Canada's Lundin Mining Q3 revenue up on copper prices; cuts FY copper production forecast on severe weather

Overview

• Canada copper miner's Q3 revenue exceeded $1.1 bln, driven by record copper prices

• Q3 adjusted EPS was $0.32, net income reached $271.8 mln

• Company lowered full-year copper production guidance due to weather-related disruptions at Caserones

Outlook

• Lundin Mining now sees 2026 consolidated copper production at 285,000–310,000 tonnes

• Caserones 2026 copper production guidance cut to 105,000–115,000 tonnes due to severe weather

• Company expects 2026 copper cash cost of $1.95/lb–$2.15/lb

Result Drivers

• COPPER PRICES - Record copper prices contributed to strong Q3 revenue and cash flow

• PRODUCTION GAINS - Candelaria copper output rose 13% from Q2, Chapada hit highest copper and gold production of 2026

• WEATHER DISRUPTIONS - Severe winter storms and Super El Niño constrained Caserones mining, prompting further copper production guidance cuts

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 12 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the diversified mining peer group is "buy"

• Wall Street's median 12-month price target for Lundin Mining Corporation is C$41.50, about 38.7% above its November 3 closing price of C$29.91

• The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 18 three months ago

Reuters Recommended Reads

• Nov 3 - Canada's Ivanhoe Mines Q3 profit rises, lowers 2027 Kamoa-Kakula copper guidance

• Nov 3 - SSR Mining Q3 revenue and adjusted net income rise year over year

• Nov 3 - Hecla Mining's Q3 revenue rises 18%, beats estimates

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)