Toronto-listed Lundin Mining has unveiled a growth plan aimed at propelling the company into the ranks of the world’s top ten copper producers, targeting more than 500 000 t/y of copper and over 550 000 oz/y of gold output.

The strategy, presented during its Capital Markets Day this week, is anchored on brownfield expansions at its core operations and the development of the Vicuña district, which hosts one of the world’s largest copper/gold/silver resources.

“Lundin Mining is entering an exciting new growth phase, underpinned by a clear path to increase copper production through low-cost brownfield expansions at Candelaria, Caserones, and Chapada,” said president and CEO Jack Lundin. “These projects are expected to deliver meaningful production gains over the next three to five years.”

The company is pursuing several low capital intensity projects that are forecast to grow yearly copper production by 30 000 t to 40 000 t over the medium term. At Candelaria in Chile, a reworked underground expansion plan could boost throughput capacity by up to 60%, potentially adding about 14 000 t/y of copper. The project includes insourcing of underground mining to improve productivity and mechanical availability.

At Caserones, also in Chile, improvements in leaching practices and utilisation of additional oxide material could unlock a further 7 000 t/y to 10 000 t/y of copper.

Meanwhile, at Brazil’s Chapada operation, the Saúva project, located 15 km from the main mine, is expected to deliver 15 000 t/y to 20 000 t/y of copper and up to 60 000 oz/y of gold. A prefeasibility study on Saúva is due for completion by year-end.

The company also highlighted exploration progress at Eagle in the US, where drilling at the nearby Boulderdash project, which is under an earn-in agreement with Talon Metals, could significantly extend the mine life.

Alongside its operational growth plans, Lundin Mining is advancing the Vicuña project in Argentina and Chile, a 50:50 joint venture that includes the Filo del Sol and Josemaria deposits. A combined development study is under way and is expected to be completed in the first quarter of 2026.

“The Vicuña project offers transformational long-term growth potential,” Lundin said. “Backed by a significantly strengthened balance sheet, reduced cash costs, robust free cash flow generation, and a best-in-class team, we are well-positioned to continue returning capital to shareholders while advancing our ambition of becoming a top-ten global copper producer.”

The company reaffirmed its 2025 production guidance and said it expected full-year revenue of about $3.7-billion, based on a copper price of $4.40/lb. Adjusted operating cash flow is expected to reach $1.3-billion, with free cash flow of $800-million. From 2025 through 2029, Lundin Mining forecasts cumulative earnings before interest, taxes, depreciation and amortisation of $8.1-billion and free cash flow of $4.9-billion.

Lundin is also maintaining its commitment to shareholder returns, with a targeted annual distribution of $220-million through dividends and share buybacks.