TORONTO – Lundin Mining (LUN.TO: Quote, Profile, Research) said on Thursday it rebounded to a profit in the first quarter from a year-before loss due to rising metal prices, but production was hurt by labor, technical and weather issues. The Toronto-based miner earned $38 million, or 7 cents a share, in the quarter ended March 31. That compared with a loss of $8.6 million, or 2 cents a share, a year earlier.
Analysts polled by Thomson Reuters I/B/E/S had expected, on average, a profit of 13 cents a share, before exceptional items.
Shares of Lundin, which runs three mines in Europe and owns a 24.75 percent stake in the Tenke-Fungurume copper-cobalt mine in Democratic Republic of Congo, were down 4 Canadian cents at C$4.96 on the Toronto Stock Exchange.
Revenue rose to $141.7 million from $123.4 million as an approximate doubling of copper, zinc, lead and nickel prices more than made up for a sharp fall in production.
“Production for the quarter from our European business was below trend,” Chief Executive Phil Wright said in a statement. “Measures have been taken to reduce the effect on the full year’s results of this quarter’s lower production.”
source:reuters
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