Lundin reports lower copper, zinc, nickel and lead sales

Lundin Mining Q2 net income boosted by sale of stake in Chariot but operating profits down on lower metals sales and higher costs

TORONTO (Reuters) - 

Lundin Mining (LUN.TO) posted a lower quarterly operating profit on Wednesday, held back by lower sales volumes and higher unit costs.

The Canadian base metals miner reported operating earnings of $80.8 million for the quarter ended June 30, down from a year-ago profit of $91 million.

The year-ago results included profits from the company's Galmoy zinc mine in Ireland, which ceased operations in June 2009.

Net income rose on the sale of shares in Chariot Resources, coming in at $75.6 million, or 13 cents a share, compared with year-earlier earnings of $43.5 million, or 8 cents a share.

Quarterly revenue fell by 6 percent to $183.1 million, on lower copper, zinc, lead and nickel sales.

Lundin runs mines in Europe and has a 24.75 stake in Tenke Fungurume, a copper-cobalt mine in the Democratic Republic of Congo. (Reporting by Julie Gordon)

SUBSCRIBE to Mineweb.com's free daily newsletter now.

SHARE THIS ARTICLE

Disclaimer

MINEWEB is an interactive publication, with rolling deadlines through each day, commencing in the Sydney morning,  and concluding, 24 hours later,  in the Vancouver evening.  If you believe your side of an issue deserves inclusion, but has failed to meet one of our deadlines, you are invited to notify the Editor in Chief in Johannesburg, and we will include you in our editing and expanding on our stories. Email him at alechogg@gmail.com

Print story      Email story      Subscribe to free newsletter

Back