- Record Revenue and EBITDA Lundin Mining achieved $4.5B in revenue and $1.9B adjusted EBITDA in 2025, marking historical financial peaks.
- Shareholder Returns $106M in dividends and $256M in share repurchases (15.1M shares) distributed to shareholders in 2025.
- Copper Production Milestone Delivered 331,000 tonnes of copper in 2025, with Q4 output at 87,000 tonnes—the highest since acquiring Caserones in 2023.
- 2026 Guidance Forecasts 310,000–335,000 tonnes of copper production and cash costs of $1.90–$2.10 per pound in 2026.
Operational Highlights Drive Performance
The strong financial performance was driven by operational highlights, including copper production of 331,000 tonnes, led by strong performance from Caserones and consistency from Candelaria and Chapada. Gold production was 142,000 ounces for the year. The company's operational results exceeded original guidance for copper production and met revised guidance across all metals.
Guidance and Outlook
For 2026, Lundin Mining forecasts copper production to be 310,000 to 335,000 tonnes on a consolidated basis, with a net increase of approximately 15,000 tonnes over the 2-year period. Consolidated cash cost for 2026 is projected to range from $1.90 to $2.10 a pound of copper after accounting for by-product credits. Total sustaining capital expenditures are forecast to be $550 million.
Growth Opportunities
The company is exploring growth opportunities, including the Sáva project, which is expected to increase copper production by 17,000 tonnes per annum and gold production by 32,000 ounces per year over 5 years. A sanctioning decision is targeted for the second half of 2026, with construction of the new ball mill beginning by the end of 2026 or early 2027. Analysts estimate next year's revenue growth at 1.2%.
Valuation
With a P/E Ratio of 20.1 and an EV/EBITDA of 15.31, Lundin Mining's valuation suggests that the market is pricing in a certain level of growth. The company's ROE of 21.95% and ROIC of 13.98% indicate a strong return on equity and invested capital. The Dividend Yield is 0.48%, and the Free Cash Flow Yield is 2.38%, providing a relatively attractive return for investors.