Lundin Mining Corp.'s attributable net earnings for the third quarter totaled US$26.4 million, up 277% from the US$7.0 million posted in the same quarter of the previous year.
The quarter's net earnings includes a negative revaluation on derivative liabilities of US$16.0 million related to the Chapada copper mine, a negative variable consideration adjustment of US$9.9 million related to metal streaming agreements, a deferred tax expense of US$15.6 million from foreign exchange translation in Brazil, and an unrealized gain of US$9.9 million on foreign exchange.
Revenue also rose to US$538.7 million, from US$379.7 million last year.
The company produced a total of 74,560 tonnes of copper, which includes results from Candelaria and the period the company has acquired Chapada. This is higher than the 52,770 tonnes produced in the previous year.
Zinc production declined to 35,028 tonnes from 36,062 tonnes, and nickel production fell to 3,232 tonnes from 4,697 tonnes in the third quarter of 2018.
The company increased its production guidance for full-year 2019 for copper to between 227,000 and 245,000 tonnes, from between 224,000 and 245,000 tonnes, and for zinc to between 149,000 and 157,000 tonnes, from between 147,000 and 157,000 tonnes. Guidance for nickel from Eagle remained the same at between 12,000 and 14,000 tonnes.