Breaking Down the Mining News of the Day, Money of Mine

Money of Mine

Breaking Down the Mining News of the Day

An ex-underground miner, an ex-investment banker, and an ex-equity research guy breaking down the mining news of the day. It's a bit of entertainment, information, and occasionally some alpha.

Equity Bottom-Up

<ul><li>The Lundin family has a long history in the mining industry, with a focus on creating long-term value through exploration, building, and production.</li><li>They prioritize shareholder and stakeholder value, with a commitment to being responsible owners and staying invested in their projects until they see returns.</li><li>They emphasize the importance of enduring assets that can withstand multiple market cycles and provide opportunities for long-term success in the mining industry.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

The Lundin family has a long history in the mining industry, with a focus on creating long-term value through exploration, building, and production.They prioritize shareholder and stakeholder value, with a commitment to being responsible owners and staying invested in their projects until they see returns.They emphasize the importance of enduring assets that can withstand multiple market cycles and provide opportunities for long-term success in the mining industry.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Providing investors with a balanced perspective

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

<ul>
<li>As we demonstrated in part one of this two-part report on Lundin Mining (LUN), the company has undergone a transformative five-year period that has positioned the company well for the future.</li>
<li>Two critical variables will determine how bright that future is: the first is execution and balance sheet management, two operational variables that are essentially a function of management decisions.</li>
<li>The second variable is copper prices, a factor that is wholly outside management’s control. Of the two, we believe the former is not only more important for investors but also easier to underwrite.</li>
</ul>


As we demonstrated in part one of this two-part report on Lundin Mining (LUN), the company has undergone a transformative five-year period that has positioned the company well for the future.
Two critical variables will determine how bright that future is: the first is execution and balance sheet management, two operational variables that are essentially a function of management decisions.
The second variable is copper prices, a factor that is wholly outside management’s control. Of the two, we believe the former is not only more important for investors but also easier to underwrite.


The Transformation of Lundin Mining (Part 2): Building the Next Copper Major

<ul><li>In the history of mining corporate strategy, few companies have executed a more comprehensive and successful transformation than Lundin Mining between 2020 and 2024.</li><li>Under the sequential leadership of CEO Peter Rockandel and his successor, Jack Lundin, the company has orchestrated a methodical repositioning from an unfocused, geographically diversified base metals producer into a concentrated, copper-dominant miner with world-class greenfield growth prospects.</li><li>This transformation, achieved through the sale of non-core assets, a doubling down on the pursuit of operational excellence, and over four billion dollars in strategic capital allocation decisions, represents a masterclass in corporate strategy within the cyclical and capital-intensive mining industry.</li></ul>

In the history of mining corporate strategy, few companies have executed a more comprehensive and successful transformation than Lundin Mining between 2020 and 2024.Under the sequential leadership of CEO Peter Rockandel and his successor, Jack Lundin, the company has orchestrated a methodical repositioning from an unfocused, geographically diversified base metals producer into a concentrated, copper-dominant miner with world-class greenfield growth prospects.This transformation, achieved through the sale of non-core assets, a doubling down on the pursuit of operational excellence, and over four billion dollars in strategic capital allocation decisions, represents a masterclass in corporate strategy within the cyclical and capital-intensive mining industry.

The Transformation of Lundin Mining: A Five Year Capital Allocation Masterclass (2020-2024)

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lundin-mining-corp-92352503-3781-4fcb-a4db-62e6f6343783" target="_blank" data-smartkarma-citation="entities:25356:1" rel="noopener">Lundin Mining (LUN CN)</a> provided future guidance for up to 500,000 tons/year of production from the current levels of 300,000-330,000 tons/year.</li>
<li>Near-Term guidance has the company maintaining the 300,000-ton production level until at least 2027, with the technical report on Vicuna mines expected to be completed by Q1 2026.</li>
<li>
<a href="https://www.smartkarma.com/insights/post-results-fy24-mine-by-mine-plan-production-commentary-on-copper-from-global-listed-companies" target="_blank" data-smartkarma-citation="insights:179155" rel="noopener">Post Results FY24: Mine-By-Mine Plan Production + Commentary on Copper From Global Listed Companies</a> highlights a 3% supply growth and the market moving into a deficit.</li>
</ul>



Lundin Mining (LUN CN) provided future guidance for up to 500,000 tons/year of production from the current levels of 300,000-330,000 tons/year.
Near-Term guidance has the company maintaining the 300,000-ton production level until at least 2027, with the technical report on Vicuna mines expected to be completed by Q1 2026.

Post Results FY24: Mine-By-Mine Plan Production + Commentary on Copper From Global Listed Companies highlights a 3% supply growth and the market moving into a deficit.


Vicuna Mines: Shaping Up to Be Big, But Production Far Out

<ul>
<li>China's copper and concentrate imports surged 24.4% YoY to 2.92 million tons, while the Yangshan Premium exceeded $100/ton, reaching a one-year high, indicating robust demand and tight supply conditions.</li>
<li>The easing of US-China trade tensions, with the US expected to reduce tariffs, could potentially support a more bullish market outlook in the near term.</li>
<li>We provide updates on <a href="https://www.smartkarma.com/entities/lundin-mining-corp-92352503-3781-4fcb-a4db-62e6f6343783" target="_blank" data-smartkarma-citation="entities:25356:1" rel="noopener">Lundin Mining (LUN CN</a> )'s latest Q1 results and updates from their call on Vicuna Minerals. </li>
</ul>


China's copper and concentrate imports surged 24.4% YoY to 2.92 million tons, while the Yangshan Premium exceeded $100/ton, reaching a one-year high, indicating robust demand and tight supply conditions.
The easing of US-China trade tensions, with the US expected to reduce tariffs, could potentially support a more bullish market outlook in the near term.
We provide updates on Lundin Mining (LUN CN )'s latest Q1 results and updates from their call on Vicuna Minerals. 


Copper Tracker 12th May 2025: Bullish On China's Whopping Copper Imports

Canada

Lundin Mining Corporation is a diversified base metals mining company with operations in Chile, Portugal, Sweden, Spain and the United States, producing copper, zinc, lead and nickel. The Company holds interest in the Tenke Fungurume copper/cobalt mine in the Democratic Republic of Congo and a cobalt refinery located in Kokkola, Finland.

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Lundin Mining (LUN CN)

The Lundin Legacy (Adam & Jack Lundin)

The Lundin family has a long-term approach to creating enduring mining assets such as Fruta del Norte and Vicuna district, focusing on exploration,...

Money of Mine

The Transformation of Lundin Mining (Part 2): Building the Next Copper Major

As we demonstrated in part one of this two-part report on Lundin Mining (LUN), the company has undergone a transformative five-year period that...

Massif Capital Research

The Transformation of Lundin Mining: A Five Year Capital Allocation Masterclass (2020-2024)

In the history of mining corporate strategy, few companies have executed a more comprehensive and successful transformation than Lundin Mining...

Massif Capital Research

Vicuna Mines: Shaping Up to Be Big, But Production Far Out

We highlight the progress made on a major copper project undertaken by Lundin Mining. As the Vicuna mines demonstrate, ramping up the copper supply...

Sameer Taneja

Copper Tracker 12th May 2025: Bullish On China's Whopping Copper Imports

China's copper and concentrate imports hit a record 2.924 million tons, up 24.4% YoY, beating expectations despite trade war concerns, signaling...

Sameer Taneja

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