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Lundin Mining's Q4'17 net earnings drop YOY to US$133M

Lundin Mining Corp.'s attributable net earnings dropped to US$133.0 million in the fourth quarter of 2017, from US$162.9 million in the year-ago quarter, as sales rose year over year to US$533.3 million from US$459.2 million, the company said Feb. 15.

The company posted a net profit of US$426.5 million for full year 2017, swinging from a year-ago net loss of US$661.7 million, while full-year sales reached US$2.08 billion, increasing from US$1.55 billion in 2016.

Quarterly operating earnings rose to US$311.5 million from US$225.3 million, while full-year operating earnings surged to US$1.16 billion from US$654.2 million on a yearly basis.

The company estimated its 2018 CapEx at US$850 million, with exploration expenditures anticipated to be about US$83 million.

Additionally, the company declared a dividend of 3 Canadian cents per share, payable April 11 to shareholders of record at the close of business March 23.

Lundin recently reported fourth-quarter and full-year 2017 copper output of 45,656 tonnes and 202,989 tonnes, respectively. Quarterly zinc output totaled 37,332 tonnes, bringing full-year production to 149,319 tonnes.

The company expects to produce 159,000 to 173,000 tonnes of copper and 144,000 to 154,000 tonnes of zinc in 2018.