Lundin Mining

What Lundin Mining does

Lundin Mining Corporation is a Canadian diversified base metals mining company founded in 1994 and headquartered in Vancouver, with shares listed on the Toronto Stock Exchange (LUN) and Nasdaq Stockholm (LUMI). Following a 2025-2026 portfolio reshaping, the company operates three producing copper mines—Candelaria Mining Complex and Caserones in Chile's Atacama Region, and Chapada in Brazil's Goiás state—with a combined 2025 production of 331,232 tonnes of copper, 141,859 ounces of gold, and 9,907 tonnes of nickel. The company's strategic growth initiative is the Vicuña District joint venture with BHP (50/50), combining the Filo del Sol and Josemaría copper-gold-silver deposits across the Argentina-Chile border, which represents one of the world's largest undeveloped copper resources.

The business operates as a commodity producer rather than a product company, selling copper, gold, nickel, and zinc concentrates and cathodes directly to global commodity traders and industrial customers at LME benchmark prices through spot sales and contracts. Revenue is therefore a function of global commodity prices (copper, nickel, zinc, gold, silver) and production volumes. The 2025 portfolio restructure divested non-core assets (Neves-Corvo, Zinkgruvan, Eagle Mine) and concentrated capital on South American copper growth, enabling a $4.5 billion upsized revolving credit facility for Vicuña development. Technology differentiation is operational rather than digital—Candelaria's seawater desalination plant (since 2013) supplies 100% of process water with over 90% recirculation, and Cummins First Mode hybrid-electric haul trucks deployed at Caserones achieve up to 30% fuel and emissions reductions.

The go-to-market motion is institutional and capital-markets driven, with primary commercial relationships held through commodity offtake and equity markets rather than enterprise sales channels. The company's stated strategic vision is to become a top-ten global copper producer, addressing structural copper deficits driven by electrification, EVs, renewable energy, and digital infrastructure demand. Go-to-customer flows are entirely B2B; end demand derives from global industrial, infrastructure, automotive, and construction sectors, but Lundin has no direct customer relationships beyond commodity traders and industrial buyers. The Vicuña RIGI PEELP approval in June 2026—Argentina's first copper project to receive this designation—provides a 40-year benefit period with reduced tax rates, materially de-risking the flagship growth project.

Name

Lundin Mining

Legal name

Lundin Mining Corporation

Website

https://lundinmining.com

Company type

Public

Founded year

1994

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Lundin Mining Corporation is a Canadian base metals mining company operating three producing copper mines (Candelaria, Caserones, Chapada) in Chile and Brazil, with 2025 copper production of 331,232 tonnes and strategic growth centered on the Vicuña District JV with BHP in Argentina-Chile.

Ownership category

akta.pro rank

Product category

Base Metals Mining

NAICS

Copper, Nickel, Lead, and Zinc Mining (21223), Other Metal Ore Mining (212290)

SIC

Metal Mining (1000)

akta.pro primary industry

Barite Mining (IMAKAGAE)

akta.pro secondary industry

Critical Minerals Trading, Offtake & Marketing (IMAKAFAJ)

Keywords

• Base metals mining
• Copper concentrate production
• Gold by-product mining
• Nickel mining operations
• Zinc mining operations

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Others

Revenue model

1. Copper Production and Sales: Primary revenue driver producing approximately 331,232 tonnes of copper annually from Candelaria, Caserones, and Chapada operations. Revenue is generated through spot sales and contracts with commodity traders and industrial customers based on LME copper prices.
2. Gold Production and Sales: Gold as byproduct of copper mining operations, producing approximately 141,859 ounces annually. Gold sales contribute additional revenue streams alongside copper production.
3. Nickel Production and Sales: Nickel production from Caserones operation generating approximately 9,907 tonnes annually. Revenue from nickel sales supplements the primary copper revenue stream.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Lundin Mining is a Canadian diversified base metals mining company that extracts and produces copper, gold, nickel, and zinc concentrates and cathodes from three operating mines in Chile (Candelaria Mining Complex, Caserones) and Brazil (Chapada). The company sells its metal production to global commodity traders and industrial customers at London Metal Exchange (LME) benchmark prices, with the Vicuña District (50/50 JV with BHP) advancing as a flagship long-life copper-gold-silver development project on the Argentina-Chile border.

Product overview

Lundin Mining is a Canadian mining company operating three producing mines (Candelaria Mining Complex, Caserones, and Chapada) across Brazil and Chile, focused on copper production with gold, silver, and molybdenum as by-products. The company's strategic portfolio includes the Vicuña District development project—a world-class copper-gold-silver district on the Argentina-Chile border operated as a 50/50 joint venture with BHP—and the Los Helados exploration project adjacent to Caserones. Lundin Mining positions itself as a diversified base metals producer with a strategic vision to become a top-ten global copper producer, supported by operational excellence across its South American mining assets.

Differentiator

Problem solved

Functional benefit

Products and services

• Candelaria Mining Complex An open-pit and underground copper-gold-silver mining complex located in the Atacama Region of Chile, producing copper concentrate with gold and silver as by-products. The complex operates a seawater desalination plant supplying 100% of process water and recirculates more than 90% of water used in production.
• Caserones Mine A copper-molybdenum mine in Chile's Atacama region producing copper concentrate and molybdenum concentrate, with Cummins First Mode hybrid-electric haul truck retrofits achieving up to 30% fuel and emissions reductions at high-altitude operations exceeding 4,000 meters.
• Chapada Mine An open-pit copper-gold mine in Goiás, Brazil, producing copper concentrate with gold as a by-product.
• Vicuña District Project A major copper-gold-silver mining district on the Argentina-Chile border encompassing the Filo del Sol and Josemaría deposits, developed through a 50/50 joint venture with BHP, with $9.5 billion after-tax NPV and 70+ year mine life, approved under Argentina's RIGI PEELP regime in June 2026.
• Los Helados Project A copper-gold exploration project adjacent to the Caserones operation in Chile's Region III, with indicated resources of 2.08 billion tonnes grading 0.40% copper, 0.15 g/t gold, and 1.5 g/t silver; Lundin holds a 31% interest.

Quantifiable outcome

• Record 2025 revenue of $4.05 billion from continuing operations
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and major.

• JX Advanced Metals CorporationcoreStrategic or Co-development Partner · 8 April 2026Lundin Mining acquired JX Advanced Metals' 5% stake in Caserones (increasing ownership to 75%) and 30.9% interest in Los Helados project for $215 million. The Los Helados acquisition adds approximately 6,500-7,000 tonnes of annual attributable copper production and increases measured and indicated copper mineral resources by 15%.
• NGEx Minerals Ltd.coreStrategic or Co-development Partner · 8 April 2026Lundin Mining became minority partner at Los Helados Project through acquisition of JX's 30.9% interest. Los Helados is one of the largest undeveloped copper-gold resources globally with indicated resources of 2.08 billion tonnes grading 0.40% copper, 0.15 g/t gold, and 1.5 g/t silver. Proximity to Caserones operation (17 km away) provides potential processing synergies.
• Boliden ABmajorStrategic or Co-development Partner · 19 December 2025Lundin Mining completed sale of Neves-Corvo and Zinkgruvan mines to Boliden AB for $1.315 billion, enabling the company to exit the year in a net cash position and focus on copper growth strategy in South America.
• Talon Metals Corp.majorStrategic or Co-development Partner · 18 December 2025Lundin Mining sold its Eagle Mine and Humboldt Mill to Talon Metals in an $83.7 million all-stock transaction, creating a pure-play American nickel-copper company. Lundin retained a 19.99% stake in Talon Metals. Transaction completed January 2026.
• BHPcoreStrategic or Co-development Partner · 15 January 2025BHP and Lundin Mining formed Vicuña Corp., a 50/50 joint venture combining the Filo del Sol and Josemaría copper-gold-silver deposits spanning Argentina-Chile border. The Vicuña project represents one of the world's largest undeveloped copper resources with $9.7-18 billion investment commitment and potential to position Lundin among top 10 global copper producers. Vicuña received approval for Argentina's RIGI PEELP regime in June 2026.

Scale indicators8 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• First Quantum Minerals: Mid-tier copper-focused miner with major operations in Zambia (Sentinel, Kansanshi), DRC, and Panama (Cobre Panamá). Closely comparable to Lundin in scale, copper-centric portfolio, and exposure to emerging-market copper assets.
• Antofagasta PLC: Chilean copper miner operating Los Pelambres, Centinela, and Antucoya. Directly comparable as a mid-cap copper pure-play with significant Chilean operating exposure — Lundin's largest asset base.
• Capstone Copper: Copper-focused mid-cap with Pinto Valley (US), Mantos Blancos (Chile), and Santo Domingo (Chile) in development. Highly comparable in scale, copper-only portfolio strategy, and growth-via-development model.
• Teck Resources: Canadian diversified miner historically strong in copper and zinc; comparable as a North American base-metals peer with Chilean copper exposure (Quebrada Blanca) and similar growth-project-driven thesis.
• Hudbay Minerals: Canadian copper-gold miner with operations in Manitoba (Snow Lake), Peru (Constancia), and Arizona (Copper Mountain). Comparable in scale, copper-gold byproduct mix, and Latin American operating exposure.
• Ivanhoe Mines: Copper-focused growth miner with Kamoa-Kakula (DRC) and Platreef (South Africa). Highly comparable as a copper-pure-play growth story with tier-one assets and a similar scale-up trajectory from mid-cap.
• Boliden AB: Swedish diversified base-metals miner (copper, zinc, nickel) that acquired Lundin's Neves-Corvo and Zinkgruvan mines in April 2025. Direct counterparty and structurally comparable as a European base-metals operator.

Broad incumbents

• Freeport-McMoRan: World's largest publicly traded copper producer, with major assets at Grasberg (Indonesia), Morenci (US), and Cerro Verde (Peru). Comparable commodity exposure but materially larger and more geographically diversified than Lundin.
• Glencore: Largest diversified miner and major copper producer (Antapaccay, Las Bambas, Mount Isa). Copper is one segment within a wider commodity portfolio, making Glencore a broader incumbent rather than a direct competitor.
• Southern Copper: Major integrated copper producer (Toquepala, Cuajone, El Arco) controlled by Grupo México. Comparable pure-play copper exposure but materially larger scale and Peruvian/Mexican footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/lundin-mining-corporation

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries5 records

Funding overview

Funding rounds8 records

Investors13 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lundin Mining