07:46 AM EDT, 03/27/2025 (MT Newswires) -- Lundin Mining ( LUNMF ) overnight Wednesday said its board amended the shareholder distribution policy to increase the level of share buybacks while adjusting the dividend to maintain the total amount returned to shareholders annually.

The company is adjusting its quarterly dividend from $0.09 per share to $0.0275 per share while allocating up to about US$150 million per annum in share buybacks through its normal course issuer bid program. If less than $150 million in share buybacks in a calendar year is allocated, the shortfall will be distributed as a special dividend to ensure that a total shareholder distribution of about $220 million per year is met.

The revised quarterly dividend of $0.0275 per common share is expected to be declared for Q1 2025 with payment in June.

Shares of the company closed down 5.4% to $12.57 on Wednesday on the Toronto Stock Exchange.