11:09 AM EST, 01/17/2025 (MT Newswires) -- (Adds analyst comment and updates shares.)

Lundin Mining ( LUNMF ) late on Thursday said it met 2024 guidance on all metals and record production for copper and zinc.

The company produced 369,067 tonnes of copper and 191,704 tonnes of zinc in 2024.

Gold production came in at 158,436 ounces and nickel production at the Eagle operations was 7,486 tonnes.

For the full year 2025, copper production is expected to be between 303,000 and 330,000 tonnes at a consolidated cash cost of US$2.05 per pound to US$2.30/lb copper.

Gold production guidance is 135,000 to 150,000 ounces and nickel production guidance is 8,000 to 11,000 tonnes.

Lundin revised its 2025 outlook to reflect the divestiture of the Neves-Corvo and Zinkgruvan projects. Sustaining capital expenditures are expected to be US$530 million and expansionary capex is forecast at US$205 million.

Exploration expenditures are planned to be US$40 million primarily for in-mine and near-mine targets.

National Bank Financial reiterated its outperform rating and $17.00 price target on the company following the guidance release and the Wednesday close of the company's joint-venture acquisition of Filo Corp with BHP.

"While the recent acquisition of Filo and subsequent advancement of the JV may be slower than currently contemplated, Filo and the associated partnership with BHP add significant long-term optionality to copper and forthcoming exploration efforts from the land package are expected to be a positive catalyst," the investment bank noted. "Additionally, sale of the European business, which is expected to close in H1, significantly bolsters the balance sheet ahead of any significant capital deployment in Argentina."

Lundin shares were last seen down $0.05 to $12.39 on the Toronto Stock Exchange

Price: 12.39, Change: -0.05, Percent Change: -0.40