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The adjusted operating cash flow was nearly C$1 billion, and the adjusted EBITDA was C$1.3 billion. The company also shared over C$330 million with its shareholders in dividends and share buybacks.

However, comparison between the 2022 results and those of 2021 show a marked drop. Revenue in 2022 was C$3.04 billion, compared to C$3.33 billion in 2021. Net earnings last year were C$463.5 million (C$879.3 million in 2021); adjusted net earnings per share were C$0.63 (C$1.11 per share); and free cash flow from operations was C$381.4 million (C$1.05 billion in 2021).

Although copper, nickel and gold production reached guidance, zinc production did not. For 2023, Lundin has set guidance at 236,000 to 260,000 lb. of copper, 180,000 to 195,000 tonnes of zinc, 140,000 to 150,000 oz. of gold, and 13,000 to 16,000 tonnes of nickel.

Capital spending this year is to total C$1.10 billion. This includes C$400 million at the Josemaria in Argentina, plus sustaining capital of C$400 million at Candelaria (100% basis) in Chile, C$70 million at Chapada in Brazil, C$20 million at Eagle in the United States, C$130 million at Neves-Corvo in Portugal, C$70 million at Zinkgruvan in Sweden, and C$10 million on other projects.

Exploration spending is budgeted at C$45 million this year. It will be spent primarily for in-mine and near-mine targets, the largest portion to be spent at Candelaria and Chapada.

“In 2023, we are focused on delivering-to-plan at each of our operations while diligently advancing our significant growth projects. Our long-life cost-competitive mines and strong financial position, provide a solid base for us to create value and material growth beyond the approximately 400,000 tonnes of copper-equivalent production we delivered in 2022,” Rockandel said.