Lundin Mining Corporation reported net income of $317.1 million ($0.55 per share) for the 2010 year, an increase of $243.4 million from the $73.7 million ($0.13 per share) reported in 2009.
The fourth quarter result was $144.6 million ($0.25 per share), up from $35.1 million ($0.06 per share) in 2009.
Mr. Phil Wright , President and CEO commented, “ Net income this year is well up on last year, reflecting improved metal prices, the first full-year contribution from our equity investment in Tenke and realized gains on the sale of portfolio investments. ”
Production for the year was largely in line with our most recent guidance and for 2011 our production outlook remains unchanged.
Needless to say, we were pleased to see the Tenke contract review reaching a conclusion during the year and allowing renewed consideration of development options for this world-class asset.
On the exploration front, we were very pleased with the discovery of Semblana, a new high-grade massive sulphide deposit at Neves-Corvo, the first such copper discovery at Neves-Corvo in 20 years and which reaffirms our belief that Neves-Corvo remains under-explored.
“ Our portfolio is strongly cash generative and we have seen our net cash increase by over $200 million during the year putting us in a very solid financial position ,” Mr. Wright said.
As has been announced, the Company has agreed to merge with Inmet Mining Corporation (“Inmet”) on a ‘merger of equals’ basis to create Symterra Corporation. Shareholders’ votes are scheduled to be held on March 14, 2011.
“ The culmination of this transaction will establish a new, senior copper producer with a solid base of low cost, long life mines as well as two world-class copper growth projects ,” Mr. Wright said.
More info: Lundin Mining
[mappress]
Source: lundinmining,February 25, 2011;