LUNMF - Lundin Mining cuts guidance on mine troubles

Lundin Mining ([[LUNMF]] -2.2%) saw profit increase in Q3 and declared a dividend, but labor and technical disruptions forced the company to lower its guidance for three of its four operating mines.Reported attributable net earnings of $122.4M, up from $26.4M, a year ago. Gross profit was $199.3M, up from $128.6M, driven mostly by higher realized metal prices and price adjustments, which were partially offset by lower sales volumes.The miner cut 2020 guidance for Chapada in Brazil from 51,000-56,000 tonnes of copper to 45,000-50,000 tonnes, and from 85,000-90,000 ounces of gold to 80,000-85,000 ounces, reflecting the impact of 60 days of production at around 30% capacity after the mill suffered electrical damage in September. Expects to resume full production late this year.Neves-Corvo’s 2020 copper guidance went from 35,000-40,000 tonnes down to 32,000-34,000 tonnes. Expected zinc output at the Portuguese mine went from 70,000-75,000 tonnes to 70,000-72,000 tonnes, reflecting lower grades and

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Lundin Mining cuts guidance on mine troubles