. The strike, which began after talks between the company and one of the mine's unions broke down, involves 30% of the mine's workforce. Lundin Mining confirmed that operations at the mine will be "gradually reduced" as a result of the strike.

The workers are demanding a new collective bargaining agreement after the company had previously reached an agreement in April with only one of the two unions representing the workforce. The current labor dispute underscores the growing tensions within the mine, which has become a crucial asset for Lundin since it acquired a majority stake in July last year.

Caserones mine is a significant contributor to Lundin Mining's revenue, accounting for 31% of the company's $1.08 billion in revenues during the second quarter of this year. The mine is expected to produce between 124,000 and 135,000 metric tonnes of refined copper in 2024, making it a key component of Lundin's global operations.

Strike Ends at Chile's Caserones Copper Mine Following Agreement

The strike at Chile's Caserones copper mine has come to an end after workers reached an agreement with Lundin Mining, the company that controls the mine. The one-week strike, which began in mid-August and involved about 30% of the mine’s workforce, concluded when the majority of union members accepted Lundin's new collective bargaining proposal.

During the strike, operations at the Caserones mine were running at approximately 50% capacity. With the resolution of the labor dispute, Lundin Mining has announced its intention to focus on swiftly resuming full operations.

Caserones is an open-pit mine known for producing high-quality copper concentrate, copper cathode, and molybdenum concentrate. The mine is a significant source of copper and molybdenum, crucial metals in various industrial applications.

Ecuador Increases Power Tariffs for Copper Mines Amid Energy Crisis

Ecuacorriente S.A

In a move to address Ecuador's ongoing energy crisis, the country’s electricity regulatory agency, Arconel, has raised power tariffs for large-scale industries, including the copper mining sector. This change, which took effect on October 30, has significant implications for major mines in the country, notably Mirador, operated by China's Ecsa-Ecuacorriente, and Fruta del Norte, operated by Canadian company Lundin. The revised tariffs will impact electricity consumption during peak hours, further exacerbating the financial pressure on mining operations already grappling with soaring costs.

Key Changes to Power Tariffs

The new electricity tariffs target industries that consume the most power, with particular emphasis on mining operations. The most notable increases are:

• Peak Hours (6-10 pm): Increased from 8.10¢/kWh to 9.86¢/kWh.
• Daytime (8 am-6 pm): Raised from 6.8¢/kWh to 8.5¢/kWh.
• Off-Peak (10 pm-8 am): Increased from 5.4¢/kWh to 7.5¢/kWh.

These price hikes will affect two major mines in Ecuador: the Mirador copper mine, which is one of the country’s largest, and the Fruta del Norte gold mine. The tariff increases are a direct response to the national energy shortage caused by a harsh drought, which has significantly reduced the output from Ecuador’s primary hydroelectric plants.

Impact of Ecuador's Energy Crisis on Mining

Ecuador is currently facing a severe energy crisis, exacerbated by a lack of rainfall, which has hindered the operation of hydroelectric plants. As a result, the country has had to rely heavily on thermoelectric power generation, leading to a 77% increase in thermoelectric fuel consumption in the third quarter of 2024 compared to the same period in 2023, according to Petroecuador, the state-owned oil and energy company.

Despite the increase in energy costs, the Ecuadorian mining chamber, which represents companies like Ecsa-Ecuacorriente and Lundin, has acknowledged that the tariff hike is necessary due to the energy crisis. The increased electricity tariffs are expected to affect the operational costs of these mines, making them less competitive in the global market.

Ecuador's Mining Exports and the Role of Copper

Ecuador's mining sector plays a crucial role in the country’s economy. In the first half of 2024, Ecuador exported $688.8 million in copper concentrate, accounting for 42% of the country's total income from metal exports, which amounted to $1.6 billion. Copper export revenues saw a 12% increase from the previous year, highlighting the growing importance of copper as a key driver of the national economy.

The rise in power tariffs, however, may put the profitability of copper mining operations under strain, particularly for Mirador, one of Ecuador’s largest copper producers. While the mining chamber has voiced support for the tariff increase, it remains to be seen how these changes will affect long-term investment and growth in Ecuador's mining sector.

Boliden Zinc and Copper Output Rises After Lundin Mine Acquisitions

Swedish Boliden

Boliden zinc and copper output increased in the first quarter as the Swedish mining and smelting group benefited from the 2025 acquisitions of Somincor in Portugal and Zinkgruvan in Sweden. The additions lifted concentrate production sharply from a year earlier, although operational disruptions limited quarter-on-quarter momentum.

Boliden zinc and copper output growth was strongest on a year-on-year basis. Zinc-in-concentrate production rose by 54% to 89,200t, while copper-in-concentrate output increased by 53% to 28,824t.

Boliden zinc and copper output still faced several short-term constraints. Seismic activity halted operations at Garpenberg in Sweden, poor ground conditions weighed on Tara in Ireland, and heavy rainfall affected Somincor in Portugal.

The first-quarter result shows the impact of Boliden’s larger asset base. Acquisitions increased scale, but operational reliability, grade control and smelter performance remain central to the company’s 2026 metals outlook.

Zinc Growth Masks Garpenberg and Tara Disruption

Boliden’s zinc-in-concentrate output rose strongly from a year earlier because Somincor and Zinkgruvan added new mine volumes. However, production fell by 3% from the previous quarter, showing that acquired capacity did not fully offset operational headwinds.

Tara produced 17,413t of zinc-in-concentrate, down 19% from a year earlier. Poor ground conditions and other operational challenges weighed on the Irish mine.

Garpenberg output fell by 22% to 19,329t after seismic activity disrupted operations in mid-March. Boliden expects production to resume gradually in the second quarter, but the disruption has materially reduced the site’s 2026 outlook.

The company now expects Garpenberg milled volumes of around 1.5mn t in 2026, down from previous guidance of 3.7mn t. It forecasts 2.3mn t of milled volumes in 2027 and lowered Garpenberg’s zinc grade guidance to 2.7% from 2.9%.

Refined zinc production also weakened. Output fell by 2% on the year to 107,931t, mainly because production at Odda in Norway dropped by 19%.

Odda’s performance was affected by two unplanned roaster stoppages and the delayed start-up of another roaster. The decline shows how smelter reliability can offset stronger mine-side additions.

The zinc market backdrop remains tight in concentrate terms. Global refined zinc demand fell by 7% from the previous quarter because of seasonal patterns, but was unchanged from a year earlier. Global zinc concentrate production rose by 4% year on year, while spot treatment charges fell from $35/t to $0/t during the quarter.

Falling treatment charges are important for zinc smelters and miners. They indicate that concentrate availability remains tight relative to smelter demand, shifting bargaining power toward miners with available feedstock.

Copper Concentrate Tightness Supports Strategic Value

Boliden’s copper-in-concentrate output rose by 53% from a year earlier to 28,824t. The increase was mainly driven by the addition of Somincor and Zinkgruvan.

Quarter-on-quarter copper output slipped by 3% from 29,690t. Boliden attributed the decline mainly to slightly lower copper grades at Aitik and lower production at Somincor.

Aitik remained the company’s core copper asset. Milled volumes were 9.8mn t, broadly in line with a year earlier, but lower copper grades weighed on output.

However, Aitik showed operational strengths. Boliden reported high mining rates and better recoveries than in the first quarter of 2025 because of less oxidised ore.

At the smelter level, copper cathode production rose by 12% on the year to 41,567t, although it fell by 2% from the previous quarter. Harjavalta performed better than a year earlier, when strikes in Finland and a lack of suitable concentrates weighed on operations.

Casted copper anode production rose by 4% year on year to 107,714t. This supports Boliden’s integrated copper position, linking mine output with smelting and refining capacity.

Boliden also highlighted tightening copper concentrate conditions. Global refined copper consumption fell by 10% from the previous quarter and by 1% from a year earlier, but concentrate production was stable quarter on quarter.

Spot treatment charges continued to fall, and Chinese benchmark contracts settled at zero treatment and refining charges. This underlines structural tightness in the copper concentrate market, even when refined demand indicators are mixed.

Nickel output was mixed. Nickel-in-concentrate production rose by 20% on the year to 3,282t and increased by 30% from the fourth quarter, supported by higher grades at Kevitsa.

Refined nickel performance moved lower. Nickel-in-matte production at Harjavalta fell by 17% on the year to 8,425t because of an unfavourable feed mix and higher pyrite consumption.

Boliden left 2026 guidance unchanged for all mines except Garpenberg. That means the main revision affects zinc and silver more than copper or nickel.

The Metalnomist Commentary

Boliden’s quarter shows how acquisitions can lift headline production while operational risks still shape real supply. The sharper signal is in treatment charges: zinc and copper concentrate markets remain tight enough that mine reliability and smelter feed quality now carry strategic value.

Josemaria Copper Offtake Transfer Strengthens Mitsui’s Position in Argentina Supply Chain

Jogmec

Josemaria copper offtake rights have become a strategic supply-chain asset for Japan after state-owned Jogmec transferred its 40% copper concentrate offtake option from Argentina’s Josemaria project to Mitsui. The transfer gives the Japanese trading house potential access to a large future copper concentrate stream from one of South America’s key emerging copper districts.

Jogmec awarded the option through a competitive bidding process. The agency had retained the offtake right after participating in joint exploration around the Josemaria area from 2009 to 2017. Although the transaction value was not disclosed, the industrial significance is clear. Japan is trying to secure copper raw materials before energy transition demand tightens global competition.

The Josemaria project is being developed by Vicuña Corp, a joint venture between Lundin Mining and BHP. Vicuña is also studying integrated development with the nearby Filo del Sol deposit, creating the potential for a larger copper district in Argentina’s San Juan province.

Mitsui Gains Access to a Meaningful Copper Concentrate Stream

The Josemaria copper offtake option could give Mitsui access to 40% of future concentrate output from the deposit. Vicuña estimates Josemaria could produce about 715,000 tonnes per year of copper concentrate during the first six years of operations.

That 40% share would equal around 286,000 tonnes per year of concentrate. Jogmec said this volume corresponds to roughly 77,000 tonnes per year of contained copper. For Japan, this is not a minor allocation. It would represent about 6.16% of the country’s projected copper concentrate imports in 2025.

The transfer therefore gives Mitsui a potentially important position in long-term copper procurement. It also reinforces the role of Japanese trading houses as strategic intermediaries between mine developers, smelters, and industrial consumers.

Japan Moves to Diversify Copper Supply as Demand Rises

Japan’s copper supply strategy is becoming more urgent as electrification, digital infrastructure, renewable power, data centers, and grid investment increase copper intensity. These sectors require stable flows of copper concentrate for smelting and refining, making upstream offtake access more valuable.

The Josemaria copper offtake transfer also reflects a broader shift in resource security policy. Japan does not have large domestic copper mine supply, so overseas mine partnerships and offtake rights remain central to industrial resilience.

Argentina’s copper sector is increasingly important in this context. Projects such as Josemaria and Filo del Sol could help diversify global concentrate supply away from more mature producing regions. For Japanese companies, securing exposure to this pipeline supports both supply diversification and long-term competitiveness.

The Metalnomist Commentary

The Josemaria copper offtake transfer shows how copper security is moving upstream. For Japan, the key issue is not only price exposure, but access to future concentrate before global demand tightens further.

Argentina Targets Top Spot in Global Copper Production

Argentina Copper

Energy Transition Drives Argentina’s Copper Ambitions

Argentina aims to become a leading copper producer within the next decade, positioning itself as a critical player in the global energy transition. Although the country has not produced copper since 2018, a surge of new investments and policy reforms is transforming its mining landscape. The focus keyphrase, “Argentina copper production,” highlights the government’s strategic goal to leverage its vast mineral reserves.

Strategic Investments and RIGI Program Accelerate Growth

Argentina's mining secretary projects near-term copper output of 900,000 metric tonnes per year from seven advanced-stage projects, with potential to triple production if 15 additional ventures proceed. These seven projects alone could attract over $19 billion in investment. Much of the growth stems from the RIGI incentive program, launched by President Javier Milei's administration to encourage large-scale investments by offering tax breaks and legal certainty. As a result, international companies are showing renewed confidence in Argentina’s mining sector.

Vicuna Joint Venture Exemplifies Argentina’s Mining Revival

The Vicuna joint venture, formed by BHP and Lundin Mining, illustrates the impact of RIGI. It merges two major copper assets—Filo del Sol and Josemaria—which will produce a combined 200,000 tonnes annually. Vicuna’s total investment exceeds $5 billion, and the Filo del Sol discovery is hailed as the largest greenfield copper find in 30 years. Without the RIGI framework, stakeholders confirm this venture would not have materialized. Therefore, Argentina copper production is now seen as a viable and attractive avenue for global mining capital.

The Metalnomist Commentary

Argentina's copper strategy showcases how policy, resource endowment, and global demand can align to reshape a nation’s industrial future. If project timelines and regulatory stability hold, Argentina could challenge Peru and China as a copper heavyweight—making it a linchpin in energy-transition supply chains.

Policy change in Argentina may boost Copper mining by revising glacier protections

Argentina Copper Mining

Policy change in Argentina may boost Copper mining as the government reviews glacier protection rules. Javier Milei says unclear glacier boundaries block investment and resource development. The review targets the Glaciers Law and the perimeter criteria set by IANIGLA. Meanwhile, miners seek legal certainty near the Andes where deposits meet protected zones.

Glacier boundary authority could shift to provinces

The proposal would let provinces define glacier perimeters instead of federal technical mapping. Supporters say clearer zones could unlock projects while protecting core ice. However, critics warn looser definitions could expand mining into sensitive watersheds. Meltwater from glacier systems supports rivers and agriculture across the country.

Copper projects and incentives drive investor interest

Large copper projects in San Juan Province could benefit if permitted areas expand. The list includes BHP and Lundin Mining’s Vicuña Project, plus Glencore’s El Pachón.

The RIGI program offers tax breaks and 40-year legal stability for large projects. Therefore, policy clarity plus RIGI could narrow the gap with Chile’s export scale. Rio Tinto cites stability guarantees as a key reason it entered the country, said Jakob Stausholm. Policy change in Argentina may boost Copper mining if congress rewrites the boundary framework. However, lawmakers must weigh investment gains against water-security and social-license risk.

The Metalnomist Commentary

Argentina’s copper upside is real, but the reform must survive court and community scrutiny. Meanwhile, investors will price permitting risk until provinces publish transparent glacier maps. Therefore, the best outcome couples faster approvals with verified safeguards for meltwater.

Cornish Metals Sells Canadian Royalties to Focus on Tin Mining in the UK

Cornish Metals, a Vancouver-based exploration company, has announced the sale of its royalty interests in the Mactung and Cantung tungsten projects in Canada to Elemental Altus Royalties for $4.5 million. This strategic move aims to prioritize the development of its tin mining operations in the UK, particularly the re-opening of the South Crofty tin mine in Cornwall.

Cornish Metals plans to focus solely on the South Crofty project, with the goal of commencing tin production by 2027. The South Crofty mine, historically significant for its tin production, is expected to produce an annual average of 4,700 tons of tin during its first six years of operation.

The Mactung project, located on the border of Yukon and Northwest Territories, is an advanced-stage exploration project owned by Fireweed Metals Corp, part of the Lundin Group. Cantung, a tungsten mine, operated intermittently from 1962 until its closure in 2015. At its peak, Cantung produced 1,350 tons per day with an average grade of nearly 1% WO3.

Elemental Altus Royalties, the buyer, specializes in providing upfront financing to mining companies in exchange for a portion of the revenue or production from their mining operations. This acquisition will add to Elemental's diverse portfolio, although they primarily focus on precious and base metals.

Cornish Metals will continue advancing the South Crofty project through various stages, including mine dewatering, resource drilling, and completing a feasibility study. The company will also explore additional downstream opportunities. An environmental assessment for South Crofty has already been completed as part of previous permitting processes.