11:56 AM EST, 01/28/2025 (MT Newswires) -- (Updates shares.)

Lundin Mining ( LUNMF ) late on Monday said it expects a pre-tax cut to fourth-quarter revenue of $46 million due to unaudited provisional pricing adjustments on prior-period concentrate sales.

The cut to revenue is mainly due to downward adjustments in relation to copper sales that are partially offset by upward adjustments on nickel sales.

Revenue is also expected to be reduced by a timing difference between the production and shipment date of about 20,000 tonnes of copper concentrate.

Two shipments of copper concentrate from Caserones scheduled for December were delayed to early this month due to operational and weather-related issues.

Payments of around $45 million relating to these shipments were received in December, but the revenue will only be recognized in the company's first-quarter results.

Lundin will also recognize certain non-cash items that will affect earnings but not adjusted EBITDA, adjusted earnings or adjusted earnings per share. These include pre-tax foreign exchange gains of about $26 million and a pre-tax loss of about $86 million related to the mark-to-market valuation of Lundin's foreign exchange and commodity derivative contracts.

About $11 million related to overhead costs from the partial suspension of underground operations at the Eagle mine is expected to impact the company's earnings.

Production costs are expected to include a $22 million writedown of inventory items.

Lundin will release its fourth-quarter operations and financial results after the close of trading on Feb. 19.

Lundin shares were last seen down $0.60 to $11.42 on the Toronto Stock Exchange.

Price: 11.41, Change: -0.61, Percent Change: -5.07