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Lundin Mining Corporation (LUN.TO)

Toronto - Toronto Real Time Price. Currency in CAD
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10.55-0.24 (-2.22%)
As of 02:17PM EDT. Market open.
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  • J
    Jazenevc
    Argentine press(EconoJournal) reports today in an article “Josemaría: the construction of the copper megaproject begins in September and they are evaluating establishing mobile withholdings for exports”
    Start of quote (google translated from Spanish)
    The Canadian mining company has been working on the withholding scheme with Roberto Arias, Secretary of Tax Policy of the Ministry of Economy. According to sources with knowledge of these negotiations consulted by EconoJournal, the Executive Power wants them to be mobile withholdings. With a value of a pound of copper that today stands at US$4.5, the scheme that they are negotiating, in which the CAEM mining chamber is also involved, contemplates that there be withholdings on exports of 8% as a cap until it reaches the US$5.6 per pound. At the same time, the scheme would imply zero per cent withholdings when the value is less than US$3.2 per pound of copper.
    End of quote
    The article provides some construction details too
    Start of quote
    At this time, the Canadian mining company is advancing technically in the fine feasibility of the project. Three months after the start of construction, it is halfway between basic and detailed engineering, which is what allows concrete progress with the work. After the approval in April of the environmental impact statement, Lundin has extensive work to obtain detailed permits, which have to do with work with different entities such as firefighters, Customs, the national and provincial State and the Army, among others. others. In total, the project needs to advance with 250 permits of this type and a good part of the company's team is now focused on this.
    End of quote
  • J
    Jazenevc
    Insiders, aka Lundin family, bought 250K shares on Friday.
  • J
    Jazenevc
    Started as Equal Weight at Morgan Stanley. Price target C$12.30
  • J
    Jazenevc
    Josemaria news from local press today
    Start of quote (google translated from Spanish)
    After the Environmental Impact Statement (DIA), obtained almost a month ago, the Josemaría project is heading to take the first steps towards the construction of the first copper mine in the province. Along these lines, the Ministry of Mining confirmed that the company Deprominsa (Development of Mining Prospects SA), owner of the project, will have its first winter season this year. The objective? Condition the Batidero camp to allow tasks at low temperatures and in adverse conditions, such as rainfall. Although so far there is no official information from the company, official sources estimate that the number of personnel working in the extreme Northwest of the province will increase by 33 percent, since it outlines that it will go from 600 people to 800. On the other hand, it is estimated that there will be a significant investment, since it will be necessary to move machinery, not only to prepare the camp, but also to maintain the road in passable conditions.
    End of quote
    The article provides local details on the company’s planned actions to start construction in 2023.
  • J
    Jazenevc
    Chile political news. In yesterday vote the Constitutional Assembly was unable to adopt articles, stipulating government ownership of strategic mining, including copper. It makes nationalization of the mines hardly possible. The ultra-left demagogues, dominating the Assembly, will likely try to push nationalization again before the July deadline, but their chances to succeed are not high. On the other hand, the leftists successfully included numerous anti-mining “environmental” proposal to the Constitutional draft. It will make very difficult to develop new mining projects in the country.
    In total, this is not too bad for Lundin. It will be able to run Candelaria as long as existing mineral resource allows and it does not have any new projects in Chile. Development money will go to Argentina and Brazil.
  • J
    Jazenevc
    Ok, folks. The main reason for weak performance is general market fears about global recession coming very soon. Certainly, the market can be too nervous about this and react too much. However, that’s the story right now. If the recession really comes, then copper and all other commodity prices would drop low. Will it really happen and when? That’s a huge question. However, the market gets nervous and pay less attention to present copper price and operating results.
  • J
    Jazenevc
    According to article in Proactive Investors, Goldman Sachs picked up 5 miners for "multi-year unprecendented metals bull cycle". Lundin is in the list, other names are Rio Tinto, Glencore, Anglo-American, Norsk Hydro.
  • R
    Rita Danielssen
    Lundin goes up before closing, copper is up + 1% when opened and minus 2% after 20 minutes
  • H
    HH
    Finally the giant is waking up. With Jose moving fw, and copper being where it is, LUN is an excellent long term play. I call $20.00 by 2022’s end! If not a takeover before 🤞🤞
  • K
    Ken J
    Lundin Mining (TSE:LUN) PT Raised to C$16.00 at Raymond James
    Posted by admin on Apr 20th, 2022
  • J
    Jazenevc
    Perhaps, some good news from the conference call will not hurt at the moment. The company said that, based on ongoing exploration, Josemaria deposit is larger than it was estimated and, also, the company has basically finalized, except few minor details, stability agreement with Argentine government.
  • S
    Sunny
    Great earning! Regarding the Closing of JOSE deal, can someone clarify if it is true that LUN issues up to additional 40 million shares to close it?
  • H
    Hawk51168
    Peter Rockandel, President and CEO commented, "We delivered strong financial results in the first quarter, highlighted by adjusted EBITDA of $588M, generation of $473M of adjusted operating cash flow1, and record adjusted EPS1 of $0.40. This is very impressive especially in the situation of COVID-19.
  • J
    Jazenevc
    Goldman Sachs continues very optimistic forecasts on copper market, predicting extreme tightness and price reaching about US$6.50 in next 12 months.
  • J
    Jazenevc
    FWIW. Recently released Fraser report has placed San Juan province in Argentina, home for Josemaria project, to 22nd position in the traditional annual ranking list, aka Mining Attractiveness Index. This is higher than any other mining jurisdiction in Latin America, i.e. better than Mexico, Chile and Peru. This ranking should make easier for the company to arrange financing for the project and could raise project profile and valuation.
  • J
    Jazenevc
    Perhaps, the market does not trust Chile.
  • C
    Caviar King
    Lundin ALWAYS manages to disappoint me. Always.
  • J
    Jazenevc
    Two more rating changes:
    Upgraded to Outperform at BMO Capital. Price target raised from C$15 to C$16.50.
    Maintained as Overweight at JPMorgan in Sweden. Price target reduced from SEK110 to SEK106, this equals to C$13.79.
  • H
    HH
    Let’s goooo already. Earnings 🤞🤞🤞
  • J
    Jazenevc
    Josemaria news. Argentine local press reports today on imminent government approval of the project.
    Start of quote (google translated from Spanish)
    Tomorrow, first thing in the morning, the authorities of the Ministry of Mining will officially notify Governor Sergio Uñac that the Environmental Impact Statement (DIA) for the construction of the Josemaría copper project had a positive result. After this formal step, the study, which determines how the mine will be built and what the production process will be like, will be announced in society, at a meeting scheduled for 11:30 at the Mining Environmental Assessment Directorate (DEAM). Entrepreneurs, industrialists and leaders from the different economic sectors of the province are invited to the event. This is the most important milestone for a mining project that hopes to see the light of day in the short term, to the point that the company confirmed that they maintain the intentions of a preliminary start by the end of this year and start the construction of the mine in 2023.
    End of quote
    Certainly, this is not done until it is done. The approval would be the first of this kind in Argentina in very long time. Let see tomorrow. If confirmed then it is a big win for the company.