"The
Summary Financial Results
Three months ended | Year ended | ||||
US$ Millions (except per share amounts) | 2022 | 2021 | 2022 | 2021 | |
Revenue | 811.4 | 1,018.6 | 3,041.2 | 3,328.8 | |
Gross profit | 155.2 | 433.2 | 762.6 | 1,369.7 | |
Attributable net earnings2 | 145.6 | 228.8 | 426.9 | 780.3 | |
Net earnings | 145.3 | 266.1 | 463.5 | 879.3 | |
Adjusted earnings (loss) 1,2 | 191.5 | 281.5 | 482.8 | 820.6 | |
Adjusted EBITDA1 | 353.7 | 623.0 | 1,292.5 | 1,869.4 | |
Basic and diluted earnings per share ("EPS")2 | 0.19 | 0.31 | 0.56 | 1.06 | |
Adjusted EPS1,2 | 0.25 | 0.38 | 0.63 | 1.11 | |
Cash flow from operations | 156.9 | 384.2 | 876.9 | 1,485.0 | |
Adjusted operating cash flow1 | 289.1 | 481.5 | 992.9 | 1,487.1 | |
Adjusted operating cash flow per share1 | 0.38 | 0.65 | 1.30 | 2.02 | |
Free cash flow from operations1 | (35.7) | 256.2 | 381.4 | 1,054.5 | |
Free cash flow1 | (124.3) | 230.3 | 34.1 | 953.2 | |
Cash and cash equivalents | 191.4 | 594.1 | 191.4 | 594.1 | |
Net (debt) cash1
| (10.9) | 563.1 | (10.9) | 563.1 |
1 These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis for the year ended |
2 Attributable to shareholders of |
Highlights
For the year ended
Total copper and gold production substantially achieved the most recent guidance, with gold at the top end of the guidance range. Total zinc produced exceeded the prior year but was below the guidance range. Total nickel produced achieved guidance. Production costs and C1 costs were higher than the prior year primarily due to inflationary impacts on consumables, particularly diesel and electricity, as well as on contractor costs, partially offset by favourable foreign exchange.
Operational Performance
Candelaria (80% owned): Candelaria produced, on a 100% basis, 152,042 tonnes of copper, approximately 86,000 ounces of gold and 1.6 million ounces of silver in concentrate during the year. Production of copper was higher than the prior year due to higher grades. Gold production was lower than the prior year due to throughput. Copper production was modestly below guidance but gold production was within the guidance range. Production costs were higher than the prior year due primarily to higher costs for energy and consumables. Copper cash cost1 of
Chapada (100% owned): Chapada produced 45,739 tonnes of copper and approximately 68,000 ounces of gold, with both metals lower than the prior year due to mine sequencing impacting grades as a result of above average rainfall experienced in the first half of 2022. Copper production was within the guidance range and gold production exceeded guidance. Production costs were higher than the prior year due to higher costs for energy and other input costs. Full year copper cash cost of
Eagle (100% owned): Eagle's production of 17,475 tonnes of nickel and 15,895 tonnes of copper were both lower than the prior year due to planned lower grades. Both metals achieved annual guidance. Production costs were higher than the prior year due to higher energy and consumable costs. Nickel cash cost of
Neves-Corvo (100% owned): Neves-Corvo produced 31,906 tonnes of copper and 82,435 tonnes of zinc during the year. Copper production was lower than prior year due to lower grades and recoveries, while zinc production was higher than the prior year as a result of increased throughput from ZEP ("
Zinkgruvan (100% owned): Zinc production of 76,503 tonnes was below the prior year and annual guidance due to grades. Lead production of 30,517 tonnes was higher than the prior year due to higher grades. Production costs were higher than the prior year, but on a per unit basis, zinc cash cost of
Total Production
(Contained metal in concentrate)a | 2022 | 2021 | ||||||||
YTD | Q4 | Q3 | Q2 | Q1 | Total | Q4 | Q3 | Q2 | Q1 | |
Copper (t)b | 249,659 | 56,552 | 63,930 | 64,096 | 65,081 | 262,884 | 76,996 | 65,077 | 63,457 | 57,354 |
Zinc (t) | 158,938 | 44,308 | 40,327 | 41,912 | 32,391 | 143,797 | 36,830 | 38,769 | 34,833 | 33,365 |
Gold (koz)b | 154 | 36 | 45 | 39 | 34 | 167 | 46 | 46 | 41 | 34 |
Nickel (t) | 17,475 | 4,096 | 4,379 | 4,719 | 4,281 | 18,353 | 4,101 | 4,124 | 4,774 | 5,354 |
a. Tonnes (t) and thousands of ounces (koz) | ||||||||||
b. Candelaria's production is on a 100% basis. |
______________________________________ |
1 These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis for the year ended |
Corporate Updates
- On
February 17, 2022 , the Company declared a semi-annual performance dividend ofC$0.11 per share. - On
March 23, 2022 , the Company announced the appointment of Ms.Juliana Lam to the Company's Board of Directors effective the same date. The Company also announced the retirement of Director Mr.Peter Jones effective as at the Company's 2022 annual shareholders meeting. - On
March 30, 2022 , andSeptember 30, 2022 , the Company reported two independent fatalities at its Neves-Corvo mine inPortugal . Operations were voluntarily temporarily suspended following each incident and relevant authorities were notified. Mandatory regulatory investigations were commenced and the Company continues to cooperate fully with those investigations. - On
April 26, 2022 , the Company executed a fourth amended and restated credit agreement that increased its revolving credit facility (the "Credit Facility" or the "Credit Agreement") to$1,750.0 million (previously$800.0 million with a$200.0 million accordion option), reduced the cost of borrowing, and extended the term toApril 2027 , fromAugust 2023 . The amended Credit Facility bears interest on drawn funds at rates of Term Secured Overnight Financing Rate ("Term SOFR") + Credit Spread Adjustment ("CSA") + 1.45% to Term SOFR+CSA+2.50% depending upon the Company's net leverage ratio, reduced from LIBOR+1.75% to LIBOR+2.75%, previously. The amendment and restatement provides the Company with more favourable covenants, reduced security on assets and included other customary revisions. OnFebruary 16, 2023 , the Company received commitments from the lenders of the revolving Credit Facility to, upon completion and execution of the First Amendment to the Fourth Amended and Restated Credit Agreement, extend the term by one year toApril 2028 and reduce the Credit Spread Adjustment. - On
April 28, 2022 , the Company completed the plan of arrangement (the "Arrangement") to acquire all of the issued and outstanding shares ofJosemaria Resources Inc. ("Josemaria Resources"). Under the terms of the Arrangement, Josemaria Resources shareholders were provided with the right to elect to receive (i) 0.1487 of a common share ofLundin Mining (each whole share, a "Lundin Mining Share") per Josemaria Resources common share ("Josemaria Resources Share") plusC$0.11 for each whole Lundin Mining Share issued to such shareholder; (ii) orC$1.60 in cash for each Josemaria Resources Share; (iii) or any combination thereof, subject to pro-ration of a total maximum numberLundin Mining Shares and cash consideration. Pursuant to the acquisition, the Company paid an aggregate of$144 .4 million in cash and issued 40,031,936Lundin Mining Shares to Josemaria Resources shareholders. - On
May 12, 2022 , following the Company's annual shareholders meeting, the Company announced the appointment of Mr.Adam Lundin as the Chair of the Board of Directors following the retirement of Mr.Lukas H. Lundin . - On
July 19, 2022 , the Company announced the publication of its 2021 Sustainability Report, which highlighted its new Focused on the Future long-term sustainability strategy which included a 35% reduction target in greenhouse gas emissions by 2030. - On
July 27, 2022 , the Company announced the passing of the Company's founder and former Chairman, Mr.Lukas H. Lundin . The Company also announced the appointment of Ms.Natasha Vaz to the Company's Board of Directors, and the following executive leadership appointments: Mr.Juan Andres Morel , Senior Vice President and Chief Operating Officer; Mr.Teitur Poulsen , Senior Vice President and Chief Financial Officer; Mr.David Dicaire , Senior Vice President,Josemaria Project ; and Ms.Kristen Mariuzza , Senior Vice President, Sustainability, Health and Safety. - On
July 30, 2022 , a sinkhole was detected near the Company's Alcaparrosa mine inChile . All personnel at the operation and in the community were safe and the appearance of the sinkhole did not result in any injuries. All mining operations at the Alcaparrosa underground mine remain suspended and the Company mobilized resources in support of the ongoing investigation. - On
October 12, 2022 , the Company announced the passing of its Board member Ms. Karen Poniachik, who had served on the Board of Directors sinceFebruary 2021 . - On
December 5, 2022 , the Company announced that it had renewed its Normal Course Issuer Bid ("NCIB") which allows the Company to purchase up to 65,313,173 common shares over a period of twelve months commencing onDecember 9, 2022 and expiring onDecember 8, 2023 . As atFebruary 22, 2023 , the Company has not purchased any common shares under the renewed NCIB. - On
December 6, 2022 , the Company announced the appointment of Mr.Jack Lundin as President. Concurrently, Mr.Jack Lundin has stepped down from the Company's Board of Directors. - During the last quarter of 2022, the Company decided to relocate its corporate head office from
Toronto toVancouver, Canada , to be effective in the second half of 2023. - On
February 8, 2023 , the Company reported (1) a maiden Mineral Resource for the Saúva deposit and (2) its Mineral Resource and Mineral Reserve estimates as atDecember 31, 2022 (or as otherwise specified therein).
Financial Performance
- Gross profit for the year ended
December 31, 2022 was$762.6 million , which was$607.1 million lower than the prior year due to lower metal prices, higher operating costs impacted by inflation partially offset by favourable foreign exchange impacts. - Adjusted EBITDA of
$1,292.5 million for the year endedDecember 31, 2022 was 31% lower than the prior year due to lower gross profit before depreciation. - For the year ended
December 31, 2022 net earnings of$463.5 million were 47% lower than the prior year due to lower gross profit and higher project development costs partially offset by lower income taxes, higher foreign exchange and trading gain on equity investment as well as unrealized gain on revaluation of hedges. - Adjusted earnings of
$482.8 million for the year endedDecember 31, 2022 were 41% lower than the prior year due to lower net earnings.
Financial Position and Financing
- During the year ended
December 31, 2022 cash and cash equivalents decreased by$402.7 million . Cash flow from operations of$876.9 million was used to fund investing activities of$1,013.4 million , which includes the Josemaria Resources acquisition. Cash used for financing activities were$251.6 million which includes the payment of shareholder dividends of$275.4 million , share repurchase of$59.4 million and distributions to non-controlling interests partially offset by net proceeds from debt. - As at
December 31, 2022 , the Company had a net debt balance of$10.9 million . Excluding the impact of finance leases the Company would be in a net cash position. Net debt changed from a net cash position during the year due to the activities described above for cash and cash equivalents. - As at
February 22, 2023 , the Company had cash and net debt balances of approximately$220.0 million and$15.0 million , respectively.
Outlook
Guidance for 2023 remains unchanged from that provided on
2023 Production and Cash Cost Guidance
Guidancea | |||||
Production | Cash Costs | ||||
Copper (t) | Candelaria (100%) | 145,000 | - | 155,000 | 1.80 - 1.95c |
Chapada | 43,000 | - | 48,000 | 2.55 - 2.75d | |
Eagle | 12,000 | - | 15,000 | ||
Neves-Corvo | 33,000 | - | 38,000 | 2.10 - 2.30c | |
Zinkgruvan | 3,000 | - | 4,000 | ||
Total | 236,000 | - | 260,000 | ||
Zinc (t) | Neves-Corvo | 100,000 | - | 110,000 | |
Zinkgruvan | 80,000 | - | 85,000 | 0.60 - 0.65c | |
Total | 180,000 | - | 195,000 | ||
Gold (koz) | Candelaria (100%) | 85 | - | 90 | |
Chapada | 55 | - | 60 | ||
Total | 140 | - | 150 | ||
Nickel (t) | Eagle | 13,000 | - | 16,000 | 1.50 - 1.65 |
a. Guidance as outlined in the news release "Lundin Mining Announces 2022 Production and Provides 2023 Guidance), dated |
b. Cash costs are based on various assumptions and estimates, including but not limited to: production volumes, as noted above, commodity prices (Cu: |
c. 68% of Candelaria's total gold and silver production are subject to a streaming agreement and silver production at Zinkgruvan and Neves-Corvo are also subject to streaming agreements. Cash costs are calculated based on receipt of approximately |
d. Chapada cash cost is calculated on a by-product basis and does not include the effects of its copper stream agreements. Effects of the copper stream agreements are reflected in copper revenue and will impact realized price per pound. |
2023 Capital Expenditure Guidancea,b
($ millions) | ||
Candelaria (100% basis) | 400 | |
Chapada | 70 | |
Eagle | 20 | |
Neves-Corvo | 130 | |
Zinkgruvan | 70 | |
Other | 10 | |
700 | ||
Josemaria | 400 | |
Total Capital Expenditures | 1,100 | |
a. Guidance as outlined in the news release dated |
b. Sustaining capital expenditure is a supplementary financial measure and expansionary capital expenditure is a non-GAAP measure – see Section "Non-GAAP and Other Performance Measures" of this MD&A for discussion. |
2023 Exploration Investment Guidance
Exploration expenditures are planned to be
About
The information in this release is subject to the disclosure requirements of
Technical Information
The scientific and technical information in this press release has been prepared in accordance with the disclosure standards of National Instrument 43-101 ("NI 43-101") and has been reviewed by
Reconciliation of Non-GAAP Measures
The Company uses certain performance measures in its analysis. These performance measures have no standardized meaning within generally accepted accounting principles under International Financial Reporting Standards and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. For additional details please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis for the year ended
Adjusted EBITDA can be reconciled to the Company's Consolidated Statement of Earnings as follows:
Three months ended | Year ended | ||||
($thousands) | 2022 | 2021 | 2022 | 2021 | |
Net earnings | 145,295 | 266,070 | 463,533 | 879,301 | |
Add back: | |||||
Depreciation, depletion and amortization | 142,710 | 145,367 | 554,750 | 522,764 | |
Finance income and costs | 16,664 | 11,070 | 64,185 | 41,387 | |
Income taxes | (2,347) | 127,495 | 134,628 | 365,686 | |
302,322 | 550,002 | 1,217,096 | 1,809,138 | ||
Unrealized foreign exchange | (3,836) | 24,121 | 21,164 | 27,648 | |
Unrealized (gain) loss of derivative asset and liability | (59,681) | 4,581 | (58,691) | 3,836 | |
Income from investment in associates | — | (2,661) | (3,297) | (24,895) | |
Gain on disposal of subsidiary | — | — | (16,828) | — | |
Sinkhole costs | 55,482 | — | 63,271 | — | |
Ore stockpile inventory write-down | 62,546 | 65,025 | 62,546 | 65,025 | |
Business interruption insurance settlement | — | (16,000) | — | (16,000) | |
Other | (3,117) | (2,114) | 7,245 | 4,664 | |
Total adjustments - EBITDA | 51,394 | 72,952 | 75,410 | 60,278 | |
Adjusted EBITDA | 353,716 | 622,954 | 1,292,506 | 1,869,416 | |
Adjusted earnings and adjusted earnings per share can be reconciled to the Company's Consolidated Statement of Earnings as follows:
Three months ended | Year ended | ||||
($thousands, except share and per share amounts) | 2022 | 2021 | 2022 | 2021 | |
Net earnings attributable to | 145,562 | 228,780 | 426,851 | 780,348 | |
Add back: | |||||
Total adjustments - EBITDA | 51,394 | 72,952 | 75,410 | 60,278 | |
Tax effect on adjustments | 8,214 | (19,088) | (797) | (21,817) | |
Deferred tax arising from foreign exchange translation | (14,469) | (1,481) | (20,733) | 1,730 | |
Other | 829 | 368 | 2,026 | 64 | |
Total | 45,967 | 52,751 | 55,906 | 40,255 | |
Adjusted earnings | 191,529 | 281,531 | 482,757 | 820,603 | |
Basic weighted average number of shares outstanding | 770,804,446 | 735,233,287 | 762,518,753 | 736,789,666 | |
Net earnings attributable to shareholders | 0.19 | 0.31 | 0.56 | 1.06 | |
Total adjustments | 0.06 | 0.07 | 0.07 | 0.05 | |
Adjusted earnings per share | 0.25 | 0.38 | 0.63 | 1.11 |
Adjusted operating cash flow and adjusted operating cash flow per share can be reconciled to cash provided by operating activities as follows:
Three months ended | Year ended | |||||
($thousands, except share and per share amounts) | 2022 | 2021 | 2022 | 2021 | ||
Cash provided by operating activities | 156,890 | 384,177 | 876,889 | 1,484,954 | ||
Changes in non-cash working capital items | 132,167 | 97,326 | 116,056 | 2,136 | ||
Adjusted operating cash flow | 289,057 | 481,503 | 992,945 | 1,487,090 | ||
Basic weighted average number of shares outstanding | 770,804,446 | 735,233,287 | 762,518,753 | 736,789,666 | ||
Adjusted operating cash flow per share | $ | 0.38 | 0.65 | 1.30 | 2.02 |
Free cash flow from operations can be reconciled to cash provided by operating activities as follows:
Three months ended | Year ended | ||||
($thousands) | 2022 | 2021 | 2022 | 2021 | |
Cash provided by operating activities | 156,890 | 384,177 | 876,889 | 1,484,954 | |
Sustaining capital expenditures | (204,686) | (136,560) | (639,831) | (475,373) | |
General exploration and business development | 12,094 | 8,628 | 144,353 | 44,938 | |
Free cash flow from operations | (35,702) | 256,245 | 381,411 | 1,054,519 | |
General exploration and business development | (12,094) | (8,628) | (144,353) | (44,938) | |
Expansionary capital expenditures | (76,485) | (17,358) | (202,993) | (56,388) | |
Free cash flow | (124,281) | 230,259 | 34,065 | 953,193 |
Net (debt) cash can be reconciled as follows:
($thousands) | ||
Cash and cash equivalents | 191,387 | 594,069 |
Current portion of total debt and lease liabilities | (170,149) | (14,617) |
Debt and lease liabilities | (27,179) | (16,386) |
(197,328) | (31,003) | |
Deferred financing fees (netted in above) | (4,926) | — |
(202,254) | (31,003) | |
Net (debt) cash | (10,867) | 563,066 |
Cash Cost and All-in Sustaining Costs can be reconciled to the Company's operating costs as follows:
Three months ended | ||||||
Operations | Candelaria | Chapada | Eagle | Neves-Corvo | Zinkgruvan | |
($000s, unless otherwise noted) | (Cu) | (Cu) | (Ni) | (Cu) | (Zn) | Total |
Sales volumes (Contained metal in concentrate): | ||||||
Tonnes | 33,561 | 12,037 | 3,239 | 6,351 | 17,635 | |
Pounds (000s) | 73,990 | 26,537 | 7,141 | 14,001 | 38,878 | |
Production costs | 450,927 | |||||
Less: Royalties and other | (15,664) | |||||
435,263 | ||||||
Deduct: By-product credits | (168,620) | |||||
Add: Treatment and refining | 33,897 | |||||
Cash cost | 186,628 | 51,782 | 17,169 | 32,462 | 12,499 | 300,540 |
Cash cost per pound ($/lb) | 2.52 | 1.95 | 2.40 | 2.32 | 0.32 | |
Add: Sustaining capital | 117,174 | 41,299 | 5,968 | 22,086 | 16,607 | |
Royalties | — | 3,137 | 9,152 | 3,185 | — | |
Reclamation and other closure accretion and depreciation | 1,999 | 1,855 | 4,403 | 481 | 902 | |
Leases & other | 4,360 | 932 | 638 | 835 | 118 | |
All-in sustaining cost | 310,161 | 99,005 | 37,330 | 59,049 | 30,126 | |
AISC per pound ($/lb) | 4.19 | 3.73 | 5.23 | 4.22 | 0.77 |
Three months ended | ||||||
Operations | Candelaria | Chapada | Eagle | Neves-Corvo | Zinkgruvan | |
($000s, unless otherwise noted) | (Cu) | (Cu) | (Ni) | (Cu) | (Zn) | Total |
Sales volumes (Contained metal in concentrate): | ||||||
Tonnes | 43,417 | 13,628 | 3,390 | 10,668 | 18,005 | |
Pounds (000s) | 95,718 | 30,044 | 7,474 | 23,519 | 39,694 | |
Production costs | 375,007 | |||||
Less: Royalties and other | (15,192) | |||||
359,815 | ||||||
Deduct: By-product credits | (180,394) | |||||
Add: Treatment and refining | 35,963 | |||||
Cash cost | 125,630 | 32,255 | (1,623) | 36,065 | 23,057 | 215,384 |
Cash cost per pound ($/lb) | 1.31 | 1.07 | (0.22) | 1.53 | 0.58 | |
Add: Sustaining capital | 85,747 | 14,419 | 3,865 | 19,204 | 13,013 | |
Royalties | — | 4,061 | 6,307 | 4,280 | — | |
Reclamation and other closure accretion and depreciation | 1,961 | 859 | 1,841 | 528 | 993 | |
Leases & other | 1,867 | 980 | 304 | 734 | 275 | |
All-in sustaining cost | 215,205 | 52,574 | 10,694 | 60,811 | 37,338 | |
AISC per pound ($/lb) | 2.25 | 1.75 | 1.43 | 2.59 | 0.94 |
Year ended | ||||||
Operations | Candelaria | Chapada | Eagle | Neves-Corvo | Zinkgruvan | |
($000s, unless otherwise noted) | (Cu) | (Cu) | (Ni) | (Cu) | (Zn) | Total |
Sales volumes (Contained metal in concentrate): | ||||||
Tonnes | 147,251 | 45,563 | 14,427 | 31,592 | 65,684 | |
Pounds (000s) | 324,633 | 100,449 | 31,806 | 69,648 | 144,808 | |
Production costs | 1,661,358 | |||||
Less: Royalties and other | (53,785) | |||||
1,607,573 | ||||||
Deduct: By-product credits | (656,534) | |||||
Add: Treatment and refining | 124,841 | |||||
Cash cost | 637,486 | 209,238 | 25,168 | 158,351 | 45,637 | 1,075,880 |
Cash cost per pound ($/lb) | 1.96 | 2.08 | 0.79 | 2.27 | 0.32 | |
Add: Sustaining capital | 389,731 | 104,711 | 16,413 | 71,222 | 48,144 | |
Royalties | — | 12,298 | 33,281 | 4,169 | — | |
Reclamation and other closure accretion and depreciation | 8,001 | 7,388 | 18,512 | 1,562 | 3,937 | |
Leases & other | 11,313 | 3,988 | 2,404 | 1,404 | 665 | |
All-in sustaining cost | 1,046,531 | 337,623 | 95,778 | 236,708 | 98,383 | |
AISC per pound ($/lb) | 3.22 | 3.36 | 3.01 | 3.40 | 0.68 | |
($000s, unless otherwise noted) | 2023 Guidance | |||||
Cash cost | 599,800 | 263,500 | 46,100 | 180,400 | 90,100 | |
Cash cost per pound($/lb) | 1.80 - 1.95 | 2.55 - 2.75 | 1.50 - 1.65 | 2.10 - 2.30 | 0.60 - 0.65 |
Year ended | ||||||
Operations | Candelaria | Chapada | Eagle | Neves- | Zinkgruvan | |
($000s, unless otherwise noted) | (Cu) | (Cu) | (Ni) | (Cu) | (Zn) | Total |
Sales volumes (Contained metal in concentrate): | ||||||
Tonnes | 148,213 | 47,123 | 15,012 | 36,618 | 64,056 | |
Pounds (000s) | 326,753 | 103,888 | 33,096 | 80,729 | 141,219 | |
Production costs | 1,371,253 | |||||
Less: Royalties and other | (57,887) | |||||
1,313,366 | ||||||
Deduct: By-product credits | (646,950) | |||||
Add: Treatment and refining | 122,330 | |||||
Cash cost | 494,213 | 108,782 | (40,883) | 152,416 | 74,218 | 788,746 |
Cash cost per pound ($/lb) | 1.51 | 1.05 | (1.24) | 1.89 | 0.53 | |
Add: Sustaining capital | 312,388 | 52,275 | 16,279 | 52,552 | 41,325 | |
Royalties | — | 13,858 | 28,241 | 9,856 | — | |
Reclamation and other closure accretion and depreciation | 8,552 | 3,443 | 8,138 | 1,434 | 4,200 | |
Leases & other | 6,753 | 3,456 | 1,772 | 4,049 | 1,370 | |
All-in sustaining cost | 821,906 | 181,814 | 13,547 | 220,307 | 121,113 | |
AISC per pound ($/lb) | 2.52 | 1.75 | 0.41 | 2.73 | 0.86 |
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of pending litigation; the results of any Preliminary Economic Assessment, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates, and interest rates; the development and implementation of the Company's Responsible Mining Management System; the Company's ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company's projects; the Company's integration of acquisitions and any anticipated benefits thereof; and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking statements.
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, nickel, zinc, gold and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions; that the political environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by
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