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Lower metals pricing drives drop in Lundin’s net income

Keywords: Tags  Lundin Mining, Paul Conibear, quarterly earnings, metals prices, copper, zinc, nickel, Rey Mashayekhi

NEW YORK — Lundin Mining Corp.’s third-quarter net income fell 26.4 percent year on year due to "lower realized metal prices," the company said Oct. 30.

Toronto-based Lundin reported third-quarter net income of $27.9 million, down from $37.9 million in the same period last year, despite net sales rising 10.5 percent to $176.4 million from $159.6 million.

Lundin’s results were hurt by "lower realized metal prices, higher per-unit production costs and unfavorable exchange rates," it said, although those factors were partially "offset by lower general exploration and business development expenditures."

The company’s copper, zinc and lead production levels "were largely in line with expectations for the quarter, with total zinc production at its highest level in years," the company said.

"Our European operations continued to perform generally in line with expectations, and as we enter into the fourth quarter we are pleased to be able to modestly increase production guidance for copper, zinc and nickel," Lundin president and chief executive officer Paul Conibear said in a statement.

Lundin’s net income for the first nine months of the year fell 32.6 percent to $94.6 million from $140.3 million in the same period last year on sales that dipped 0.7 percent to $540.9 million from $544.6 million.

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