Lundin Mining Third Quarter 2024 Results
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NEWS RELEASE
Lundin Mining Third Quarter 2024 Results
Vancouver, November 6, 2024 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin Mining” or
the “Company”) today reported its third quarter 2024 financial results. Unless otherwise stated, results are presented in
United States dollars on a 100% basis.
Jack Lundin, President and CEO commented, “Our overall performance has contributed to another near record quarter
for revenue and copper production for the Company and we are on track to meeting full -year consolidated copper
guidance. Operationally, Candelaria had an excellent third quarter producing 50,000 tonnes of copper driven by planned
higher copper head grades. This was one of Candelaria's strongest quarters and materially contributed to our success.
"During the quarter the Company realized two significant growth opportunities. We increased our ownership at our
Caserones copper-molybdenum mine from 51% to 70%, which immediately added attributable copper production to the
Company. Caserones, located within the Vicuña District, is a long -life mine that yields strong cash flow generation. It is
within this District where we also announced a transformational transaction with BHP to jointly acquire Filo Corp. and
form a new joint arrangement incorporating the world-class Filo del Sol Project and the Josemaria Project in Argentina to
create a top -tier multi -generational mining complex. Filo shareholders have overwhelmingly voted in favour of the
transaction which is expected to close in the first quarter of 2025. Around the time of closing, we will also provide an
update to the market on the key milestones and next steps to advance these projects.
"On exploration we are ramping up for another drill season in the Vicuña District. We will continue the near-mine campaign
at Caserones and follow up on our Cumbre Verde target near Josemaria. During the quarter we continued to drill near -
mine targets at our other operations with the objective to replace resources, add mine life and seek out future expansion
opportunities, such as the Saúva resource located near our Chapada operation.
“As we enter the final quarter of 2024, we have tightened the production guidance ranges at our sites and are re-affirming
our full-year consolidated production guidance for copper and gold. For our other metals, we have marginally reduced
our full year guidance for zinc and are maintaining our revised nickel guidance.”
Third Quarter Operational and Financial Highlights
• Copper Production: Consolidated production of 99,855 tonnes of copper in the third quarter.
• Other Production: During the quarter, a total of 46,610 tonnes of zinc, 893 tonnes of nickel and approximately
47,000 ounces of gold were produced.
• Revenue: $1,073.0 million in the third quarter with a realized copper price1 of $4.29 /lb and a realized zinc price1 of
$1.29 /lb.
• Net Earnings and Adjusted Earnings 1: Net earnings attributable to shareholders of the Company were $101.2
million or $0.13 per share in the third quarter with adjusted earnings of $72.5 million or $0.09 per share.
• Adjusted EBITDA1: $457.7 million generated during the quarter.
• Cash Generation: Cash provided by operating activities was $139.3 million and adjusted operating cash flow 1 was
$305.2 million, excluding the impact of a working capital build of $165.9 million.
• Growth: During the quarter the Company announced two significant transactions:
◦ On July 2, 2024, the Company closed the option to increase ownership in Caserones to 70%, which adds
approximately 23,000 tonnes of additional attributable copper production to the Company’s production
profile2. The consideration of $350 million was fully funded through an increase to the Company’s term loan
from $800 million to $1.15 billion.
1 These are non-GAAP measures. Please refer to the Company's discussion of non -GAAP and other performance measures in its Management's Discussion
and Analysis ("MD&A") for the three and nine months ended September 30, 2024 and the Reconciliation of Non -GAAP measures section at the end of this
news release.
2 Based on Caserones 2024 revised production guidance as outlined in the outlook section of the MD&A for the three and nine months ended September
30, 2024.
◦ On July 29, 2024, Lundin Mining and BHP announced the joint acquisition of Filo Corp. Lundin Mining and
BHP will form a 50/50 joint arrangement to hold the Filo del Sol Project and Lundin Mining’s Josemaria
Project. The partnership will create a multi-generational mining district with world-class potential that could
support a globally ranked mining complex.
• Outlook: The Company's full year production and cash cost guidance update is as follows:
◦ Copper: Annual copper production guidance ranges have been tightened for several of the assets and the
new consolidated copper guidance for the year is now 366,000 to 389,000 tonnes compared to the previous
range of 366,000 to 400,000 tonnes. The Company is on tr ack to meet full year consolidated copper
guidance.
◦ Zinc: Annual production guidance for Zinkgruvan has been increased which was offset by adjustments to
zinc guidance at Neves-Corvo. New consolidated zinc guidance for the year has been adjusted to 190,000 to
199,000 tonnes from 195,000 tonnes to 215,000 tonnes.
◦ Gold: Annual gold guidance has remained unchanged incorporating an increase in guidance at Chapada
offset by a reduction at Candelaria.
◦ Cash Costs: Forecast annual cash cost guidance at Chapada and Zinkgruvan has improved while cash cost
guidance at Eagle has been adjusted upwards. All other sites remain unchanged.
◦ Sustaining Capital Expenditures1: Sustaining capital will be reduced by $75 million and is expected to total
$720 million (previously $795 million ) for the year, primarily due to reductions in planned spending at
Candelaria and Caserones. The Josemaria Project guidance has increased by $5 million to $230 million and
exploration guidance increased by $ 7 million to $55.0 million for 2024. The increase in exploration
expenditure is primarily due to accelerating exploration efforts at Caserones where drilling is targeting
higher-grade copper breccia bodies to improve grades in the resource, as well as follow -up drilling at
Cumbre Verde after positive results in the first half of 2024.
Summary Financial Results
Three months ended
September 30,
Nine months ended
September 30,
US$ Millions (except per share amounts) 2024 2023 2024 2023
Revenue 1,073.0 992.2 3,093.6 2,332.1
Gross profit 291.8 197.3 756.7 463.5
Attributable net earningsa 101.2 (3.0) 236.6 202.8
Net earnings 127.8 21.9 343.1 248.5
Adjusted earningsa,b 72.5 85.3 239.8 256.5
Adjusted EBITDAb 457.7 415.1 1,281.4 943.8
Basic earnings per share ("EPS")a 0.13 0.00 0.31 0.26
Diluted EPSa 0.13 0.00 0.30 0.26
Adjusted EPSa,b 0.09 0.11 0.31 0.33
Cash provided by operating activities 139.3 303.8 898.6 710.5
Adjusted operating cash flowb 305.2 316.5 988.7 662.2
Adjusted operating cash flow per shareb 0.39 0.41 1.28 0.86
Free cash flow from operationsb 1.7 136.5 406.9 228.3
Free cash flowb (61.8) 71.1 173.3 (47.7)
Cash and cash equivalents 295.5 357.3 295.5 357.3
Net debt excluding lease liabilitiesb 1,541.7 880.9 1,541.7 880.9
Net debtb
1,802.5 1,158.9 1,802.5 1,158.9
a Attributable to shareholders of Lundin Mining Corporation.
b These are non-GAAP measures. Please refer to the Company's discussion of non -GAAP and other performance measures in its Management's Discussion
and Analysis for the three and nine months ended September 30, 2024 and the Reconciliation of Non-GAAP Measures section at the end of this news release.
1 These are non-GAAP measures. Please refer to the Company's discussion of non -GAAP and other performance measures in its Management's Discussion
and Analysis ("MD&A") for the three and nine months ended September 30, 2024 and the Reconciliation of Non -GAAP measures section at the end of this
news release.
• The Company generated revenue of $1,073.0 million during the quarter, driven by 90,069 tonnes of copper sold at a
realized price of $4.29 /lb. Revenue benefited from higher realized copper, gold, and zinc prices, partially offset by
$5.3 million negative provisional pricing adjustments on prior period concentrate sales.
• Gross profit of $291.8 million and Adjusted EBITDA of $457.7 million in the quarter reflect higher realized copper, zinc
and gold prices partially offset by decreases in zinc and nickel sales volumes.
• Net earnings attributable to shareholders of the Company were $101.2 million or $0.13 per share in the quarter.
• Adjusted earnings attributable to shareholders of the Company for the quarter were $72.5 million or $0.09 per share
after removing $30.6 million unrealized gains on derivative contracts and adding $14.8 million in expenses relating to
the partial suspension of underground operations at Eagle, among other things.
• Cash and cash equivalents as at September 30, 2024 were $295.5 million. Cash provided by operating activities
amounted to $139.3 million and cash used to fund investing activities amounted to $264.5 million. The Company had
a net debt excluding lease liabi lities1 balance of $1,541.7 million as at September 30, 2024 (December 31, 2023 -
$946.2 million).
• Free cash flow1 for the quarter of $(61.8) million was impacted by $165.9 million of working capital outflows as a result
of timing of sales at Candelaria and Chapada.
• As at November 6, 2024, the Company had a cash balance of approximately $ 466.1 million and a net debt excluding
lease liabilities balance of approximately $1,362.6 million.
Operational Performance
Total Production
(Contained
metal)a
2024 2023
YTD Q3 Q2 Q1 Total Q4 Q3 Q2 Q1
Copper (t)b 267,576 99,855 79,708 88,013 314,798 103,337 89,942 60,057 61,462
Zinc (t) 139,758 46,610 47,460 45,688 185,161 50,719 49,774 36,115 48,553
Nickel (t) 5,869 893 1,721 3,255 16,429 3,729 4,290 4,686 3,724
Gold (koz)b 112 47 32 33 149 44 35 34 36
Molybdenum (t)b 2,271 693 714 864 2,024 928 1,096 — —
a. Tonnes (t) and thousands of ounces (koz)
b. Candelaria and Caserones production is on a 100% basis.
Candelaria (80% owned): Candelaria produced 50,018 tonnes of copper and approximately 29,000 ounces of gold in
concentrate on a 100% basis during the quarter. Production in the quarter was positively impacted by higher copper head
grades from Phase 11. Access to higher grade Phase 11 ore is anticipated to continue through most of the fourth quarter of
2024 as per the planned mine sequence. Production costs in the quarter were higher than in the prior year quarter due to
higher copper sales, but also partially offset by favourable foreign exchange. Cash cost of $1.55/lb was positively impacted
by higher sales volumes, favourable foreign exchange and favourable by-product credits.
Caserones (70% owned): Caserones produced 29,033 tonnes of total copper and 693 tonnes of molybdenum on a 100%
basis during the quarter. Copper and molybdenum production in the quarter was impacted by labour action in August
lasting 14 days which reduced throughput during that period to approximately 50% of capacity. Lower head grades were
realized during the quarter as a result of a higher proportion of ore from Phase 6 due to hydrogeologic conditions in Phase
5. Production costs in the quarter were lower than in the prior year comparable period due to lower copper concentrate
and molybdenum volumes and favourable foreign exchange. Cash cost of $2.96/lb was negatively impacted by lower sales
volumes as a result of the labour action.
Chapada (100% owned): Chapada produced 11,694 tonnes of copper and approximately 18,000 ounces of gold in
concentrate during the quarter. Copper production was positively impacted by higher throughput that was offset by lower
grades and recoveries as a result of processing of stockpiled ore as part of an optimized mine plan that significantly reduces
waste movement. Gold production reflected higher grades as a result of increased ore mined from the South and Central
pits replacing older low -grade stockpiles . Production costs increased due to higher sales volumes, partially offset by
favourable foreign exchange. Cash cost of $1.37/lb benefited from higher gold by -product credits and favourable foreign
exchange combined with mining cost decreases due to operational improvements.
Eagle (100% owned): Eagle produced 893 tonnes of nickel and 1,027 tonnes of copper in the quarter. Production has been
impacted by the fall of ground in the lower ramp in Eagle East during the second quarter of 2024 which restricted access to
1 These are non-GAAP measures. Please refer to the Company's discussion of non -GAAP and other performance measures in its Management's Discussion
and Analysis ("MD&A") for the three and nine months ended September 30, 2024 and the Reconciliation of Non -GAAP measures section at the end of this
news release.
Eagle East, and reduced mining rates until ramp rehabilitation is completed. Normal throughput rates are expected to
resume in late 2024. Production costs were reduced by lower sales and production volumes leading to reduced spend in
milling, transportation and lower royalty expense. Production costs in the quarter excluded approximately $14.8 million of
overhead costs that have been recorded in Other Income and Expense as a result of the partial suspension of underground
mining operations. Nickel cash cost1 of $7.24/lb was impacted by lower sales volumes, partially offset by higher by-product
credits as a result of higher realized copper prices.
Neves-Corvo (100% owned): Neves-Corvo produced 6,698 tonnes of copper and 29,509 tonnes of zinc during the quarter.
Copper production was impacted by lower throughput and grades. The decrease in throughput and grades is attributed to
changes in mine sequencing as a result of adjustments made to the mining method and cable bolting requirements.
Additional development wor k in Lombador North and rehabilitation work also limited ore availability. Zinc production
benefitted from higher throughput and recoveries as a result of the zinc e xpansion project. During the month of August,
there was a record in shaft hoisting of 440,000 tonnes over the month, in addition to record zinc production of 10,527 tonnes.
During the month of September, the daily shaft hoisting of 19,000 tonnes set a new record for the min e. Production costs
increased due to an increase in zinc and lead sales volumes and cash cost of $2.13/lb benefitted from higher by-product
credits.
Zinkgruvan (100% owned): Zinkgruvan produced 17,101 tonnes of zinc and 5,693 tonnes of lead in the quarter reflecting
lower grades and throughput which were driven by changes in mine sequencing from operational and maintenance
interruptions. Copper production of 1,385 tonnes in the quarter reflected higher throughput. Production costs decreased
due to lower sales volumes and zinc cash cost of $0.16/lb benefitted from higher copper by -product credits as a result of
higher realized copper prices.
Outlook
Annual guidance for 2024 has been updated from that disclosed in the Company's Management's Discussion and Analysis
for the three and six months ended June 30, 2024.
The Company remains on track to meet annual consolidated copper production guidance. The total production guidance
range for copper has been tightened with the top end of the range at Candelaria increased as a result of continued access
to higher grade ore in the second half of the year. Copper production guidance ranges at Caserones and Neves-Corvo have
been tightened and lowered slightly. At Caserones, this reflects the impact of the labour action during the quarter that
reduced operations for 14 days. At Neves-Corvo, changes in mine sequencing due to rehabilitation and development efforts
led to the change in guidance.
Total production guidance for zinc has been revised, guidance range for Zinkgruvan increased slightly and the guidance
range for Neves-Corvo reduced as a result of rehabilitation and development work impacting mine sequencing. Annual gold
guidance has remained unchanged, incorporating an increase in guidance at Chapada offset by a reduction at Candelaria.
For molybdenum, the guidance range has increased to reflect expected results according to the mine plan.
Cash cost guidance at Chapada and Zinkgruvan was lowered with cash costs continuing to benefit from increased realized
prices on by-product sales and weaker local currencies. Cash cost guidance at Eagle has increased due to reduced mining
rates following a fall of ground that continues to limit production.
Annual sustaining capital expenditure guidance has been lowered to $720 million from $795 million with reductions
primarily at Caserones and Candelaria. Expenditure guidance related to the Josemaria Project of $230 million and
exploration guidance of $55.0 million have been revised for 2024. The increase in exploration expenditure is primarily due
to accelerating exploration efforts at Caserones where drilling is targeting the higher-grade copper breccia bodies to improve
grades in the resource, as well as follow-up drilling at Cumbre Verde after positive results in the first half of 2024.
2024 Production and Cash Cost Guidance
Previous Guidancea Revised Guidance
(contained metal) Production Cash Cost ($/lb)b Production Cash Cost ($/lb)b
Copper (t) Candelaria (100%) 160,000 – 170,000 1.60 – 1.80c 165,000 – 173,000 1.60 – 1.80c
Caserones (100%) 124,000 – 135,000 2.60 – 2.80 121,000 – 125,000 2.60 – 2.80
Chapada 43,000 – 48,000 1.95 – 2.15d 43,000 – 48,000 1.55 – 1.65d
Eagle 5,000 – 7,000 6,000 – 8,000
Neves-Corvo 30,000 – 35,000 1.95 – 2.15c 27,000 – 30,000 1.95 – 2.15c
Zinkgruvan 4,000 – 5,000 4,000 – 5,000
Total 366,000 – 400,000 366,000 – 389,000
Zinc (t) Neves-Corvo 120,000 – 130,000 111,000 – 116,000
Zinkgruvan 75,000 – 85,000 0.45 – 0.50c 79,000 – 83,000 0.40 – 0.45c
Total 195,000 – 215,000 190,000 – 199,000
Nickel (t) Eagle 7,000 – 9,000 3.20 – 3.40 7,000 – 9,000 3.70 – 3.90
Gold (koz) Candelaria (100%) 100 – 110 92 – 102
Chapada 55 – 60 63 – 68
Total 155 – 170 155 – 170
Molybdenum (t) Caserones (100%) 2,500 - 3,000 2,800 – 3,300
a. Guidance as outlined in the Company's Management Discussion and Analysis ("MD&A") for the three and six months ended June 30, 2024.
b. Cash costs are based on various assumptions and estimates, including but not limited to: production volumes, commodity prices (Cu: $3.75/lb, Zn:
$1.10/lb, Pb: $0.90/lb, Au: $1,800/oz, Mo: $20.00/lb, Ag: $23.00/oz), foreign exchange rates (€/USD:1.05, USD/SEK:10.50, USD/ CLP:850, USD/BRL:5.00) and
production costs. Cash cost is a non-GAAP measure - see the Company's Management Discussion and Analysis for the three and nine months ended
September 30, 2024 and the Reconciliation of Non-GAAP Measures at the end of this news release.
c. 68% of Candelaria's total gold and silver production are subject to a streaming agreement, and silver production at Zinkgr uvan and Neves-Corvo are also
subject to streaming agreements. Cash costs are calculated based on receipt of approximately $ 429/oz gold and $4.28/oz to $4.68/oz silver.
d. Chapada's cash cost is calculated on a by-product basis and does not include the effects of its copper stream agreements. Effects of the copper stream
agreements are reflected in copper revenue and will impact realized price per pound.
2024 Capital Expenditure Guidanceb
($ millions) Previous Guidancea Revisions Revised Guidance
Candelaria (100% basis) 300 (25) 275
Caserones (100% basis) 175 (40) 135
Chapada 110 — 110
Eagle 25 — 25
Neves-Corvo 115 (5) 110
Zinkgruvan 70 (5) 65
Other — — —
Total Sustaining 795 (75) 720
Josemaria (Expansionary) 225 5 230
Total Capital Expenditures 1,020 (70) 950
a. Guidance as outlined in the Company's Management Discussion and Analysis ("MD&A") for the three and six months ended June 30,
2024.
b. Sustaining capital expenditure is a supplementary financial measure and expansionary capital expenditure is a non -GAAP measure - see the
Company's Management Discussion and Analysis for the three and nine months ended September 30, 2024 and the Reconcil iation of Non-GAAP
Measures at the end of this news release.
Exploration
During the quarter, exploration activity focused on in-mine and near-mine targets at the Company's operations. Exploration
drilling at Zinkgruvan was focused on resource expansion and drilling at Candelaria was focused on Soplona, La Portuguesa
and La Española . Drilling at Chapada concentrated on adding high grade resources to Saúva and testing near -mine
geochemical and geophysical anomalies in Cava Norte, Santa Cruz, Castanhal and Jatoba.
At Caserones, exploration activity remains lower during the winter season. Exploration drilling continues in the lower portion
of the mineral resource in search of higher -grade copper breccia bodies that could improve the average grade of the
resource, and potentially expand it. Preparations to restart near -mine drilling at Angelica were made at the end of the
quarter.
At Josemaria, preparations are underway to recommence the drilling campaign at Cumbre Verde.
Drilling started at Eagle during the quarter with two surface holes targeting a geophysical anomaly east of Eagle East. Drilling
also commenced during the quarter at Neves -Corvo and focused on extending inferred resources at Lombador North and
near-mine drilling at Neves Southwest.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with projects or operations in Argentina, Brazil, Chile,
Portugal, Sweden and the United States of America, primarily producing copper, zinc, nickel and gold.
The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse
Regulation. The information was submitted for publication, through the agency of the contact persons set out below on
November 6, 2024 at 14:30 Vancouver Time.
For further information, please contact:
Stephen Williams, Vice President, Investor Relations +1 604 806 3074
Robert Eriksson, Investor Relations Sweden: +46 8 440 54 40
Technical Information
The scientific and technical information in this press release has been prepared in accordance with the disclosure standards
of National Instrument 43 -101 (“NI 43 -101”) and has been reviewed by Patrick Merrin, P .Eng., Executive Vice President,
Technical Services, a "Qualified Person" under NI 43 -101. Mr. Merrin has verified the data disclosed in this release and no
limitations were imposed on his verification process.
Reconciliation of Non-GAAP Measures
The Company uses certain performance measures in its analysis. These performance measures have no standardized
meaning within generally accepted accounting principles under International Financial Reporting Standards and,
therefore, amounts presented may not be comparable to similar data presented by other mining companies. For
additional details please refer to the Company’s discussion of non-GAAP and other performance measures in its
Management’s Discussion and Analysis for the three and nine months ended September 30, 2024 which is available on
SEDAR+ at www.sedarplus.com.
Cash Cost per Pound and All-in Sustaining Costs per pound can be reconciled to Production Costs on the Company's
Condensed Interim Consolidated Statement of Earnings as follows:
Three months ended September 30, 2024
Operations Candelaria Caserones Chapada Eagle Neves-
Corvo
Zinkgruvan
($000s, unless otherwise
noted)
(Cu) (Cu) (Cu) (Ni) (Cu) (Zn) Total
Sales volumes (Contained
metal):
Tonnes 45,430 22,044 12,380 393 7,707 15,124
Pounds (000s) 100,155 48,599 27,293 866 16,991 33,342
Production costs
581,117
Less: Royalties and other (19,133)
561,984
Deduct: By-product credits (221,753)
Add: Treatment and refining 43,833
Cash cost 155,069 144,062 37,302 6,273 36,159 5,199 384,064
Cash cost per pound ($/lb) 1.55 2.96 1.37 7.24 2.13 0.16
Add: Sustaining capital 60,118 22,895 20,487 7,940 26,288 15,546
Royalties 4,519 6,354 2,643 162 1,226 —
Reclamation and other
closure accretion and
depreciation
2,416 1,061 2,374 1,473 1,381 1,149
Leases & other 1,625 17,773 956 1,489 147 79
All-in sustaining cost 223,747 192,145 63,762 17,337 65,201 21,973
AISC per pound ($/lb) 2.23 3.95 2.34 20.02 3.84 0.66
Three months ended September 30, 2023
Operations Candelaria Caserones Chapada Eagle Neves-
Corvo
Zinkgruvan
($000s, unless otherwise
noted)
(Cu) (Cu) (Cu) (Ni) (Cu) (Zn) Total
Sales volumes (Contained
metal):
Tonnes 33,668 30,385 11,445 3,640 8,799 22,042
Pounds (000s) 74,225 66,987 25,232 8,025 19,398 48,594
Production costs
615,109
Less: Royalties and other (21,662)
Inventory fair value
adjustment
(32,185)
561,262
Deduct: By-product credits (216,150)
Add: Treatment and refining 56,261
Cash cost 162,672 106,866 57,501 16,598 44,043 13,693 401,373
Cash cost per pound ($/lb) 2.19 1.60 2.28 2.07 2.27 0.28
Add: Sustaining capital 86,693 28,849 16,716 4,989 27,357 12,350
Royalties — 7,550 2,142 7,385 1,055 —
Reclamation and other
closure accretion and
depreciation
2,349 1,133 2,141 2,742 1,462 1,011
Leases & other 2,841 22,229 865 797 131 86
All-in sustaining cost 254,555 166,627 79,365 32,511 74,048 27,140
AISC per pound ($/lb) 3.43 2.49 3.15 4.05 3.82 0.56
Nine months ended September 30, 2024
Operations Candelaria Caserones Chapada Eagle Neves-
Corvo
Zinkgruvan
($000s, unless otherwise
noted)
(Cu) (Cu) (Cu) (Ni) (Cu) (Zn) Total
Sales volumes (Contained
metal):
Tonnes 108,965 87,117 29,415 4,574 21,491 49,459
Pounds (000s) 240,226 192,060 64,849 10,084 47,379 109,038
Production costs
1,754,677
Less: Royalties and other (61,427)
1,693,250
Deduct: By-product credits (597,173)
Add: Treatment and refining 129,361
Cash cost 438,494 481,756 113,607 39,903 107,898 43,780 1,225,438
Cash cost per pound ($/lb) 1.83 2.51 1.75 3.96 2.28 0.40
Add: Sustaining capital 220,194 100,977 74,927 15,998 76,622 43,188
Royalties 11,038 24,443 5,891 6,746 3,168 —
Reclamation and other
closure accretion and
depreciation
6,441 3,195 7,780 5,033 4,036 3,286
Leases & other 7,684 51,773 2,496 4,258 405 235
All-in sustaining cost 683,851 662,144 204,701 71,938 192,129 90,489
AISC per pound ($/lb) 2.85 3.45 3.16 7.13 4.06 0.83
Nine months ended September 30, 2023
Operations Candelaria Caserones Chapada Eagle Neves-
Corvo
Zinkgruvan
($000s, unless otherwise
noted)
(Cu) (Cu) (Cu) (Ni) (Cu) (Zn) Total
Sales volumes (Contained
metal):
Tonnes 105,585 30,385 30,681 10,234 23,000 48,028
Pounds (000s) 232,775 66,987 67,640 22,562 50,706 105,883
Production costs
1,438,071
Less: Royalties and other (41,717)
Inventory fair value
adjustment
(32,185)
1,364,169
Deduct: By-product credits (495,751)
Add: Treatment and refining 125,390
Cash cost 507,884 106,866 165,170 47,228 128,206 38,454 993,808
Cash cost per pound ($/lb) 2.18 1.60 2.44 2.09 2.53 0.36
Add: Sustaining capital 300,796 28,849 52,433 15,653 74,551 42,812
Royalties — 7,550 6,394 17,991 2,868 —
Reclamation and other
closure accretion and
depreciation
7,100 1,133 5,789 8,711 4,082 2,811
Leases & other 9,638 22,229 3,002 2,441 437 288
All-in sustaining cost 825,418 166,627 232,788 92,024 210,144 84,365
AISC per pound ($/lb) 3.55 2.49 3.44 4.08 4.14 0.80