"The Company's record copper production was driven by our strategic acquisition of a majority interest in
"At Josemaria, we're derisking the project via optimization and trade-off studies that aim to enhance the overall value of the Project. We are concurrently continuing to explore potential partnership opportunities and actively working towards establishing stability agreements in
Fourth Quarter Highlights
- Copper Production: Consolidated production of 103,337 tonnes of copper in the fourth quarter, a quarterly record for the Company and an increase of over 80% on the same quarter in the previous year.
- Other Production: During the quarter, a total of 50,719 tonnes of zinc, 3,729 tonnes of nickel and approximately 44,000 ounces of gold were produced. The zinc expansion project ("ZEP") at Neves-Corvo contributed to record quarterly zinc volumes being produced.
- Revenue:
$1,060.0 million in the fourth quarter. - Adjusted EBITDA1:
$419.7 million generated during the quarter. - Adjusted Earnings1: Net earnings attributable to shareholders of the Company were
$38.8 million ($0.05 per share) in the fourth quarter with adjusted earnings of$79.7 million ($0.10 per share). - Cash Generation: Cash provided by operating activities1 was
$306.1 million and free cash flow from operations was$116.8 million , which included a working capital build of$56.0 million .
Full Year 2023 Highlights
- Copper Production: Record copper production of 314,798 tonnes of copper for the full year which is above the midpoint of originally-published2 2023 annual copper production guidance.
- Revenue:
$3,392.1 million for the full year. - Adjusted EBITDA:
$1,363.5 million generated during the full year. - Adjusted Earnings: Net earnings attributable to shareholders of the Company were
$241.6 million ($0.31 per share) in 2023 and adjusted earnings of$336.2 million ($0.44 per share).
___________________________ |
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 ("MD&A") for the year ended |
2 Guidance as outlined in the news release 'Lunding Mining Announces Closing of the Acquisition of Majority interest in the |
- Cash Generation: During the year, cash provided by operating activities1 was
$1,016.6 million and free cash flow from operations1 amounted to$345.1 million , which included a working capital build of$7.6 million . - Balance Sheet: To fund the Caserones acquisition, the Company obtained a term loan in
July 2023 of a principal amount of$800.0 million with an additional$400.0 million accordion option, maturingJuly 2026 ("Term Loan"). As atDecember 31, 2023 , the Company had a net debt balance of$946.2 million , excluding lease liabilities. - Growth: The Company acquired a 51% interest in the Caserones copper mine on
July 13, 2023 which added an additional 120,000 to 130,000 tonnes of copper2 to the Company's production profile on a 100% basis. The acquisition adds another long-life asset in a tier one jurisdiction, which is strategically located in the Vicuña District. - Leadership:
Jack Lundin assumed the role of CEO in the fourth quarter of 2023. During the year several senior leadership changes took place to add financial, technical and operational capacity to the team as the Company's head office relocated toVancouver .
Summary Financial Results
Three months ended | Twelve months ended | ||||
US$ Millions (except per share amounts) | 2023 | 2022 | 2023 | 2022 | |
Revenue | 1,060.0 | 811.4 | 3,392.1 | 3,041.2 | |
Gross profit | 188.9 | 155.2 | 652.4 | 762.6 | |
Attributable net earningsa | 38.8 | 145.6 | 241.6 | 426.9 | |
Net earnings | 66.8 | 145.3 | 315.2 | 463.5 | |
Adjusted earnings a,b,c | 79.7 | 191.5 | 336.2 | 482.8 | |
Adjusted EBITDAb,c | 419.7 | 353.7 | 1,363.5 | 1,292.5 | |
Basic and diluted earnings per share ("EPS")1 | 0.05 | 0.19 | 0.31 | 0.56 | |
Adjusted EPSa,b,c | 0.10 | 0.25 | 0.44 | 0.63 | |
Cash provided by operating activities | 306.1 | 156.9 | 1,016.6 | 876.9 | |
Adjusted operating cash flowb | 362.0 | 289.1 | 1,024.2 | 992.9 | |
Adjusted operating cash flow per shareb | 0.47 | 0.38 | 1.33 | 1.30 | |
Free cash flow from operationsb | 116.8 | (35.7) | 345.1 | 381.4 | |
Free cash flowb | 61.2 | (124.3) | 13.5 | 34.1 | |
Cash and cash equivalents | 268.8 | 191.4 | 268.8 | 191.4 | |
Net (debt) cash excluding lease liabilitiesb | (946.2) | 16.3 | (946.2) | 16.3 | |
Net (debt) cashb | (1,223.4) | (10.9) | (1,223.4) | (10.9) |
a. Attributable to shareholders of | |||||
b. 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 | |||||
c. Q2 2023 amounts have been adjusted from those presented in the Company's MD&A for the three and six months ended |
- For the year ended
December 31, 2023 the Company generated revenue of$3,392.1 million (2022 -$3,041.2 million ), gross profit of$652.4 million (2022 -$762.6 million ) and adjusted EBITDA of$1,363.5 million (2022 -$1,292.5 million ). Financial results include the contribution from the acquisition of the Caserones copper mine ("Caserones") located inChile , from the closing date of the transaction onJuly 13, 2023 . - Net earnings attributable to shareholders of the Company were
$38.8 million ($0.05 per share) in the fourth quarter, and were impacted by higher interest expenses and increased deferred tax on foreign exchange revaluation of non-monetary assets at theJosemaria Project inArgentina .
________________________ |
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 ("MD&A") for the year ended |
2 Represents Caserones 2024 production guidance as outlined in the news release 'Lundin Mining Provides 2024 Guidance & Announces 2023 Production Results' dated |
- Adjusted earnings1 attributable to shareholders of the Company for the twelve months ended
December 31, 2023 of$336.2 million ($0.44 per share) were$146.6 million lower than the prior year after adjusting for the non-cash revaluation of derivative contracts, fair value adjustments relating to the Caserones acquisition and deferred tax relating to foreign exchange translation and a Chilean mining royalty rate change, among other things. - Cash and cash equivalents as at
December 31, 2023 were$268.8 million . Cash provided by operating activities of$1,016.6 million in the year endedDecember 31, 2023 was used to fund investing activities of$1,674.5 million . Investing activities in the year included$648.6 million net cash paid at closing for the acquisition of Caserones, consisting of$796.6 million upfront cash consideration after adjustments, net of$148 million cash and cash equivalents held by SCM Minera Lumina Copper Chile ("Lumina Copper") at closing on a 100% basis. Cash generated from financing activities was$728.6 million , which was comprised primarily of the proceeds from the Term Loan to finance the Caserones acquisition. - Free cash flow1 for the three months ended
December 31, 2023 of$61.2 million was$185.5 million higher than the prior year comparable period and benefited from the inclusion of Caserones cash flows as well as higher gross profit overall at the operations. - As at
February 21, 2024 , the Company had a cash balance of approximately$446.7 million and a net debt balance excluding lease liabilities of approximately$851.4 million .
Operational Performance
Total Production
(Contained metal)a | 2023 | 2022 | ||||||||
YTD | Q4 | Q3 | Q2 | Q1 | Total | Q4 | Q3 | Q2 | Q1 | |
Copper (t)b | 314,798 | 103,337 | 89,942 | 60,057 | 61,462 | 249,659 | 56,552 | 63,930 | 64,096 | 65,081 |
Zinc (t) | 185,161 | 50,719 | 49,774 | 36,115 | 48,553 | 158,938 | 44,308 | 40,327 | 41,912 | 32,391 |
Nickel (t) | 16,429 | 3,729 | 4,290 | 4,686 | 3,724 | 17,475 | 4,096 | 4,379 | 4,719 | 4,281 |
Gold (koz)b | 149 | 44 | 35 | 34 | 36 | 154 | 36 | 45 | 39 | 34 |
Molybdenum (t)b | 2,024 | 928 | 1,096 | — | — | — | — | — | — | — |
a. Tonnes (t) and thousands of ounces (koz) | ||||||||||
b. Candelaria and Caserones production is on a 100% basis. Caserones results are from |
Candelaria (80% owned): Candelaria produced, on a 100% basis, 152,012 tonnes of copper, approximately 90,000 ounces of gold and 1.5 million ounces of silver in concentrate during the year. Copper production was consistent with the prior year due to higher throughput being offset by lower grades and recoveries. Gold production was higher than in the prior year due to higher throughput and grades. Both metals were within the most recently disclosed 2023 production guidance ranges. Total production costs were higher than the prior year primarily due to inflationary cost increases and unfavourable foreign exchange. Copper cash cost1 of
Caserones (51% owned): Caserones produced 65,210 tonnes of copper and 2,024 tonnes of molybdenum on a 100% basis during the year, from the acquisition closing date of
Chapada (100% owned): Chapada produced 45,719 tonnes of copper and approximately 59,000 ounces of gold, with copper production remaining consistent to the prior year and gold production being negatively impacted by lower grade, throughput, and recoveries. Both metals were within the most recently disclosed 2023 production guidance ranges. Total production costs were lower than the prior year due to lower sales volumes. Full year copper cash cost of
____________________________ |
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 ("MD&A") for the year ended |
Eagle (100% owned): Eagle's production of 16,429 tonnes of nickel and 13,600 tonnes of copper were near the higher ends of recently disclosed 2023 production guidance ranges but lower than that in the prior year due to planned lower grades. Total production costs were lower than the prior year due to lower sales volumes. Nickel cash cost1 of
Neves-Corvo (100% owned): Neves-Corvo produced 33,823 tonnes of copper and 108,812 tonnes of zinc during the year. Zinc production increased significantly from the prior year due to higher throughput as a result of the zinc expansion project ("ZEP"). Copper production also increased due to higher throughput and production of both metals was within the most recently disclosed 2023 production guidance ranges. Total production costs were lower than in the prior year despite higher sales, primarily due to lower input costs, in particular lower electricity and diesel prices, partially offset by unfavourable foreign exchange. Copper cash cost1 of
Zinkgruvan (100% owned): Zinc production of 76,349 tonnes was consistent with the prior year, but slightly below the most recently disclosed 2023 production guidance range. Installation of a sequential flotation system during the year achieved improved recoveries, but a longer than anticipated ramp-up limited mill availability and reduced recoveries, limiting production of both lead and zinc. Lead production of 26,284 tonnes was also lower than in the prior year. Total production costs and sales volumes were consistent with the prior year and zinc cash cost1 of
_________________________ |
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 ("MD&A") for the year ended |
Outlook
Production, cash cost, capital expenditures and exploration investment guidance for 2024 remains unchanged from the most recently reported guidance as outlined in the news release 'Lundin Mining Provides 2024 Guidance & Announces 2023 Production Results" dated
2024 Production and Cash Cost Guidance
Guidancea | ||||
(contained metal) | Production | Cash Cost ($/lb)b | ||
Copper (t) | Candelaria (100%) | 160,000 - 170,000 | 1.60 – 1.80c | |
Caserones (100%) | 120,000 - 130,000 | 2.60 – 2.80 | ||
Chapada | 43,000 - 48,000 | 1.95 – 2.15d | ||
Eagle | 9,000 - 12,000 | |||
Neves-Corvo | 30,000 - 35,000 | 1.95 – 2.15c | ||
Zinkgruvan | 4,000 - 5,000 | |||
Total | 366,000 - 400,000 | |||
Zinc (t) | Neves-Corvo | 120,000 - 130,000 | ||
Zinkgruvan | 75,000 - 85,000 | 0.45 – 0.50c | ||
Total | 195,000 - 215,000 | |||
Nickel (t) | Eagle | 10,000 - 13,000 | 2.80 – 3.00 | |
Gold (koz) | Candelaria (100%) | 100 - 110 | ||
Chapada | 55 - 60 | |||
Total | 155 - 170 | |||
Molybdenum (t) | Caserones (100%) | 2,500 - 3,000 |
a. Guidance as outlined in the news release 'Lundin Mining Provides 2024 Guidance & Announces 2023 Production Results" dated b. Cash costs are based on various assumptions and estimates, including but not limited to: production volumes, 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's 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. |
2024 Capital Expenditure Guidancea,b
($ millions) | ||
Candelaria (100% basis) | 300 | |
Caserones (100% basis) | 205 | |
Chapada | 110 | |
Eagle | 25 | |
Neves-Corvo | 125 | |
Zinkgruvan | 75 | |
Other | — | |
Total Sustaining | 840 | |
Josemaria (expansionary) | 225 | |
Total Capital Expenditures | 1,065 |
a. Guidance as outlined in the news release 'Lundin Mining Provides 2024 Guidance & Announces 2023 Production Results" 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 the Company's Management's Discussion and Analysis for the year ended |
2024 Exploration Investment Guidance
Total exploration expenditure guidance for 2024 is
Exploration: Exploration drilling campaigns are underway at Caserones, Josemaria, Chapada and Zinkgruvan. Drilling at Caserones is targeting the Angelica target and Caserones sulphide deep target with three rigs. Initial holes are underway at Josemaria's Cumbre Verde target, and additional roads are being developed to gain access to higher priority areas. At Chapada, drilling is focused on higher grade corridors within known areas of mineralization that could contribute higher grades to the mine plan. At Zinkgruvan, drilling with six rigs is focused on extending multiple deposits, with the priority on the high-grade Borta Barkom area.
Senior Leadership Appointments
The Company would also like to announce the executive appointments of
Prior to joining
Joel holds a Bachelor's degree in International Business from the
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
Cash Cost per Pound and All-in Sustaining Costs can be reconciled to Production Costs on the Company's Consolidated Statement of Earnings as follows:
Twelve months ended | |||||||
Operations | Candelaria | Caserones | Chapada | Eagle | Neves-Corvo | Zinkgruvan | |
($000s, unless otherwise noted) | (Cu) | (Cu) | (Cu) | (Ni) | (Cu) | (Zn) | Total |
Sales volumes (Contained metal): | |||||||
Tonnes | 144,473 | 66,075 | 43,761 | 13,339 | 32,054 | 65,344 | |
Pounds (000s) | 318,508 | 145,670 | 96,476 | 29,407 | 70,667 | 144,059 | |
Production costs | 2,086,108 | ||||||
Less: Royalties and other | (66,237) | ||||||
Inventory fair value adjustment | (39,945) | ||||||
1,979,926 | |||||||
Deduct: By-product credits | (699,915) | ||||||
Add: Treatment and refining | 183,328 | ||||||
Cash cost | 660,160 | 290,553 | 219,278 | 63,457 | 167,424 | 62,467 | 1,463,339 |
Cash cost per pound ($/lb) | 2.07 | 1.99 | 2.27 | 2.16 | 2.37 | 0.43 | |
Add: Sustaining capital | 380,112 | 83,880 | 72,291 | 22,201 | 102,621 | 53,358 | |
Royalties | — | 15,820 | 8,568 | 22,994 | 3,949 | — | |
Reclamation and | 9,258 | 2,560 | 7,836 | 11,331 | 5,387 | 3,744 | |
Leases & other | 13,325 | 47,944 | 4,999 | 4,100 | 553 | 427 | |
All-in sustaining cost | 1,062,855 | 440,757 | 312,972 | 124,083 | 279,934 | 119,996 | |
AISC per pound ($/lb) | 3.34 | 3.03 | 3.24 | 4.22 | 3.96 | 0.83 | |
Twelve months ended | |||||||
Operations | Candelaria | Caserones1 | Chapada | Eagle | Neves-Corvo | Zinkgruvan | |
($000s, unless otherwise noted) | (Cu) | (Cu) | (Cu) | (Ni) | (Cu) | (Zn) | Total |
Sales volumes (Contained metal): | |||||||
Tonnes | 147,251 | — | 45,563 | 14,427 | 31,592 | 65,684 | |
Pounds (000s) | 324,633 | — | 100,449 | 31,806 | 69,648 | 144,808 | |
Production costs | 1,661,358 | ||||||
Less: Royalties and other | (53,785) | ||||||
1,607,573 | |||||||
Deduct: By-product | (656,534) | ||||||
Add: Treatment and refining | 124,841 | ||||||
Cash cost | 637,486 | — | 209,238 | 25,168 | 158,351 | 45,637 | 1,075,880 |
Cash cost per pound ($/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 |
1 Caserones results are from |
Three months ended | |||||||
Operations | Candelaria | Caserones | Chapada | Eagle | Neves-Corvo | Zinkgruvan | |
($000s, unless otherwise noted) | (Cu) | (Cu) | (Cu) | (Ni) | (Cu) | (Zn) | Total |
Sales volumes (Contained metal): | |||||||
Tonnes | 38,888 | 35,690 | 13,080 | 3,105 | 9,054 | 17,316 | |
Pounds (000s) | 85,733 | 78,683 | 28,836 | 6,845 | 19,961 | 38,176 | |
Production costs | 648,037 | ||||||
Less: Royalties and other | (24,520) | ||||||
Inventory fair value adjustment | (7,760) | ||||||
615,757 | |||||||
Deduct: By-product | (204,164) | ||||||
Add: Treatment and refining | 57,938 | ||||||
Cash cost | 152,276 | 183,687 | 54,108 | 16,229 | 39,218 | 24,013 | 469,531 |
Cash cost per pound | 1.78 | 2.33 | 1.88 | 2.37 | 1.96 | 0.63 | |
Add: Sustaining capital | 79,316 | 55,031 | 19,858 | 6,548 | 28,070 | 10,546 | |
Royalties | — | 8,270 | 2,174 | 5,003 | 1,081 | — | |
Reclamation and other closure accretion and depreciation | 2,158 | 1,427 | 2,047 | 2,620 | 1,305 | 933 | |
Leases & other | 2,901 | 25,715 | 1,131 | 1,101 | 106 | 103 | |
All-in sustaining cost | 236,651 | 274,130 | 79,318 | 31,501 | 69,780 | 35,595 | |
AISC per pound ($/lb) | 2.76 | 3.48 | 2.75 | 4.60 | 3.50 | 0.93 |
Three months ended | |||||||
Operations | Candelaria | Caserones | Chapada | Eagle | Neves-Corvo | Zinkgruvan | |
($000s, unless otherwise noted) | (Cu) | (Cu) | (Cu) | (Ni) | (Cu) | (Zn) | Total |
Sales volumes (Contained metal): | |||||||
Tonnes | 33,561 | — | 12,037 | 3,239 | 6,351 | 17,635 | |
Pounds (000s) | 73,990 | — | 26,537 | 7,141 | 14,001 | 38,878 | |
Production costs | 450,927 | ||||||
Less: Royalties and other | (15,664) | ||||||
435,263 | |||||||
Deduct: By-product | (168,620) | ||||||
Add: Treatment and refining | 33,897 | ||||||
Cash cost | 186,628 | — | 51,782 | 17,169 | 32,462 | 12,499 | 300,540 |
Cash cost per pound | 2.52 | — | 1.95 | 2.40 | 2.32 | 0.32 | |
Add: Sustaining capital | 117,174 | — | 41,299 | 5,968 | 22,086 | 16,607 | |
Royalties | — | — | 3,137 | 9,152 | 3,185 | — | |
Reclamation and other closure accretion and depreciation | 1,999 | — | 1,855 | 4,403 | 481 | 902 | |
Leases & other | 4,360 | — | 932 | 638 | 835 | 118 | |
All-in sustaining cost | 310,161 | — | 99,005 | 37,330 | 59,049 | 30,126 | |
AISC per pound ($/lb) | 4.19 | — | 3.73 | 5.23 | 4.22 | 0.77 |
Adjusted EBITDA can be reconciled to Net Earnings on the Company's Consolidated Statement of Earnings as follows:
Three months ended | Twelve months ended | ||||
($thousands) | 2023 | 2022 | 2023 | 2022 | |
Net earnings | 66,753 | 145,295 | 315,249 | 463,533 | |
Add back: | |||||
Depreciation, depletion and amortization | 223,056 | 142,710 | 653,596 | 554,750 | |
Finance income and costs | 34,891 | 16,664 | 102,699 | 64,185 | |
Income taxes | 102,616 | (2,347) | 216,599 | 134,628 | |
427,316 | 302,322 | 1,288,143 | 1,217,096 | ||
Unrealized foreign exchange loss | 2,769 | (3,836) | 1,224 | 21,164 | |
Unrealized losses (gains) on derivative contracts | (19,309) | (62,971) | 21,932 | (62,971) | |
Ojos | 1,687 | 55,482 | 16,922 | 63,271 | |
Loss (income) from equity investment in associates | — | — | 60 | (3,297) | |
Caserones inventory fair value adjustment | 7,760 | — | 39,945 | — | |
Ore stockpile inventory write-down | — | 62,546 | — | 62,546 | |
Gain on disposal of subsidiary | — | — | (5,718) | (16,828) | |
Other | (493) | 173 | 1,040 | 11,525 | |
Total adjustments - EBITDA | (7,586) | 51,394 | 75,405 | 75,410 | |
Adjusted EBITDA | 419,730 | 353,716 | 1,363,548 | 1,292,506 | |
Adjusted earnings and adjusted earnings per share can be reconciled to Net Earnings Attributable to Lundin Mining Shareholders on the Company's Consolidated Statement of Earnings as follows:
Three months ended | Twelve months ended | ||||
($thousands, except share and per share amounts) | 2023 | 2022 | 2023 | 2022 | |
Net earnings attributable to | 38,797 | 145,562 | 241,562 | 426,851 | |
Add back: | |||||
Total adjustments - EBITDA | (7,586) | 51,394 | 75,405 | 75,410 | |
Tax effect on adjustments | (2,987) | 8,214 | (26,925) | (797) | |
Deferred tax expense due to change in tax rate | 14,500 | — | 40,200 | — | |
Deferred tax arising from foreign exchange translation | 41,168 | (14,469) | 28,841 | (20,733) | |
Non-controlling interest on adjustments | (4,221) | 829 | (22,886) | 2,026 | |
Total adjustments | 40,874 | 45,967 | 94,635 | 55,906 | |
Adjusted earnings | 79,671 | 191,529 | 336,197 | 482,757 | |
Basic weighted average number of shares outstanding | 773,476,216 | 770,804,446 | 772,532,260 | 762,518,753 | |
Net earnings attributable to shareholders | 0.05 | 0.19 | 0.31 | 0.56 | |
Total adjustments | 0.05 | 0.06 | 0.13 | 0.07 | |
Adjusted earnings per share | 0.10 | 0.25 | 0.44 | 0.63 |
Free Cash Flow from Operations and Free Cash Flow can be reconciled to Cash provided by Operating Activities on the Company's Consolidated Statement of Earnings as follows:
Three months ended | Twelve months ended | ||||
($thousands) | 2023 | 2022 | 2023 | 2022 | |
Cash provided by operating activities | 306,081 | 156,890 | 1,016,612 | 876,889 | |
Sustaining capital expenditures | (203,827) | (204,686) | (727,224) | (639,831) | |
General exploration and business development | 14,500 | 12,094 | 55,692 | 144,353 | |
Free cash flow from operations | 116,754 | (35,702) | 345,080 | 381,411 | |
General exploration and business development | (14,500) | (12,094) | (55,692) | (144,353) | |
Expansionary capital expenditures | (41,082) | (76,485) | (275,913) | (202,993) | |
Free cash flow | 61,172 | (124,281) | 13,475 | 34,065 |
Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share can be reconciled to Cash Provided by Operating Activities on the Company's Consolidated Statement of Earnings as follows:
Three months ended | Twelve months ended | ||||
($thousands, except share and per share amounts) | 2023 | 2022 | 2023 | 2022 | |
Cash provided by operating activities | 306,081 | 156,890 | 1,016,612 | 876,889 | |
Changes in non-cash working capital items | 55,965 | 132,167 | 7,605 | 116,056 | |
Adjusted operating cash flow | 362,046 | 289,057 | 1,024,217 | 992,945 | |
Basic weighted average number of shares outstanding | 773,476,216 | 770,804,446 | 772,532,260 | 762,518,753 | |
Adjusted operating cash flow per share | $ 0.47 | 0.38 | 1.33 | 1.30 |
Net (debt) cash and Net (debt) cash excluding lease liabilities can be reconciled to Debt and Lease Liabilities, Current Portion of Debt and Lease Liabilities and Cash and Cash Equivalents on the Company's Consolidated Statement of Earnings as follows:
($thousands) | |||
Debt and lease liabilities | (1,273,162) | (27,179) | |
Current portion of total debt and lease liabilities | (212,646) | (170,149) | |
Less deferred financing fees (netted in above) | (6,374) | (4,926) | |
(1,492,182) | (202,254) | ||
Cash and cash equivalents | 268,793 | 191,387 | |
Net (debt) cash | (1,223,389) | (10,867) | |
Lease liabilities | 277,208 | 27,166 | |
Net (debt) cash excluding lease liabilities | (946,181) | 16,299 |
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
All of the forward-looking statements made in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecast or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward–looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.
SOURCE
© Canada Newswire, source