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Released November 10, 2025 | SUGAR LAND
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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)
The positive financial results reported last week were the outcome of higher copper and gold prices. The company has also benefited from lower-than-expected cash costs due to higher sales and by-product credits, with a copper cash cost guidance reduced from US$1.95-2.15 per pound to US$1.85-2.00 per pound.
Copper output totaled 87,300 tons in the third quarter, about 4.8% below third-quarter 2024 levels. However, production from January through September totaled 244,200 tons this year, up 0.6% from last year.
Caserones' copper concentrate volumes faced improved grades, while cathode production benefited from increased material placed on the dump leach in previous periods. The mine saw cash costs drop from US$2.40-US$2.60 per pound to US$2.15-US$2.25 per pound due to higher grades and byproduct credits.
In addition, the Chapada mine (100% owned) in Brazil produced 12,600 tons of copper, while the smaller Eagle mine (100% owned) in the U.S. contributed 2,400 tons.
Given these results, the company expects to meet or exceed its initial production guidance for this year. As a result, the guidance was revised up from 303,000-330,000 tons to 319,000-337,000 tons.
Lundin also also a shareholder at the Vicuña project in Argentina, which combines the Josemaria and Filo del Sol deposits. The project is currently under study. Lundin Chief Executive Officer Jack Lundin said, "The Vicuña team is advancing parallel studies to support a multi-phased development plan, with an integrated technical study anticipated in Q1 2026."
Nickel output stood at 2,724 tons in the third quarter, 205% more than during the same quarter last year, thanks to strong throughput in the mill. The lower end of the guidance for 2025 has been revised up by 1,000 tons to 9,000-11,000 tons.
Key takeaways
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Summary
Lundin Mining reported net earnings of US$184.6 million and copper output of 87,300 tons in the third quarter.Lundin Sees Big Earnings Gain
Lundin Mining Corporation (Vancouver, British Columbia) has reported net earnings of US$184.6 million for the third quarter, up from US$110.7 million in the same period last year. For the first nine months of the year, net earnings totaled US$525.5 million, up 68% year over year.The positive financial results reported last week were the outcome of higher copper and gold prices. The company has also benefited from lower-than-expected cash costs due to higher sales and by-product credits, with a copper cash cost guidance reduced from US$1.95-2.15 per pound to US$1.85-2.00 per pound.
Copper output totaled 87,300 tons in the third quarter, about 4.8% below third-quarter 2024 levels. However, production from January through September totaled 244,200 tons this year, up 0.6% from last year.
Copper Mine Operations
During the quarter, Lundin's Chilean mines, Candelaria (80% owned) (ID 1026827) and Caserones (70% owned) (ID 1063028), produced 37,100 tons and 35,300 tons of copper, respectively. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Plant Database can learn more about these assets from detailed profiles of the Candelaria and Caserones mines.Caserones' copper concentrate volumes faced improved grades, while cathode production benefited from increased material placed on the dump leach in previous periods. The mine saw cash costs drop from US$2.40-US$2.60 per pound to US$2.15-US$2.25 per pound due to higher grades and byproduct credits.
In addition, the Chapada mine (100% owned) in Brazil produced 12,600 tons of copper, while the smaller Eagle mine (100% owned) in the U.S. contributed 2,400 tons.
Given these results, the company expects to meet or exceed its initial production guidance for this year. As a result, the guidance was revised up from 303,000-330,000 tons to 319,000-337,000 tons.
Lundin also also a shareholder at the Vicuña project in Argentina, which combines the Josemaria and Filo del Sol deposits. The project is currently under study. Lundin Chief Executive Officer Jack Lundin said, "The Vicuña team is advancing parallel studies to support a multi-phased development plan, with an integrated technical study anticipated in Q1 2026."
Gold and Nickel
During the quarter, Lundin produced 37,800 ounces of gold, compared to 46,700 ounces produced last year. The higher end of the guidance for this year has been lowered by 4,000 ounces to 135,000-146,000 ounces, due to expected volumes from Candelaria.Nickel output stood at 2,724 tons in the third quarter, 205% more than during the same quarter last year, thanks to strong throughput in the mill. The lower end of the guidance for 2025 has been revised up by 1,000 tons to 9,000-11,000 tons.
Key takeaways
- Lundin, the Canadian miner, reported net earnings of US$184.6 million in Q3, up from US$110.7 million in the same period last year.
- Copper output totaled 87,300 tons, about 4.8% below 2024 levels.
- Lundin has increased its copper guidance for the year to 319,000 - 337,000 tons.
About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
