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.