Lundin Mining reported its fourth consecutive quarter of revenue above $1 billion, with third quarter revenue of $1,109.2 million driven by a record realized copper price of $6.85 a pound and a realized gold price of $4,321 an ounce. Copper production was 62,610 tonnes at a consolidated cash cost of $2.01 a pound. Free cash flow from operations was $418 million in the quarter, putting the company in a net cash position of $237 million at quarter end, and year to date adjusted EBITDA of $1.9 billion and free cash flow of $1.2 billion have already passed their full year 2025 totals.
The operational drag was Caserones in Chile. Severe winter storms, heavy snowfall and strong winds caused prolonged power outages in July and August and two extended stoppages, suspending operations for about 30 days including the time needed to thaw flotation banks and restart mills, against the backdrop of an ongoing Super El Nino season. Lundin cut Caserones 2026 copper guidance from 120,000 to 130,000 tonnes to 105,000 to 115,000 tonnes, and described the shortfall as deferred rather than lost tonnes, with recovery expected through 2027.
Elsewhere the portfolio offset part of the loss. Candelaria’s copper production rose 13 percent from the second quarter, and Chapada in Brazil achieved its highest quarterly copper and gold production of 2026. The divergence is the story of the quarter: the metal price, not volume, did the work, and the shares’ exposure is now to whether Caserones normalises in 2027 and whether the Vicuna and Chapada growth projects advance on schedule while prices hold.