Toronto-based Lundin Mining has capped off 2024 with record-breaking production of copper and zinc, meeting revised guidance and positioning itself for significant strategic growth.

This comes on the back of three major transactions that are set to reshape the company’s operational and financial trajectory.

Lundin on Thursday reported consolidated 2024 copper production of 369 067 t and zinc production of 191 704 t, both record highs. Gold production reached 158 436 oz, and nickel output at the Eagle mine totalled 7 486 t, with all metals achieving or exceeding guidance levels.

Announcing the group’s full-year results, Lundin Mining president and CEO Jack Lundin described 2024 as “transformative”, highlighting three strategic deals. Firstly, the company expanded its stake in the Caserones mine, in Chile, from 51% to 70%, adding about 24 000 t/y of attributable copper production. Caserones, along with the flagship Candelaria mine, drove Lundin’s strong operational performance, with Candelaria achieving its best second-half performance in 30 years, producing nearly 100 000 t of copper in the second half of the year.

Secondly, Lundin in December announced the $1.52-billion sale of its Neves-Corvo and Zinkgruvan operations, in Europe, to Boliden. Expected to close mid-2025, this divestiture will shift Lundin’s revenue mix to focus more heavily on copper.

Finally, Lundin partnered with BHP to acquire Filo and formed Vicuña to jointly develop the Filo del Sol and Josemaria projects. This transaction closed on Thursday.

Meanwhile, Lundin on Thursday announced a new production guidance for 2025, reflecting the divestiture of its European zinc assets. The company forecasts copper production of 303 000 t to 330 000 t at a consolidated C1 cash cost of $2.05/lb to $2.30/lb, gold output of 135 000 oz to 150 000 oz, and nickel production of 8 000 t to 11 000 t.

Capital expenditures are estimated at $735-million, with $530-million allocated to sustaining operations and $205-million for expansion projects. Exploration spending is set at $40-million, focusing on in-mine and near-mine targets.

The Caserones and Candelaria mines have solidified Lundin’s position as a leading copper producer. With the sale of its European assets and the addition of promising projects through the Filo acquisition, Lundin is aligning itself with growing global demand for copper, essential for the green energy transition.

“We look forward to closing the sale of our European assets and continuing to enhance performance at all our sites,” said Jack Lundin.