April 25, 2012 / 10:28 PM / in 6 years

UPDATE 1-Lundin Mining profit falls on lower metal prices

April 25 (Reuters) - Lundin Mining Corp’s quarterly profit fell 18 percent on lower metal prices and higher operating costs.

Average copper, zinc and lead prices in the first quarter were 14 percent to 20 percent lower than in the year-ago period, the company said in a statement.

Operating costs rose $11.9 million in the quarter.

First-quarter net income fell to $58.3 million, or 10 cents per share, from $71.2 million, or 12 cents per share, last year.

Sales rose 1 percent to $212.8 million.

Capital expenditure for 2012 is expected to be $410 million, a $40 million increase due to an accounting policy revision, the company said in a statement.

Lundin’s shares, which have risen 18 percent so far in 2012, closed at C$4.57 on Wednesday on the Toronto Stock Exchange.

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