October 27, 2011 / 1:53 AM / in 7 years

UPDATE 1-Lundin profit slips; Co trims production outlook

(In U.S. dollars unless noted)

Oct 26 (Reuters) - Lundin Mining (LUN.TO) said on Wednesday its third-quarter profit fell more than 80 percent, largely due to lower base metal prices, lower grades at a copper mine in Portugal and operational issues at a zinc mine in Sweden.

The company earned $12.4 million, or 2 cents a share, in the quarter ended Sept. 30, down from a year-ago profit of $66 million, or 11 cents a share.

Quarterly revenue fell 32 percent to $146.2 million.

Over the past year, the company has had strategic hiccups as a tie-up with rival miner Inmet Mining IMN.TO fell apart after Equinox Minerals launched a hostile bid for Lundin. But Equinox itself was taken over by Barrick Gold (ABX.TO) and Lundin failed to attract any new suitors.

The company trimmed its 2011 copper output forecast by 5.2 percent to 71,500 tonnes. It also marginally lowered its zinc and lead output forecast for the year. (Reporting by Euan Rocha; Editing by Gary Hill)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below