Toronto-listed Lundin Mining has raised its full-year copper production guidance and lowered its cost outlook following a strong third quarter that saw output, revenue and earnings improve across the board.

President and CEO Jack Lundin said the performance was driven by “particularly strong operations at Caserones”, prompting the company to increase its 2025 copper production range to between 319 000 t and 337 000 t, up from 303 000 t to 330 000 t.

The company also revised its consolidated copper cash cost guidance down to between $1.85/lb and $2.00/lb, from a prior range of about $1.98/lb to $2.13/lb, reflecting efficiencies at Caserones and Chapada, in Chile, and Eagle, in the US. 

During the third quarter, Lundin produced 87 353 t of copper, 37 763 oz of gold and 2 724 t of nickel. Revenue came in at $1.01-billion, generating adjusted earnings before interest, taxes, depreciation and amortisation of $489.7-million and adjusted earnings of $152.3-million.

Lundin reported a realised copper price of $4.61/lb and a gold price of $3 889/oz, with free cash flow from operations totalling $168.9-million. At quarter-end, the company held a net debt position of $107.9-million and said it expected to continue deleveraging in the fourth quarter.

“We generated over $1-billion in revenue and delivered $383-million of adjusted operating cash flow,” said Jack Lundin. “This was our lowest quarterly copper cash cost of the year, underscoring the strength of our assets.”

Lundin reaffirmed progress toward its goal of becoming a global top-ten copper producer, targeting output of more than 500 000 t/y of copper and 550 000 oz/y of gold in the longer term.

Growth initiatives continued across the portfolio, including Saúva Phase 1 in Brazil and the Candelaria contractor insourcing programme, while Vicuña, the company’s joint venture with BHP in Argentina, advanced studies to support a multi-phased development of the project, which integrates the Filo del Sol and Josemaria deposits.

Veteran Lundin group executive Ron Hochstein has been appointed CEO of Vicuña, with an integrated technical study for the project expected in the first quarter of 2026.

Lundin declared a quarterly dividend of C$0.0275 a share, and has repurchased 12.6-million shares year-to-date at a cost of about $104-million.