FULLTEXT DEL 2 AV 2
Kvartalsrapport Q3 2024
LUNDIN MINING CORPORATION
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS As at
(Unaudited - in thousands of US dollars) September 30,
2024
December 31,
2023
ASSETS
Cash and cash equivalents (Note 3) $ 295,540 $ 268,793
Trade and other receivables (Note 4) 891,278 828,871
Income taxes receivable 21,198 34,542
Inventories (Note 5) 598,803 599,407
Marketable securities (Note 6) 54,077 —
Current portion of derivative assets (Note 22) 20,936 38,114
Other current assets 16,991 21,421
Total current assets 1,898,823 1,791,148
Restricted funds 59,893 59,979
Long-term inventory (Note 5) 811,819 797,597
Derivative assets (Note 22) 17,787 9,397
Other non-current assets (Note 7) 16,877 67,090
Mineral properties, plant and equipment (Note 8) 7,888,392 7,725,169
Deferred tax assets 142,187 170,203
Goodwill 241,879 240,616
9,178,834 9,070,051
Total assets $ 11,077,657 $ 10,861,199
LIABILITIES
Trade and other payables (Note 9) $ 728,787 $ 805,763
Income taxes payable 128,112 62,926
Current portion of derivative liabilities (Note 22) 5,394 26,389
Current portion of debt and lease liabilities (Note 10) 397,141 212,646
Current portion of deferred revenue (Note 11) 81,635 87,867
Current portion of reclamation and other closure provisions (Note 12) 13,331 14,442
Total current liabilities 1,354,400 1,210,033
Derivative liabilities (Note 22) 10,108 3,148
Debt and lease liabilities (Note 10) 1,692,718 1,273,162
Deferred revenue (Note 11) 509,423 535,363
Reclamation and other closure provisions (Note 12) 514,970 529,734
Deferred consideration and other long-term liabilities (Note 13) 132,298 133,199
Provision for pension obligations 5,912 6,752
Deferred tax liabilities 705,546 751,688
3,570,975 3,233,046
Total liabilities 4,925,375 4,443,079
SHAREHOLDERS' EQUITY
Share capital (Note 14) 4,605,688 4,574,830
Contributed surplus 50,312 55,201
Accumulated other comprehensive loss (289,291) (296,617)
Retained earnings 658,817 627,903
Equity attributable to Lundin Mining Corporation shareholders 5,025,526 4,961,317
Non-controlling interests (Note 15) 1,126,756 1,456,803
Total shareholders' equity 6,152,282 6,418,120
Total liabilities and shareholders' equity $ 11,077,657 $ 10,861,199
Commitments and contingencies (Note 23)
Subsequent events (Note 22)
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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LUNDIN MINING CORPORATION
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited - in thousands of US dollars, except for shares and per share amounts)
Three months ended
September 30,
Nine months ended
September 30,
2024 2023 2024 2023
Revenue (Note 16) $ 1,072,998 $ 992,195 $ 3,093,564 $ 2,332,070
Cost of goods sold
Production costs (Note 17) (581,117) (615,109) (1,754,677) (1,438,071)
Depreciation, depletion and amortization (200,074) (179,788) (582,224) (430,540)
Gross profit 291,807 197,298 756,663 463,459
General and administrative expenses (14,233) (19,444) (44,133) (49,452)
General exploration and business development (Note 19) (13,620) (12,734) (40,607) (41,192)
Finance income (Note 20) 4,233 3,767 13,381 5,939
Finance costs (Note 20) (43,385) (39,979) (124,534) (73,747)
Other (expense) income (Note 21) (33) (22,134) (13,985) 57,472
Earnings before income taxes 224,769 106,774 546,785 362,479
Current tax expense (119,575) (40,115) (224,955) (126,829)
Deferred tax recovery (expense) 22,635 (44,776) 21,287 12,846
Net earnings $ 127,829 $ 21,883 $ 343,117 $ 248,496
Net earnings (loss) attributable to:
Lundin Mining Corporation shareholders $ 101,160 $ (2,964) $ 236,632 $ 202,765
Non-controlling interests 26,669 24,847 106,485 45,731
Net earnings $ 127,829 $ 21,883 $ 343,117 $ 248,496
Basic earnings per share attributable to Lundin Mining Corporation
shareholders: $ 0.13 $ 0.00 $ 0.31 $ 0.26
Diluted earnings per share attributable to Lundin Mining Corporation
shareholders: $ 0.13 $ 0.00 $ 0.30 $ 0.26
Weighted average number of shares outstanding (Note 14)
Basic 776,794,756 773,147,920 774,574,731 772,214,160
Diluted 779,185,613 773,147,920 776,954,446 772,918,648
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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LUNDIN MINING CORPORATION
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited - in thousands of US dollars)
Three months ended
September 30,
Nine months ended
September 30,
2024 2023 2024 2023
Net earnings $ 127,829 $ 21,883 $ 343,117 $ 248,496
Other comprehensive income (loss), net of taxes
Item that will not be reclassified to net earnings:
Remeasurements for post-employment benefit plans (217) 145 (595) (421)
Item that may be reclassified subsequently to net earnings:
Effects of foreign exchange 54,214 (4,386) 7,888 (689)
Other comprehensive income (loss) 53,997 (4,241) 7,293 (1,110)
Total comprehensive income $ 181,826 $ 17,642 $ 350,410 $ 247,386
Comprehensive income (loss) attributable to:
Lundin Mining Corporation shareholders $ 155,194 $ (7,236) $ 243,958 $ 201,733
Non-controlling interests 26,632 24,878 106,452 45,653
Total comprehensive income $ 181,826 $ 17,642 $ 350,410 $ 247,386
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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LUNDIN MINING CORPORATION
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited - in thousands of US dollars, except for shares)
Number of
shares
Share
capital
Contributed
surplus
Accumulated
other
comprehensive
loss
Retained
earnings
Non-
controlling
interests Total
Balance, December 31, 2023 773,667,789 $ 4,574,830 $ 55,201 $ (296,617) $ 627,903 $ 1,456,803 $ 6,418,120
Distributions — — — — — (83,000) (83,000)
Exercise of Caserones purchase option (Note 7) — — — — (52,667) (353,499) (406,166)
Exercise of share-based awards 3,194,831 30,858 (9,944) — — — 20,914
Share-based compensation — — 5,055 — — — 5,055
Dividends declared (Note 14(d)) — — — — (153,051) — (153,051)
Net earnings — — — — 236,632 106,485 343,117
Other comprehensive income (loss) — — — 7,326 — (33) 7,293
Total comprehensive income — — — 7,326 236,632 106,452 350,410
Balance, September 30, 2024 776,862,620 $ 4,605,688 $ 50,312 $ (289,291) $ 658,817 $ 1,126,756 $ 6,152,282
Balance, December 31, 2022 770,746,531 $ 4,555,125 $ 55,769 $ (342,287) $ 592,425 $ 564,089 $ 5,425,121
Distributions — — — — — (4,000) (4,000)
Caserones acquisition — — — — — 873,767 873,767
Exercise of share-based awards 2,653,604 17,829 (7,765) — — — 10,064
Share-based compensation — — 6,319 — — — 6,319
Dividends declared — — — — (154,544) — (154,544)
Net earnings — — — — 202,765 45,731 248,496
Other comprehensive loss — — — (1,032) — (78) (1,110)
Total comprehensive (loss) income — — — (1,032) 202,765 45,653 247,386
Balance, September 30, 2023 773,400,135 $ 4,572,954 $ 54,323 $ (343,319) $ 640,646 $ 1,479,509 $ 6,404,113
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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LUNDIN MINING CORPORATION
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited - in thousands of US dollars)
Three months ended
September 30,
Nine months ended
September 30,
Cash provided by (used in) 2024 2023 2024 2023
Operating activities
Net earnings $ 127,829 $ 21,883 $ 343,117 $ 248,496
Items not involving cash and other adjustments
Depreciation, depletion and amortization 200,074 179,788 582,224 430,540
Share-based compensation 1,736 1,974 5,113 5,995
Unrealized foreign exchange loss (gain) 12,901 9,096 574 (1,545)
Finance costs, net (Note 20) 39,152 36,212 111,153 67,808
Recognition of deferred revenue (Note 11) (22,199) (16,671) (57,803) (52,690)
Deferred tax (recovery) expense (22,635) 44,776 (21,287) (12,846)
Revaluation of Caserones purchase option (Note 21) — — (11,728) —
Revaluation of marketable securities (Note 21) (3,957) 3,449 (6,472) (453)
Write-down of assets (Note 21) 781 — 17,969 —
Revaluation of foreign currency and diesel derivatives (Note 22) (34,144) 34,653 12,364 538
Reversal of fair value adjustment on acquired inventory — 32,185 — 32,185
Non-cash inventory write down 3,548 3,486 7,541 5,175
Other 13,037 5,385 18,884 17,141
Reclamation payments (Note 12) (5,328) (3,052) (13,738) (8,181)
Pension payments (782) (5,685) (2,379) (6,674)
Changes in long-term inventory (4,837) (31,012) 3,184 (63,318)
Changes in non-cash working capital items (Note 26) (165,901) (12,655) (90,140) 48,360
139,275 303,812 898,576 710,531
Investing activities
Investment in mineral properties, plant and equipment (205,412) (243,207) (735,785) (769,239)
Acquisition of Caserones, net of cash acquired — (648,569) — (648,569)
Purchase of marketable securities (Note 6) (41,686) — (41,686) —
Cash received from disposal of subsidiary (Note 21) — — — 5,718
Payment of Chapada derivative liability (Note 22) (25,000) (25,000) (25,000) (25,000)
Interest received 4,236 3,541 12,831 5,709
Other 3,323 4,479 3,231 (909)
(264,539) (908,756) (786,409) (1,432,290)
Financing activities
Proceeds from debt (Note 10) 737,522 1,772,531 1,229,861 2,203,480
Principal repayments of debt (Note 10) (251,632) (920,677) (608,838) (1,135,179)
Principal payments of lease liabilities (16,539) (22,954) (50,046) (34,234)
Interest paid (30,893) (14,975) (89,101) (25,642)
Payment of Caserones deferred consideration (Note 22) (10,000) — (10,000) —
Dividends paid to shareholders (51,590) (51,328) (153,822) (155,349)
Exercise of Caserones purchase option (Note 7) (350,000) — (350,000) —
Proceeds from common shares issued 924 2,506 20,914 10,064
Distributions paid to non-controlling interests (63,000) (4,000) (83,000) (4,000)
Net proceeds from settlement of foreign currency and commodity
derivatives 4,087 13,848 7,247 38,248
Other (441) (1,761) 1,565 (4,770)
(31,562) 773,190 (85,220) 892,618
Effect of foreign exchange on cash balances (443) (1,091) (200) (4,909)
(Decrease) increase in cash and cash equivalents during the period (157,269) 167,155 26,747 165,950
Cash and cash equivalents, beginning of period 452,809 190,182 268,793 191,387
Cash and cash equivalents, end of period $ 295,540 $ 357,337 $ 295,540 $ 357,337
Supplemental cash flow information (Note 26)
The accompanying notes are an integral part of these condensed interim consolidated financial statements.
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1. NATURE OF OPERATIONS
Lundin Mining Corporation ("Lundin Mining" or the "Company") is a diversified Canadian base metals mining company
primarily producing copper, zinc, nickel and gold. The Company owns 80% of the Candelaria and Ojos del Salado
mining complex ("Candelaria") located in Chile. On July 2, 2024, the Company completed the exercise of its option to
acquire an additional 19% interest in the issued and outstanding equity of SCM Minera Lumina Copper Chile ("Lumina
Copper"), bringing the Company's ownership of the Caserones copper-molybdenum mine (“Caserones”) in Chile from
51% to 70%. The Company’s wholly-owned operating assets include the Chapada mine located in Brazil, the Eagle mine
located in the United States of America (“USA”), the Neves-Corvo mine located in Portugal, and the Zinkgruvan mine
located in Sweden. In addition, the Company owns the large scale copper-gold Josemaria project ("Josemaria Project"),
located in Argentina.
On July 29, 2024, the Company entered into an agreement with BHP and Filo Corp (“Filo”) to jointly acquire all the
issued and outstanding shares of Filo (the “Arrangement”) not already owned by Lundin Mining and BHP. Under the
terms of the Arrangement, Filo shareholders may choose to receive in exchange for each Filo share C$33.00 in cash,
2.3578 Lundin Mining shares or any combination thereof, subject to aggregate caps. Lundin Mining’s share of the
consideration for the Arrangement is approximately C$2,148 million ($1,550 million), consisting of up to C$859 million
in cash and C$1,289 million in Lundin Mining shares. Closing is expected to occur in the first quarter of 2025.
Concurrently with the completion of the Arrangement, Lundin Mining and BHP have agreed to form a 50/50 joint
arrangement (the “Joint Arrangement”) to hold the Filo del Sol project and Lundin Mining’s Josemaria project. BHP has
agreed to pay Lundin Mining cash consideration of $690 million, subject to certain adjustments, as consideration for
Lundin Mining contributing the Josemaria project to the Joint Arrangement.
The Company’s common shares are listed on the Toronto Stock Exchange (“TSX”) in Canada and the Nasdaq Stockholm
Exchange in Sweden. The Company is incorporated under the Canada Business Corporations Act. The Company is
domiciled in Canada and its principal place of business is 1055 Dunsmuir Street, Suite 2800, Vancouver, British
Columbia, Canada.
2. BASIS OF PRESENTATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES
(i) Basis of presentation and measurement
The unaudited condensed interim consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS
Accounting Standards”) and which the Canadian Accounting Standards Board has approved for incorporation into
Part 1 of the CPA Canada Handbook - Accounting, including IAS 34 Interim Financial Reporting. The condensed
interim consolidated financial statements should be read in conjunction with the annual consolidated financial
statements for the year ended December 31, 2023.
The consolidated financial statements have been prepared on a historical cost basis except for certain financial
instruments which have been measured at fair value.
The Company's presentation currency is United States (“US”) dollars. Reference herein to $ or USD is to US
dollars, C$ or CAD is to Canadian dollars, SEK is to Swedish krona, € refers to the Euro, CLP refers to the Chilean
peso, BRL refers to the Brazilian real, and ARS refers to the Argentine peso.
Balance sheet items are classified as current if receipt or payment is due within twelve months. Otherwise, they
are presented as non-current.
These condensed interim consolidated financial statements were approved by the Board of Directors of the
Company for issue on November 6, 2024.
LUNDIN MINING CORPORATION
Notes to condensed interim consolidated financial statements
For the three and nine months ended September 30, 2024 and 2023
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts)
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===== SIDA 59 =====
(ii) Material accounting policies
The accounting policies followed in these condensed interim consolidated financial statements are consistent
with those disclosed in Note 2 of the Company’s consolidated financial statements for the year ended December
31, 2023. Except as described in Note 2(iii), there were no changes in material accounting policies during the
three and nine months ended September 30, 2024.
(iii) New accounting standards issued
Amendments to IAS 1 - Classification of Liabilities as Current or Non-Current
In January 2020, the IASB issued Classification of Liabilities as Current or Non-Current (Amendments to IAS 1)
providing a more general approach to the classification of liabilities under IAS 1 based on the contractual
arrangements in place at the reporting date. Under existing requirements, a liability is current if an unconditional
right to defer settlement of the liability for at least twelve months after the reporting period does not exist. With
the introduction of the two amendments to IAS 1 in 2024, for a liability to be classified as non-current, a company
must have the right to defer settlement of the liability for at least twelve months after the reporting period. The
right must have substance and exist at the end of the reporting period, and the classification of the liability must
be unaffected by the likelihood that the company will exercise that right. The amendments apply retrospectively
for annual reporting periods beginning on or after 1 January 2024, with early application permitted and have
been applied with no material impact on the Company in the current reporting period.
Amendments to IAS 12 - International Tax Reform - Pillar Two Model Rules
In May 2023, the IASB issued amendments to IAS 12 – Income Taxes. The amendments provide an exception to
the requirements regarding the recognition of deferred tax assets and liabilities related to the Pillar Two global
minimum tax rules and were effective immediately. The Company has applied the exception to recognizing and
disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
Additionally, the amendments to IAS 12 require disclosure of the Company's current tax expense or income
related to Pillar Two income taxes and disclosure of known or reasonably estimable information regarding the
Company's exposure to Pillar Two income taxes. Among the jurisdictions where the Company operates, Pillar Two
legislation is enacted in Sweden, the Netherlands and Canada, and is expected to be substantively enacted in
Portugal in 2024 . On October 3, 2024, Brazil issued a Provisional Measure introducing Qualified Domestic
Minimum Top-Up Tax to be effective from 2025 onwards. The Company has performed an analysis of the
country-by-country reporting (CbCR) safe harbour test, and it does not expect any top-up tax to be applicable in
2024.
IFRS 18 - Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18 - Presentation and Disclosure in Financial Statements, which replaces IAS 1 -
Presentation of Financial Statements. IFRS 18 introduces a specified structure for the income statement by
requiring income and expenses to be presented into three defined categories (operating, investing, and
financing) and by specifying certain defined totals and subtotals. Where company-specific measures related to
the income statement are provided ("management-defined performance measures"), IFRS 18 requires disclosure
of the explanations around those measures. IFRS 18 also provides additional guidance on principles of
aggregation and disaggregation which apply to the primary financial statements and notes. IFRS 18 will not
impact the recognition and measurement of items in the financial statements, nor will it impact which items are
classified in other comprehensive income and how these items are classified. The standard is effective for
reporting periods beginning on or after January 1, 2027, including for interim financial statements. Retrospective
application is required and early application is permitted. The Company is currently assessing the effect of this
new standard on its financial statements.
(iv) Critical accounting estimates and judgments in applying the entity’s accounting policies
Areas of judgment that have the most significant effect on the amounts recognized in the financial statements
are disclosed in Note 2 of the Company’s consolidated financial statements for the year ended December 31,
2023.
LUNDIN MINING CORPORATION
Notes to condensed interim consolidated financial statements
For the three and nine months ended September 30, 2024 and 2023
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts)
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3. CASH AND CASH EQUIVALENTS
Cash and cash equivalents are comprised of the following:
September 30, 2024 December 31, 2023
Cash $ 149,169 $ 197,537
Short-term deposits 146,371 71,256
$ 295,540 $ 268,793
4. TRADE AND OTHER RECEIVABLES
Trade and other receivables are comprised of the following:
September 30, 2024 December 31, 2023
Trade receivables $ 721,532 $ 643,722
Value added tax 70,654 80,088
Prepaid expenses 59,268 48,901
Other receivables 39,824 56,160
$ 891,278 $ 828,871
5. INVENTORIES
Inventories are comprised of the following:
September 30, 2024 December 31, 2023
Materials and supplies $ 318,887 $ 313,966
Ore stockpiles and dump leach 189,524 207,602
Finished goods - concentrate stockpiles 82,729 72,515
Finished goods - copper cathode 7,663 5,324
$ 598,803 $ 599,407
Long-term inventory is comprised of the following:
September 30, 2024 December 31, 2023
Ore stockpiles at Candelaria $ 448,789 $ 427,075
Ore stockpiles at Chapada 271,678 270,570
Dump leach at Caserones 91,352 99,952
$ 811,819 $ 797,597
LUNDIN MINING CORPORATION
Notes to condensed interim consolidated financial statements
For the three and nine months ended September 30, 2024 and 2023
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts)
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6. MARKETABLE SECURITIES
Pursuant to the terms of the Arrangement, the Company subscribed for 1,742,424 Filo shares at a price of C$33.00 per
share on August 7, 2024, increasing the Company's total shares in Filo to 2,264,924. Filo shares held by the Company
are recorded at fair value with changes in fair value recorded in Other Income and Expense. As at September 30, 2024,
the fair value of the Filo shares was $54.1 million.
7. OTHER NON-CURRENT ASSETS
Other non-current assets are comprised of the following:
September 30, 2024 December 31, 2023
Marketable securities, non-current portion $ 9,009 $ 14,268
Caserones purchase option (a) — 44,438
Other 7,868 8,384
$ 16,877 $ 67,090
a) Pursuant to the terms of the purchase agreement to acquire 51% of Lumina Copper, the Company acquired the
right to purchase an additional 19% interest in the Caserones mine for $350.0 million over a five-year period
commencing on July 13, 2024 ("Caserones Purchase Option"). Prior to exercise, the Caserones Purchase Option
was recorded at fair value with changes in fair value recorded in Other Income and Expense. The Caserones
Purchase Option was exercised on July 2, 2024 and was derecognized with a corresponding reduction of $52.7
million to retained earnings.
LUNDIN MINING CORPORATION
Notes to condensed interim consolidated financial statements
For the three and nine months ended September 30, 2024 and 2023
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts)
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8. MINERAL PROPERTIES, PLANT AND EQUIPMENT
Mineral properties, plant and equipment are comprised of the following:
Cost
Mineral
properties
Plant and
equipment
Assets under
construction1
Development
project2
Software
intangible
assets Total
As at December 31, 2022 $ 5,546,923 $ 3,752,177 $ 236,056 $ 876,419 $ 32,626 $ 10,444,201
Caserones acquisition3 — 1,105,187 12,485 — — 1,117,672
Additions 178,643 70,718 287,441 214,036 61 750,899
Disposals and transfers 84,818 18,983 (174,413) — 2,798 (67,814)
Effects of foreign exchange (28,844) (11,943) (2,086) — (134) (43,007)
As at September 30, 2023 5,781,540 4,935,122 359,483 1,090,455 35,351 12,201,951
Caserones acquisition3 — 138,245 81,625 — — 219,870
Additions 101,457 25,563 119,099 39,612 21 285,752
Disposals and transfers 32,644 159,097 (235,514) — 27,789 (15,984)
Effects of foreign exchange 99,113 49,970 5,568 — 408 155,059
As at December 31, 2023 6,014,754 5,307,997 330,261 1,130,067 63,569 12,846,648
Additions 198,101 72,210 276,390 213,846 78 760,625
Write-downs — — — (17,969) — (17,969)
Disposals and transfers 37,828 130,889 (211,775) — 944 (42,114)
Effects of foreign exchange 12,956 11,107 935 — 17 25,015
As at September 30, 2024 $ 6,263,639 $ 5,522,203 $ 395,811 $ 1,325,944 $ 64,608 $ 13,572,205
Accumulated depreciation,
depletion and amortization
Mineral
properties
Plant and
equipment
Assets under
construction1
Development
project2
Software
intangible
assets Total
As at December 31, 2022 $ 2,835,431 $ 1,621,439 $ — $ — $ 11,645 $ 4,468,515
Depreciation 225,325 219,863 — — 3,684 448,872
Disposals and transfers — (58,596) — — — (58,596)
Effects of foreign exchange (19,469) (7,196) — — (59) (26,724)
As at September 30, 2023 3,041,287 1,775,510 — — 15,270 4,832,067
Depreciation 88,575 126,806 — — 1,586 216,967
Disposals and transfers — (16,194) — — — (16,194)
Effects of foreign exchange 64,213 24,259 — — 167 88,639
As at December 31, 2023 3,194,075 1,910,381 — — 17,023 5,121,479
Depreciation 262,153 316,618 — — 7,215 585,986
Disposals and transfers — (37,323) — — — (37,323)
Effects of foreign exchange 7,884 5,784 — — 3 13,671
As at September 30, 2024 $ 3,464,112 $ 2,195,460 $ — $ — $ 24,241 $ 5,683,813
Net book value
Mineral
properties
Plant and
equipment
Assets under
construction1
Development
project2
Software
intangible
assets Total
As at December 31, 2023 $ 2,820,679 $ 3,397,616 $ 330,261 $ 1,130,067 $ 46,546 $ 7,725,169
As at September 30, 2024 $ 2,799,527 $ 3,326,743 $ 395,811 $ 1,325,944 $ 40,367 $ 7,888,392
¹ Represent assets under construction at the Company's operating mine sites which are currently non-depreciable.
2 Assets relate to the Josemaria Project which are currently non-depreciable.
3 The fair values of mineral properties, plant and equipment recorded upon acquisition of Caserones include preliminary estimates
as at September 30, 2023 with final adjustments reflected thereafter as at December 31, 2023.
LUNDIN MINING CORPORATION
Notes to condensed interim consolidated financial statements
For the three and nine months ended September 30, 2024 and 2023
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts)
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===== SIDA 63 =====
During the three and nine months ended September 30, 2024, the Company capitalized $10.2 million and $26.6 million
(September 30, 2023 - $5.8 million and $13.6 million), respectively, of finance costs to the Josemaria Project at a
weighted average interest rate of 6.1% (September 30, 2023 - 5.9%).
During the three and nine months ended September 30, 2024, the Company capitalized $52.0 million and $170.0
million (September 30, 2023 - $65.0 million and $160.8 million), respectively, of deferred stripping costs to mineral
properties. The depreciation expense related to deferred stripping for the three and nine months was $57.0 million
and $125.4 million (September 30, 2023 - $23.4 million and $75.8 million), respectively. Included in the mineral
properties balance at September 30, 2024 is $388.3 million (December 31, 2023 - $277.5 million) related to deferred
stripping at Candelaria and Caserones, which is currently non-depreciable.
The Company's software intangible assets relate primarily to a global instance of an Enterprise Resource Planning
("ERP") system, and related configuration and customization costs incurred in preparing the intangible asset for its
intended use. These assets have useful lives of 8 years or less, and are amortized on a straight-line basis.
The Company leases various assets including power line infrastructure, buildings and storage facilities, rail cars,
vehicles, machinery and equipment. The following table summarizes the changes in right-of-use assets within plant
and equipment:
Net book value
As at December 31, 2022 $ 27,923
Caserones acquisition 257,655
Additions 38,284
Depreciation (31,355)
Disposals (5,363)
Effects of foreign exchange 254
As at September 30, 2023 287,398
Additions 16,525
Depreciation (20,036)
Effects of foreign exchange 110
As at December 31, 2023 283,997
Additions 37,084
Depreciation (55,504)
Disposals (2,161)
Effects of foreign exchange 30
As at September 30, 2024 $ 263,446
LUNDIN MINING CORPORATION
Notes to condensed interim consolidated financial statements
For the three and nine months ended September 30, 2024 and 2023
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts)
- 11 -
===== SIDA 64 =====
9. TRADE AND OTHER PAYABLES
Trade and other payables are comprised of the following:
September 30, 2024 December 31, 2023
Trade payables $ 331,453 $ 393,829
Unbilled goods and services 206,157 176,444
Employee benefits payable 90,029 114,514
Royalties payable 28,124 23,773
Sinkhole provision (a) 27,634 29,827
Pricing provisions on concentrate sales (b) 19,427 13,201
Deferred consideration, current portion (c) 10,000 10,000
Prepayment from customers — 21,963
Other 15,963 22,212
$ 728,787 $ 805,763
a) The sinkhole provision relates to expected remediation costs and potential fines directly related to the sinkhole
near the Company's Ojos del Salado operations.
b) Included in pricing provisions on concentrate sales are balances owing to customers and provisions arising from
forward market price adjustments.
c) The deferred consideration relates to the current portion of the remaining deferred cash consideration arising
from the Caserones acquisition, payable in installments over the next five years.
LUNDIN MINING CORPORATION
Notes to condensed interim consolidated financial statements
For the three and nine months ended September 30, 2024 and 2023
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts)
- 12 -
===== SIDA 65 =====
10. DEBT AND LEASE LIABILITIES
Debt and lease liabilities are comprised of the following:
September 30, 2024 December 31, 2023
Revolving credit facility (a) $ 334,278 $ 245,084
Term loan (b) 1,147,492 798,542
Candelaria and Chapada term loans (c) 240,832 48,850
Lease liabilities (d) 260,895 277,208
Commercial paper (e) 106,362 116,025
Line of credit — 99
Debt and lease liabilities 2,089,859 1,485,808
Less: current portion 397,141 212,646
Long-term portion $ 1,692,718 $ 1,273,162
The changes in debt and lease liabilities are comprised of the following:
Leases Debt Total
As at December 31, 2022 $ 27,166 $ 170,162 $ 197,328
Caserones acquisition 257,655 — 257,655
Additions 38,217 2,203,480 2,241,697
Payments (34,234) (1,135,179) (1,169,413)
Disposals (6,221) — (6,221)
Interest 6,609 — 6,609
Financing fee amortization — 764 764
Deferred financing fee — (2,908) (2,908)
Effects of foreign exchange (11,210) (2,902) (14,112)
As at September 30, 2023 277,982 1,233,417 1,511,399
Additions 16,175 287,117 303,292
Payments (25,607) (316,625) (342,232)
Interest 5,912 — 5,912
Financing fee amortization — 82 82
Deferred financing fee — (42) (42)
Effects of foreign exchange 2,746 4,651 7,397
As at December 31, 2023 277,208 1,208,600 1,485,808
Additions 36,630 1,229,861 1,266,491
Payments (67,669) (608,838) (676,507)
Disposals (2,028) — (2,028)
Interest 17,623 — 17,623
Financing fee amortization — 1,765 1,765
Deferred financing fee — (3,621) (3,621)
Effects of foreign exchange (869) 1,197 328
As at September 30, 2024 260,895 1,828,964 2,089,859
Less: current portion 49,947 347,194 397,141
Long-term portion $ 210,948 $ 1,481,770 $ 1,692,718
LUNDIN MINING CORPORATION
Notes to condensed interim consolidated financial statements
For the three and nine months ended September 30, 2024 and 2023
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts)
- 13 -
===== SIDA 66 =====
a) The Company has a revolving credit facility of $1,750.0 million. On April 26, 2024, the credit facility, which
originally matured in April 2028, was amended and extended to April 2029. The credit facility bears interest on
drawn funds at rates of Term Secured Overnight Financing Rate (“Term SOFR”) plus Credit Spread Adjustment
(“CSA”) of 0.10% plus an applicable margin of 1.45% to 2.50%, depending on the Company’s net leverage ratio.
The revolving credit facility is unsecured, save and except for a charge over certain assets in the USA, and is
subject to customary covenants. During the three and nine months ended September 30, 2024 , the Company
drew down $190.0 million and $305.0 million (September 30, 2023 - $873.0 million and $1.04 billion), and
repaid $130 million and $ 215.0 million (September 30, 2023 - $885.0 million and $898.0 million), respectively.
Of the amounts drawn, $350.0 million was used to fund the exercise of the Caserones Purchase Option and was
subsequently refinanced by the term loan (b). As at September 30, 2024 , a principal balance of $340.0 million
(December 31, 2023 - $250.0 million) was outstanding, with unamortized deferred financing fees of $5.7 million
(December 31, 2023 - $4.9 million) netted against borrowings.
b) In July 2023, the Company obtained a term loan of a principal amount of $800.0 million with an additional
$400.0 million accordion , maturing July 2026. On April 26, 2024, the Company amended the terms to extend
maturity to July 2027. The term loan bears interest at an annual rate equal to Term SOFR + CSA + an applicable
margin of 1.60% to 2.65%, depending on the Company’s net leverage ratio. Principal is payable at maturity. The
term loan is unsecured, save and except for a charge over certain assets in the USA, and has similar covenants
to the Company’s existing $1,750.0 million revolving credit facility. In August 2024 t he Company exercised the
accordion option and drew down an additional $350.0 million. As at September 30, 2024, a principal balance of
$1,150.0 million (December 31, 2023 - $800.0 million) was outstanding, with unamortized deferred financing
fees of $2.5 million (December 31, 2023 - $1.5 million) netted against borrowings.
c) Compañia Contractual Minera Candelaria S.A. ("Candelaria Mine"), a subsidiary owned 80% by the Company
which owns the Candelaria mine, obtained a series of unsecured fixed term loans during the three and nine
months ended September 30, 2024 totalling $50.0 million and $165.0 million (September 30, 2023 - $nil and
$nil), respectively. Candelaria Mine repaid $nil and $65.0 million of the outstanding loans during the three and
nine months ended September 30, 2024 (September 30, 2023 - $nil and $nil), respectively. As at September 30,
2024, there were two term loans outstanding at Candelaria Mine totalling $ 100.0 million (December 31, 2023 -
$nil). The outstanding term loans accrue interest at rates ranging from 5.30% to 5.78% per annum with interest
payable upon maturity, for which $50 million matures in November 2024 and the remaining $50 million
matures in February 2025.
Mineração Maracá Indústria e Comércio S.A. (“Chapada”), a subsidiary of the Company which owns the
Chapada mine, obtained a series of unsecured fixed term loans during the three and nine months ended
September 30, 2024 totalling $86.8 million and $ 219.2 million ( September 30, 2023 - $55.3 million and $185.8
million), respectively. Chapada repaid $55.5 million and $127.2 million of the outstanding term loans during the
three and nine months ended September 30, 2024 (September 30, 2023 - $35.1 million and $143.9 million),
respectively. As at September 30, 2024, there were 45 term loans outstanding at Chapada totalling $140.8
million (December 31, 2023 - sixteen term loans totalling $48.9 million). These outstanding term loans accrue
interest at rates ranging from 5.52% to 6.65% per annum with interest payable upon maturity. The maturity
dates range from October to December 2024.
d) Lease liabilities relate to leases on power line infrastructure, buildings and storage facilities, rail cars, vehicles,
machinery and equipment which have remaining lease terms of one to thirteen years and interest rates of 0.8%
- 10.4% over the terms of the leases.
e) Sociedade Mineira de Neves-Corvo, S.A. (“Somincor”), a subsidiary of the Company which owns the Neves-
Corvo mine, entered into three unsecured commercial paper programs during 2022 and 2023 ("Commercial
Paper Program 1, 2, and 3", respectively). Commercial Paper Program 1, entered into September 2022, has a
borrowing capacity of €25.0 million, matures May 2025, and bears interest on drawn funds at EURIBOR+0.50%.
Commercial Paper Program 2, entered into in June 2023, has a borrowing capacity of €50.0 million, matures in
June 2028, and bears interest on drawn funds at EURIBOR+0.50%. Commercial Program 3, entered into July
2023, has a borrowing capacity of €40.0 million, matures in July 2028, and bears interest on drawn funds at
EURIBOR+0.30%.
LUNDIN MINING CORPORATION
Notes to condensed interim consolidated financial statements
For the three and nine months ended September 30, 2024 and 2023
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts)
- 14 -
===== SIDA 67 =====
During the three and nine months ended September 30, 2024, Somincor drew down $60.7 million (€55.0
million) and $190.7 million (€175.0 million), respectively from the commercial paper programs ( September 30,
2023 - $44.2 million (€40.0 million) and $173.7 million (€160.0 million)) and repaid $66.1 million (€60.0 million)
and $201.6 million (€185.0 million), respectively from the programs (September 30, 2023 - $nil and $91.4
million (€85.0 million)).
As at September 30, 2024, a principal balance of $22.4 million (€20.0 million), $50.4 million (€45.0 million), and
$33.6 million (€30.0 million) was outstanding on Commercial Paper Program 1, 2, and 3, respectively (December
31, 2023 - $27.6 million (€25.0 million), $55.3 million (€50.0 million), and $33.2 million (€30.0 million)).
The schedule of undiscounted lease payment and debt obligations is as follows:
Leases Debt Total
Less than one year $ 65,659 $ 347,194 $ 412,853
One to five years 153,804 1,490,000 1,643,804
More than five years 136,353 — 136,353
Total undiscounted obligations as at September 30, 2024 $ 355,816 $ 1,837,194 $ 2,193,010
11. DEFERRED REVENUE
The following table summarizes the changes in deferred revenue:
As at December 31, 2022 $ 654,106
Recognition of revenue (52,690)
Finance costs 26,967
Effects of foreign exchange (1,628)
As at September 30, 2023 626,755
Recognition of revenue (20,053)
Variable consideration adjustment 3,018
Finance costs 9,037
Effects of foreign exchange 4,473
As at December 31, 2023 623,230
Recognition of revenue (57,803)
Finance costs 25,798
Effects of foreign exchange (167)
As at September 30, 2024 591,058
Less: current portion 81,635
Long-term portion $ 509,423
Consideration received under the Company’s gold, silver and copper streaming agreements is deemed to be variable
and can be subject to cumulative adjustments when the contractual volume to be delivered changes. In 2023, as a
result of changes to the Company’s Mineral Resources and Mineral Reserves estimates, an adjustment was made to
the deferred revenue liability which was recognized through revenue and finance costs.
LUNDIN MINING CORPORATION
Notes to condensed interim consolidated financial statements
For the three and nine months ended September 30, 2024 and 2023
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts)
- 15 -
===== SIDA 68 =====
12. RECLAMATION AND OTHER CLOSURE PROVISIONS
Reclamation and other closure provisions relating to the Company's mining operations are as follows:
Reclamation
provisions
Other closure
provisions Total
Balance, December 31, 2022 $ 401,020 $ 44,828 $ 445,848
Acquisition of Caserones 92,440 — 92,440
Accretion 16,791 — 16,791
Changes in estimate (23,309) 7,639 (15,670)
Changes in discount rate (14,314) — (14,314)
Payments (6,436) (1,745) (8,181)
Effects of foreign exchange (2,183) (2,856) (5,039)
Balance, September 30, 2023 464,009 47,866 511,875
Accretion 6,378 — 6,378
Changes in estimate (7,198) (2,067) (9,265)
Changes in discount rate 28,898 — 28,898
Payments (2,406) 96 (2,310)
Effects of foreign exchange 7,464 1,136 8,600
Balance, December 31, 2023 497,145 47,031 544,176
Accretion 19,357 — 19,357
Changes in estimate (11,526) 7,517 (4,009)
Changes in discount rate (17,321) — (17,321)
Payments (8,133) (5,605) (13,738)
Effects of foreign exchange 630 (794) (164)
Balance, September 30, 2024 480,152 48,149 528,301
Less: current portion 8,186 5,145 13,331
Long-term portion $ 471,966 $ 43,004 $ 514,970
The Company expects these liabilities to be settled between 2024 and 2110. The reclamation provisions are
discounted using current market pre-tax discount rates which range from 2.0% to 12.0% (December 31, 2023 - 2.0% to
10.4%).
13. DEFERRED CONSIDERATION AND OTHER LONG-TERM LIABILITIES
Deferred consideration and other long-term liabilities are comprised of the following:
September 30, 2024 December 31, 2023
Deferred consideration, non-current portion $ 101,251 $ 106,210
Other 31,047 26,989
$ 132,298 $ 133,199
Deferred consideration represents the non-current portion of the remaining cash consideration for the acquisition of
51% of Lumina Copper, completed July 13, 2023. The deferred consideration is payable in installments as follows:
$50.0 million to be paid in five installments of $10.0 million on the anniversary of the transaction closing date in each
of 2024, 2025, 2026, 2027, and 2028; and $100 million to be paid on the anniversary of the closing date in 2029. The
Company paid the first $10.0 million installment in July 2024.
LUNDIN MINING CORPORATION
Notes to condensed interim consolidated financial statements
For the three and nine months ended September 30, 2024 and 2023
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts)
- 16 -
===== SIDA 69 =====
14. SHARE CAPITAL
a) Basic and diluted weighted average number of shares outstanding
Three months ended
September 30,
Nine months ended
September 30,
2024 2023 2024 2023
Basic weighted average number of shares outstanding 776,794,756 773,147,920 774,574,731 772,214,160
Effect of dilutive securities 2,390,857 — 2,379,715 704,488
Diluted weighted average number of shares outstanding 779,185,613 773,147,920 776,954,446 772,918,648
Antidilutive securities 455,714 45,300 810,307 77,475
The effect of dilutive securities relates to in-the-money outstanding stock options and share units ("SUs"). As a
result of the Company's net loss position during the three months ended September 30, 2023, 1,013,385 shares
that would have been dilutive had the Company been in a net earnings position were excluded from the diluted
weighted average number of shares outstanding.
b) Stock options and share units granted
Three months ended
September 30,
Nine months ended
September 30,
2024 2023 2024 2023
Stock options — 38,100 1,498,160 1,918,763
Restricted Share Units and Performance Share Units — 45,300 1,041,450 1,306,803
c) Deferred share units
During the year ended December 31, 2023, the Company adopted a Deferred Share Unit ("DSU") Plan effective
January 1, 2024 under which DSUs are granted by the Board of Directors quarterly to eligible non-employee
Directors. During the three and nine months ended September 30, 2024, 7,860 and 32,922 DSUs (September 30,
2023 - nil and nil), respectively, were granted under the plan.
d) Dividends
During the three and nine months ended September 30, 2024, the Company declared dividends in the amount of
$50.6 million and $153.1 million (September 30, 2023 - $52.2 million and $154.5 million), respectively, or C$0.09
per share and C$0.27 per share (September 30, 2023 - C$0.09 and C$0.27), respectively.
15. NON-CONTROLLING INTERESTS
Set out below is summarized financial information for each subsidiary with non-controlling interest ("NCI") that is
material to the group. As part of its Candelaria segment, the Company owns 80% of the Candelaria Mine and
Compañia Contractual Minera Ojos del Salado S.A.’s copper mining operations and supporting infrastructure in Chile
(together the "Candelaria complex").
On July 2, 2024, the Company exercised its option to acquire an additional 19% interest in the issued and outstanding
equity of Lumina Copper, bringing the Company's ownership in Caserones from 51% to 70% and reducing the NCI to
30%.
LUNDIN MINING CORPORATION
Notes to condensed interim consolidated financial statements
For the three and nine months ended September 30, 2024 and 2023
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts)
- 17 -
===== SIDA 70 =====
The continuity of the Company's non-wholly owned subsidiaries with material NCI is as follows:
Candelaria complex Caserones mine Total
NCI in subsidiary at September 30, 2024 20% 30%
As at December 31, 2022 $ 564,089 $ — $ 564,089
Caserones acquisition — 873,767 873,767
Share of net comprehensive income (loss) 26,729 18,924 45,653
Distributions (4,000) — (4,000)
As at September 30, 2023 586,818 892,691 1,479,509
Share of net comprehensive income (loss) 15,024 13,370 28,394
Distributions (7,000) (44,100) (51,100)
As at December 31, 2023 594,842 861,961 1,456,803
Share of net comprehensive income (loss) 56,645 49,807 106,452
Distributions (38,000) (45,000) (83,000)
Acquisition of additional interest in Caserones — (353,499) (353,499)
As at September 30, 2024 $ 613,487 $ 513,269 $ 1,126,756
Summarized financial information for the Company's non-wholly owned subsidiaries on a 100% basis, before
inter-company eliminations is as follows:
Summarized Balance Sheets
Candelaria complex Caserones mine
As at Sept. 30, 2024 As at Dec. 31, 2023 As at Sept. 30, 2024 As at Dec. 31, 2023
Total current assets $ 703,923 $ 512,217 $ 615,837 $ 708,927
Total non-current assets $ 3,162,759 $ 3,140,799 $ 1,521,743 $ 1,629,052
Total current liabilities $ 428,894 $ 266,314 $ 256,633 $ 323,797
Total non-current liabilities $ 637,713 $ 646,189 $ 248,109 $ 267,263
Summarized Statements of Earnings and Comprehensive Income (Loss)
Candelaria complex Caserones mine
For the nine months ended
September 30, 2024 2023 2024 2023
Total revenue $ 1,333,734 $ 1,116,709 $ 882,643 $ 284,556
Net earnings $ 282,359 $ 111,940 $ 101,602 $ 37,801
Net comprehensive income $ 282,326 $ 111,862 $ 101,602 $ 37,801
Summarized Statement of Cash Flows
Candelaria complex Caserones mine
For the nine months ended
September 30, 2024 2023 2024 2023
Cash provided by operating
activities $ 355,241 $ 318,893 $ 335,938 $ 110,409
Cash used in investing activities (216,053) (302,018) (95,180) (25,675)
Cash used in financing activities (132,555) (46,420) (223,147) (14,654)
Increase (decrease) in cash and
cash equivalents during the period $ 6,633 $ (29,545) $ 17,611 $ 70,080
LUNDIN MINING CORPORATION
Notes to condensed interim consolidated financial statements
For the three and nine months ended September 30, 2024 and 2023
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts)
- 18 -
===== SIDA 71 =====
16. REVENUE
The Company's analysis of revenue from contracts with customers, segmented by product, is as follows:
Three months ended
September 30,
Nine months ended
September 30,
2024 2023 2024 2023
Revenue from contracts with customers:
Copper $ 797,478 $ 707,347 $ 2,240,093 $ 1,628,489
Zinc 94,920 85,292 247,395 234,613
Gold 90,799 53,602 200,397 156,953
Molybdenum 25,480 48,142 95,801 48,142
Nickel 8,418 75,701 82,804 236,813
Lead 15,358 21,863 47,888 45,166
Silver 16,566 13,983 44,974 33,084
Other 6,469 10,832 26,368 27,147
1,055,488 1,016,762 2,985,720 2,410,407
Provisional pricing adjustments on current period
concentrate sales 22,775 (18,469) 74,483 (92,205)
Provisional pricing adjustments on prior period
concentrate sales (5,265) (6,098) 33,361 13,868
Revenue $ 1,072,998 $ 992,195 $ 3,093,564 $ 2,332,070
The Company's geographical analysis of revenue from contracts with customers, segmented based on the
destination of product, is as follows:
Three months ended
September 30,
Nine months ended
September 30,
2024 2023 2024 2023
Revenue from contracts with customers:
Japan $ 271,887 $ 100,830 $ 883,734 $ 428,576
China 195,445 315,910 676,771 511,192
Spain 171,134 188,542 404,099 449,259
Canada 43,743 105,759 193,078 321,589
Finland 109,644 81,907 188,209 189,564
Germany 83,992 37,299 179,982 111,013
Sweden 59,565 48,518 145,493 117,510
Chile 32,556 66,412 124,270 89,546
Norway 20,883 30,438 71,538 102,885
South Korea 50,038 (258) 70,341 54,268
Other 16,601 41,405 48,205 35,005
1,055,488 1,016,762 2,985,720 2,410,407
Provisional pricing adjustments on current period
concentrate sales 22,775 (18,469) 74,483 (92,205)
Provisional pricing adjustments on prior period
concentrate sales (5,265) (6,098) 33,361 13,868
Revenue $ 1,072,998 $ 992,195 $ 3,093,564 $ 2,332,070
LUNDIN MINING CORPORATION
Notes to condensed interim consolidated financial statements
For the three and nine months ended September 30, 2024 and 2023
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts)
- 19 -
===== SIDA 72 =====
17. PRODUCTION COSTS
The Company's production costs are comprised of the following:
Three months ended
September 30,
Nine months ended
September 30,
2024 2023 2024 2023
Direct mine and mill costs $ 532,107 $ 559,989 $ 1,603,160 $ 1,311,151
Transportation 34,106 36,988 100,231 92,117
Royalties 14,904 18,132 51,286 34,803
Total production costs $ 581,117 $ 615,109 $ 1,754,677 $ 1,438,071
During the three and nine months ended September 30, 2024, direct mine and mill costs include a write down totaling
$11.1 million related to inventory items used in repair and maintenance of mineral properties, plant and equipment.
18. EMPLOYEE BENEFITS
The Company's employee benefits recognized in the consolidated statement of earnings are comprised of the
following:
Three months ended
September 30,
Nine months ended
September 30,
2024 2023 2024 2023
Production costs
Wages and benefits $ 92,258 $ 97,307 $ 299,331 $ 255,615
Retirement benefits 460 468 1,370 1,529
Share-based compensation 282 441 1,008 1,421
93,000 98,216 301,709 258,565
General and administrative expenses
Wages and benefits 5,572 7,641 18,093 19,208
Retirement benefits 157 192 500 793
Share-based compensation 1,450 1,508 4,096 4,351
Termination benefits — 3,813 — 7,011
7,179 13,154 22,689 31,363
General exploration and business development
Wages and benefits 432 1,033 2,492 3,933
Retirement benefits 11 6 34 29
Share-based compensation 4 15 9 213
Termination benefits — — — 313
447 1,054 2,535 4,488
Total employee benefits $ 100,626 $ 112,424 $ 326,933 $ 294,416
LUNDIN MINING CORPORATION
Notes to condensed interim consolidated financial statements
For the three and nine months ended September 30, 2024 and 2023
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts)
- 20 -
===== SIDA 73 =====
19. GENERAL EXPLORATION AND BUSINESS DEVELOPMENT
The Company's general exploration and business development costs are comprised of the following:
Three months ended
September 30,
Nine months ended
September 30,
2024 2023 2024 2023
General exploration $ 12,554 $ 11,613 $ 37,588 $ 32,568
Project development 830 1,084 2,328 3,396
Corporate development 236 37 691 5,228
Total general exploration and business development $ 13,620 $ 12,734 $ 40,607 $ 41,192
20. FINANCE INCOME AND COSTS
The Company's finance income and costs are comprised of the following:
Three months ended
September 30,
Nine months ended
September 30,
2024 2023 2024 2023
Interest income $ 4,233 $ 3,767 $ 13,381 $ 5,939
Interest expense and bank fees (27,688) (18,142) (75,630) (31,339)
Accretion expense on reclamation provisions (6,599) (6,314) (19,357) (16,791)
Lease liability interest (5,838) (5,876) (17,623) (6,609)
Deferred revenue finance costs (2,787) (6,983) (9,725) (17,508)
Other (473) (2,664) (2,199) (1,500)
Total finance costs, net $ (39,152) $ (36,212) $ (111,153) $ (67,808)
Finance income $ 4,233 $ 3,767 $ 13,381 $ 5,939
Finance costs (43,385) (39,979) (124,534) (73,747)
Total finance costs, net $ (39,152) $ (36,212) $ (111,153) $ (67,808)
LUNDIN MINING CORPORATION
Notes to condensed interim consolidated financial statements
For the three and nine months ended September 30, 2024 and 2023
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts)
- 21 -
===== SIDA 74 =====
21. OTHER INCOME AND EXPENSE
The Company's other income and expense are comprised of the following:
Three months ended
September 30,
Nine months ended
September 30,
2024 2023 2024 2023
Foreign exchange and trading gains on debt and equity
investments (a) $ 6,976 $ 14,963 $ 25,255 $ 67,708
Revaluation of Caserones purchase option (b) — — 11,728 —
Revaluation of marketable securities 3,957 (3,449) 6,472 453
Foreign exchange (loss) gain (17,553) 7,943 6,444 10,388
Realized gains on derivative contracts (Note 22) 3,531 12,851 5,881 40,703
Partial suspension of underground operations (c) (14,813) — (24,637) —
Unrealized gains (losses) on derivative contracts (Note 22) 30,613 (47,504) (18,245) (41,241)
Write-down of assets (d) (781) — (17,969) —
Ojos del Salado sinkhole (expenses) recoveries (e) (871) 1,247 (550) (15,235)
Revaluation of Chapada derivative liability — (370) (307) (2,166)
Gain on disposal of subsidiary — — — 5,718
Other expense (11,092) (7,815) (8,057) (8,856)
Total other (expense) income, net $ (33) $ (22,134) $ (13,985) $ 57,472
a) Foreign exchange and trading gains on debt and equity investments include the changes in fair value of debt and
equity instruments supporting capital funding for the Josemaria Project.
b) The Company exercised the Caserones Purchase Option on July 2, 2024. The revaluation gain reflects the
changes in fair value of the option up to the date of exercise.
c) A fall of ground in the lower ramp at the Eagle mine has limited production while rehabilitation is completed.
Overhead costs unrelated to production have been recorded in Other Income and Expense.
d) Write-down of assets relate to a non-cash write-down of capital works in progress at the Josemaria Project that
are no longer expected to be required.
e) Ojos del Salado sinkhole expenses and recoveries include adjustments of expenses originally accrued for as a
result of updated information obtained related to the sinkhole near the Company's Ojos del Salado operations.
LUNDIN MINING CORPORATION
Notes to condensed interim consolidated financial statements
For the three and nine months ended September 30, 2024 and 2023
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts)
- 22 -
===== SIDA 75 =====
22. FINANCIAL INSTRUMENTS
Derivative instruments
From time to time, the Company uses derivative contracts as part of its risk management strategy to mitigate exposure
to foreign currencies and commodities. Beginning in 2022, the Company entered into EUR, BRL, CLP, SEK and CAD
foreign currency options and forward contracts intended to limit the foreign exchange exposure of its forecasted
foreign currency denominated after-tax attributable operating and capital expenditures. In 2023, the Company
entered into commodity forward swap contracts to limit exposure to changes in the price of diesel fuel purchases at
Candelaria, and in 2024 entered into short-term commodity collar contracts to limit its exposure to changes in the
price of copper. The foreign exchange and commodities contracts have not been designated as hedges for purposes of
hedge accounting and are measured at fair value with changes in fair value recognized in the consolidated statement
of earnings.
During 2024, the Company entered into zero cost collar contracts in the total amounts of $246 million (equivalent to
BRL 1.3 billion) and $950 million (equivalent to CLP 926 billion) with collar ranges of BRL 5.00 to BRL 6.11 and CLP 900
to CLP 1,085, respectively. Of the foreign currency contracts entered into during the period, CLP collars of $191 million
(equivalent to CLP 187 billion) and BRL collars of $12 million (equivalent to BRL 64 million) expired during the period,
with the remaining contracts expiring through the remainder of 2024 to 2026. The Company additionally entered into
two types of commodity contracts. In April 2024, copper collar contracts in the amount of 21,500 metric tonnes of
copper with collar ranges of $4.10/lb to $4.52/lb were entered into and expired in May. In September 2024 diesel
collar contracts in the amount of 67.5 million litres ("L") with average collar ranges of $0.50/L to $ 0.65/L were entered
into expiring through the remainder of 2024 to December 2025. The following tables outline the foreign currency and
commodity derivative notional contract positions and their expiry dates:
Expired in Expiring throughout:
Foreign currency forward contracts 2024
remainder of
2024 2025 2026
EUR/USD forwards
Average contract price 1.02 1.02 — —
Position (EUR millions) 116 39 — —
USD/SEK forwards
Average contract price 10.90 10.89 10.83 —
Position (SEK millions) 675 247 758 —
Subsequent to September 30, 2024, the Company entered into additional foreign currency forward contracts totaling
$350 million with average contract rates of CAD 1.38 expiring in 2025.
LUNDIN MINING CORPORATION
Notes to condensed interim consolidated financial statements
For the three and nine months ended September 30, 2024 and 2023
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts)
- 23 -
===== SIDA 76 =====
Expired in Expiring throughout:
Foreign currency zero cost collar contracts 2024
remainder of
2024 2025 2026
USD/BRL collars
Average contract price 5.01/6.35 5.02/6.28 5.06/6.04 5.07/6.04
Position (USD millions) 154 59 185 114
USD/CLP collars
Average contract price 881/1,039 884/1,042 872/1,032 904/1,060
Position (USD millions) 401 151 511 342
USD/CAD collars
Average contract price 1.30/1.40 1.30/1.40 — —
Position (CAD millions) 14 5 — —
USD/SEK collars
Average contract price 10.35/11.15 10.35/11.15 — —
Position (SEK millions) 297 99 — —
Expired in Expiring throughout:
Commodity hedge contracts 2024
remainder of
2024 2025 2026
Diesel forward swaps
Average contract price ($/L) 0.667 0.667 — —
Position (USD millions) 20 7 — —
Copper collars
Average contract price ($/lb) 4.10/4.52 — — —
Position (millions lbs) 47 — — —
Diesel collars
Average contract price ($/L) — 0.50/0.65 0.50/0.65 —
Position (millions litres) — 14 54 —
The Company’s net unrealized and realized (loss)/gain on foreign currency and commodity derivative contracts are as
follows:
Three months ended
September 30,
Nine months ended
September 30,
2024 2023 2024 2023
Unrealized gain/(loss) on derivative financial instruments:
Foreign currency contracts $ 31,885 $ (55,425) $ (17,965) $ (45,974)
Commodity hedge contracts (1,272) 7,921 (280) 4,733
30,613 (47,504) (18,245) (41,241)
Realized gain/(loss) on derivative financial instruments:
Foreign currency contracts 4,080 11,310 9,527 39,795
Commodity hedge contracts (549) 1,541 (3,646) 908
3,531 12,851 5,881 40,703
Total unrealized and realized gain/(loss) on derivative
contracts: $ 34,144 $ (34,653) $ (12,364) $ (538)
LUNDIN MINING CORPORATION
Notes to condensed interim consolidated financial statements
For the three and nine months ended September 30, 2024 and 2023
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts)
- 24 -
===== SIDA 77 =====
A summary of the fair values of unsettled derivative contracts recorded on the consolidated balance sheet is as
follows:
September 30, 2024 December 31, 2023
Foreign currency contracts:
Current asset position $ 20,930 $ 38,114
Non-current asset position 17,621 9,397
Current liability position 4,108 1,124
Non-current liability position 10,044 3,148
Diesel contracts:
Current asset position 6 —
Non-current asset position 166 —
Current liability position 1,286 896
Non-current liability position 64 —
Other contracts:
Chapada derivative current liability — 24,369
LUNDIN MINING CORPORATION
Notes to condensed interim consolidated financial statements
For the three and nine months ended September 30, 2024 and 2023
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts)
- 25 -
===== SIDA 78 =====
Fair values of financial instruments
The Company’s financial assets and financial liabilities have been classified into categories that determine their basis of
measurement. The following table shows the carrying values, fair values and fair value hierarchy of the Company’s
financial instruments as at September 30, 2024 and December 31, 2023:
September 30, 2024 December 31, 2023
Level
Carrying
value Fair value
Carrying
value Fair value
Financial assets
Fair value through profit or loss
Restricted funds 1 $ 59,893 $ 59,893 $ 59,979 $ 59,979
Trade receivables (provisional) 2 657,909 657,909 605,644 605,644
Marketable securities 1 63,086 63,086 14,268 14,268
Foreign currency contracts 2 38,551 38,551 47,511 47,511
Diesel contracts 2 172 172 — —
Caserones purchase option 3 — — 44,438 44,438
$ 819,611 $ 819,611 $ 771,840 $ 771,840
Financial liabilities
Amortized cost
Debt 3 $ 1,828,964 $ 1,828,964 $ 1,208,600 $ 1,208,600
Caserones deferred consideration 2 111,251 111,251 116,210 116,210
Fair value through profit or loss
Pricing provisions on concentrate sales 2 $ 9,460 $ 9,460 $ 1,840 $ 1,840
Chapada derivative liability 2 — — 24,369 24,369
Foreign currency contracts 2 14,152 14,152 4,272 4,272
Diesel contracts 2 1,350 1,350 896 896
$ 24,962 $ 24,962 $ 31,377 $ 31,377
Fair values of financial instruments are determined by valuation methods depending on hierarchy levels as defined
below:
Level 1 – Quoted market price in active markets for identical assets or liabilities.
Level 2 – Inputs other than quoted market prices included within Level 1 that are observable for the assets or
liabilities, either directly (i.e. observed prices) or indirectly (i.e. derived from prices).
Level 3 – Inputs for the assets or liabilities are not based on observable market data.
The Company calculates fair values based on the following methods of valuation and assumptions:
Marketable securities/debt and equity investments/restricted funds – The fair value of investments in shares and
bonds is determined based on the quoted market price.
Trade receivables/pricing provisions on concentrate sales – The fair value of trade receivables that contain
provisional pricing sales arrangements are valued using quoted forward market prices. The Company recognized
positive pricing adjustments of $17.5 million in revenue during the three months ended September 30, 2024
(September 30, 2023 - $24.6 million negative pricing adjustments). The Company recognized positive pricing
LUNDIN MINING CORPORATION
Notes to condensed interim consolidated financial statements
For the three and nine months ended September 30, 2024 and 2023
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts)
- 26 -
===== SIDA 79 =====
adjustments of $107.8 million in revenue during the nine months ended September 30, 2024 (September 30,
2023 - $78.3 million negative pricing adjustments).
Foreign currency and commodity contracts – The fair value of these derivatives are determined by the
counterparties to the contracts and are assessed by Management using pricing models based on active market
prices.
Caserones purchase option – The fair value of the Caserones purchase option was determined using a valuation
model that incorporates such factors as the mine's discounted cash flow projections, metal price volatility, expiry
date, and risk-free interest rate. The Company exercised the Caserones purchase option in July 2024. Upon
exercise, the asset was derecognized into equity of the Company.
Chapada derivative liability – The fair value of this derivative was determined using a valuation model that
incorporates such factors as metal prices, metal price volatility, expiry date, and risk-free interest rate. The
Company paid the final $25.0 million tranche related to the Chapada derivative liability in August 2024.
Caserones deferred consideration – The fair value of the Caserones deferred consideration has been discounted
at the estimated credit adjusted risk free rate applicable to future payments.
Debt – The fair values approximate carrying values as the interest rates are comparable to current market rates.
The carrying values of certain financial instruments maturing in the short-term approximate their fair values.
These financial instruments include cash and cash equivalents, trade and other receivables other than those
provisionally priced, and trade and other payables other than those provisionally priced, which are classified as
amortized cost.
23. COMMITMENTS AND CONTINGENCIES
a) The Company has capital commitments of $326.9 million on various initiatives, of which $123.5 million is
expected to be paid during 2024.
b) The Company may be involved in legal proce edings arising in the ordinary course of business, including the action
described below. The potential amount of the liabilities with respect to such legal proceedings is not expected to
materially affect the Company's financial position.
c) Significant changes to commitments and contingencies, since those reported at December 31, 2023, are
described below:
i. With respect to the Ontario class action, the Supreme Court of Canada granted the Company's leave
application on March 28, 2024. The appeal will likely be heard in the first half of 2025.
24. SEGMENTED INFORMATION
The Company is engaged in mining, exploration and development of mineral properties at six operating sites located in
Chile, Brazil, USA, Portugal, and Sweden, and at the Josemaria Project located in Argentina. Operating segments are
reported in a manner consistent with the internal reporting provided to executive management who act as the chief
operating decision-makers. The chief operating decision makers consider the business from a site and project-level
perspective. Executive management are responsible for allocating resources and assessing performance of the
operating segments. The Company has identified eight reportable segments which include six operating sites, the
Josemaria Project, and other corporate office operations.
LUNDIN MINING CORPORATION
Notes to condensed interim consolidated financial statements
For the three and nine months ended September 30, 2024 and 2023
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts)
- 27 -
===== SIDA 80 =====
For the three months ended September 30, 2024
Candelaria Caserones Chapada Eagle Josemaria Neves-Corvo Zinkgruvan Other Total
Chile Chile Brazil USA Argentina Portugal Sweden
Revenue $ 473,049 $ 227,896 $ 159,966 $ 12,217 $ — $ 131,237 $ 68,633 $ — $ 1,072,998
Cost of goods sold
Production costs (189,106) (169,411) (84,450) (12,595) — (95,168) (30,109) (278) (581,117)
Depreciation, depletion and amortization (78,667) (39,316) (26,858) (6,169) — (34,725) (14,274) (65) (200,074)
Gross profit (loss) 205,276 19,169 48,658 (6,547) — 1,344 24,250 (343) 291,807
General and administrative expenses — — — — — — — (14,233) (14,233)
General exploration and business development (2,799) (3,262) (2,075) (1,005) (332) (926) (2,441) (780) (13,620)
Finance (costs) income (7,009) (4,473) (6,862) (898) 5,511 (1,286) (1,132) (23,003) (39,152)
Other (expense) income (7,086) (9,686) (13,527) (15,580) 2,827 1,905 1,224 39,890 (33)
Income tax (expense) recovery (86,933) (1,298) (5,054) 3,025 (2,432) (1,020) (4,713) 1,485 (96,940)
Net earnings (loss) $ 101,449 $ 450 $ 21,140 $ (21,005) $ 5,574 $ 17 $ 17,188 $ 3,016 $ 127,829
Capital expenditures $ 60,118 $ 22,895 $ 20,487 $ 7,940 $ 54,239 $ 26,288 $ 15,546 $ (2,101) $ 205,412
For the nine months ended September 30, 2024
Candelaria Caserones Chapada Eagle Josemaria Neves-Corvo Zinkgruvan Other Total
Chile Chile Brazil USA Argentina Portugal Sweden
Revenue $ 1,169,821 $ 890,654 $ 376,370 $ 126,884 $ — $ 340,542 $ 189,293 $ — $ 3,093,564
Cost of goods sold
Production costs (525,715) (575,963) (218,281) (90,788) — (250,009) (92,918) (1,003) (1,754,677)
Depreciation, depletion and amortization (228,151) (145,546) (60,306) (25,313) — (91,443) (31,070) (395) (582,224)
Gross profit (loss) 415,955 169,145 97,783 10,783 — (910) 65,305 (1,398) 756,663
General and administrative expenses — — — — — — — (44,133) (44,133)
General exploration and business development (7,564) (10,175) (4,141) (1,170) (6,854) (1,309) (6,920) (2,474) (40,607)
Finance (costs) income (22,067) (12,410) (18,638) (2,616) 14,907 (4,536) (3,444) (62,349) (111,153)
Other (expense) income (1,498) 5,764 (8,240) (26,362) 4,710 (2,792) (6,787) 21,220 (13,985)
Income tax (expense) recovery (169,514) (41,890) (33,668) 4,901 48,156 1,898 (10,360) (3,191) (203,668)
Net earnings (loss) $ 215,312 $ 110,434 $ 33,096 $ (14,464) $ 60,919 $ (7,649) $ 37,794 $ (92,325) $ 343,117
Capital expenditures $ 220,194 $ 100,977 $ 74,927 $ 15,998 $ 203,549 $ 76,622 $ 43,188 $ 330 $ 735,785
Total non-current assets1 $ 3,159,588 $ 1,374,475 $ 1,375,046 $ 199,135 $ 1,357,053 $ 1,177,322 $ 292,702 $ 6,769 $ 8,942,090
1 Non-current assets include long-term inventory, mineral properties, plant and equipment, and goodwill.
LUNDIN MINING CORPORATION
Notes to condensed interim consolidated financial statements
For the three and nine months ended September 30, 2024 and 2023
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts)
- 28 -
===== SIDA 81 =====
For the three months ended September 30, 2023
Candelaria Caserones Chapada Eagle Josemaria Neves-Corvo Zinkgruvan Other Total
Chile Chile Brazil USA Argentina Portugal Sweden
Revenue $ 299,745 $ 284,556 $ 111,897 $ 102,505 $ — $ 111,202 $ 82,290 $ — $ 992,195
Cost of goods sold
Production costs (175,468) (188,982) (78,854) (52,497) — (82,137) (37,183) 12 (615,109)
Depreciation, depletion and amortization (70,368) (38,307) (12,813) (14,326) — (31,353) (12,380) (241) (179,788)
Gross profit (loss) 53,909 57,267 20,230 35,682 — (2,288) 32,727 (229) 197,298
General and administrative expenses — — — — — — — (19,444) (19,444)
General exploration and business development (2,341) (237) (3,940) (2,212) (255) (2,387) (550) (812) (12,734)
Finance (costs) income (8,842) (4,031) (5,536) (1,080) 5,373 (3,439) (1,063) (17,594) (36,212)
Other (expense) income (11,434) 15,110 (10,191) 545 15,788 (8,762) 1,797 (24,987) (22,134)
Income tax (expense) recovery (39,727) (30,122) (11,380) (569) — 2,295 (6,850) 1,462 (84,891)
Net (loss) earnings $ (8,435) $ 37,987 $ (10,817) $ 32,366 $ 20,906 $ (14,581) $ 26,061 $ (61,604) $ 21,883
Capital expenditures $ 86,693 $ 28,849 $ 16,716 $ 4,989 $ 63,194 $ 27,357 $ 12,350 $ 3,059 $ 243,207
For the nine months ended September 30, 2023
Candelaria Caserones Chapada Eagle Josemaria Neves-Corvo Zinkgruvan Other Total
Chile Chile Brazil USA Argentina Portugal Sweden
Revenue $ 970,576 $ 284,556 $ 317,736 $ 277,175 $ — $ 309,219 $ 172,808 $ — $ 2,332,070
Cost of goods sold
Production costs (548,405) (188,982) (227,601) (143,681) — (243,943) (83,874) (1,585) (1,438,071)
Depreciation, depletion and amortization (198,439) (38,307) (39,883) (38,147) (38) (89,152) (25,380) (1,194) (430,540)
Gross profit (loss) 223,732 57,267 50,252 95,347 (38) (23,876) 63,554 (2,779) 463,459
General and administrative expenses — — — — — — — (49,452) (49,452)
General exploration and business development (11,293) (237) (8,511) (4,241) (255) (5,720) (2,524) (8,411) (41,192)
Finance (costs) income (25,138) (4,031) (17,252) (3,250) 12,178 (5,152) (3,250) (21,913) (67,808)
Other (expense) income (14,231) 15,110 6,473 (458) 67,320 (5,809) (3,658) (7,275) 57,472
Income tax (expense) recovery (86,006) (30,122) 9,833 (4,115) (678) 11,640 (13,115) (1,420) (113,983)
Net earnings (loss) $ 87,064 $ 37,987 $ 40,795 $ 83,283 $ 78,527 $ (28,917) $ 41,007 $ (91,250) $ 248,496
Capital expenditures $ 300,796 $ 28,849 $ 52,433 $ 15,653 $ 245,842 $ 74,551 $ 42,812 $ 8,303 $ 769,239
Total non-current assets1 $ 3,124,467 $ 1,187,661 $ 1,386,502 $ 208,040 $ 1,086,540 $ 1,125,232 $ 248,608 $ 37,703 $ 8,404,753
1 Non-current assets include long-term inventory, mineral properties, plant and equipment, and goodwill.
LUNDIN MINING CORPORATION
Notes to condensed interim consolidated financial statements
For the three and nine months ended September 30, 2024 and 2023
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts)
- 29 -
===== SIDA 82 =====
25. RELATED PARTY TRANSACTIONS
a) Key management personnel - The Company has identified its directors and senior officers as its key management
personnel. Employee benefits for key management personnel are as follows:
Three months ended
September 30,
Nine months ended
September 30,
2024 2023 2024 2023
Wages and salaries $ 1,764 $ 1,947 $ 5,380 $ 5,368
Pension benefits 25 28 83 105
Share-based compensation 626 816 1,697 2,282
Termination benefits — 3,966 — 5,760
$ 2,415 $ 6,757 $ 7,160 $ 13,515
b) Other related parties - For the three and nine months ended September 30, 2024 , the Company incurred $1.1
million and $7.0 million (September 30, 2023 – $0.8 million and $1.5 million), respectively, and received a refund
amounting to $2.1 million (September 30, 2023 – $nil) for services provided by companies owned by members of
key management personnel primarily relating to office rental, renovation costs, and related services.
26. SUPPLEMENTARY CASH FLOW INFORMATION
Three months ended
September 30,
Nine months ended
September 30,
2024 2023 2024 2023
Changes in non-cash working capital items consist of:
Trade and income taxes receivable, inventories, and
other current assets $ (257,995) $ 67,696 $ (112,624) $ 125,405
Trade and income taxes payable, and other current
liabilities 92,094 (80,351) 22,484 (77,045)
$ (165,901) $ (12,655) $ (90,140) $ 48,360
Operating activities included the following cash
payments:
Income taxes paid $ 42,785 $ 21,247 $ 140,917 $ 94,187
LUNDIN MINING CORPORATION
Notes to condensed interim consolidated financial statements
For the three and nine months ended September 30, 2024 and 2023
(Unaudited - Tabular amounts in thousands of US dollars, except for shares and per share amounts)
- 30 -
===== SIDA 83 =====
Registered Office
1055 Dunsmuir Street, Suite 2800, Bentall IV, Vancouver, BC V7X 1L2
Tel: +1.604.806.3081
lundinmining.com