Lundin mining

Monthly, all data.

5 years weekly, kurs idag ca 25 kr.

bullish divergens stochastic/price i ett veckodiagram tyder på trendförändring.

1 year weekly, för tydligare bild av divergensen stochastic/pris.

6 month daily, kurs idag ca 25 kr.

Ser ut som att Lundin mining går mycket bättre än vad åtminstone jag hade kunnat föreställa mig;

Summary financial results for the quarter and year-to-date:

			Three months ended					Six months ended
			June 30,					June 30,
		US$ Millions (except per share amounts)	2015		2014			2015		2014
		Sales	501.3		191.8			1,032.8		341.7
		Operating earnings1	243.0		74.2			517.0		117.3
		Net earnings	53.7		39.7			137.0		53.1
		Net earnings attributable to Lundin shareholders	46.4		39.7			118.1		53.1
		Basic and diluted earnings per share	0.06		0.07			0.16		0.09
		Cash flow from operations	262.7		33.8			486.6		61.3
		Ending net debt position2	497.2		174.4			497.2		174.4

'

publicerat 25 september 2015.

----------------------------------------

Gruvbolaget Lundin Mining har tagit analytikerkåren på en tur till det under fjolåret förvärvade gruvkomplexet Candelaria i Chile. Åtskilliga deltagare förefaller ha kommit tillbaka imponerade.

"Sedan Lundin köpte Freeports andel på 80 procent i Candelaria 2014 har kostnaderna sänks, malmreserverna ökats och gruvans livslängd förlängts med fyra år", noterar Swedbank.

Bankens analytiker lyfter också fram potentialen för nya kopparfynd, inte minst i de tre mindre underjordsgruvorna.

Även kanadensiska Desjardin betonar att gruvan blivit effektivare under Lundins Minings ledning, samt att prospekteringsmöjligheterna är goda.

"Med tillräcklig prospektering och utveckling kan brytning under jord /.../ komma att respresentera en väsentlig potential på uppsidan jämfört med vår nuvarande värdering", skriver banken.

Analytikerna berömmer också den avsaltningsanläggning som ingår i komplexet. Vatten bedöms bli en bristvara i området under kommande år och tillgången till avsaltat vatten innebär en konkurrensfördel för bolaget, påpekar till exempel Morgan Stanley.

Flera av resans deltagare konstaterar också att det sannolikt finns ett betydande dolt värde i den hamnanläggning som bolaget äger. För närvarande utnyttjas hamnen bara till omkring en femtedel av kapaciteten, för Lundin Minings egna ändamål.

"Bolaget planerar att undersöka olika sätt att exportera koncentrat från tredje part, men för närvarande finns inga konkreta planer", skriver Morgan Stanley.

Analytikerresan till koppar- och guldgruvan ägde rum 21-22 september.

Dejardins upprepar sin köprekommendation för Lundin Mining med riktkursen 8:30 kanadadollar, cirka 52:50 kronor. Morgan Stanley har rekommendationen övervikt för aktien och Swedbank upprepar sin köprekommendation med riktkursen 34 kronor.

Lundin Mining handlades vid 10.30-tiden på fredagen till 25:70 kronor, en uppgång med drygt 6 procent för dagen.

Från q2-rapporten:
förvånansvärt stora ökningar i produktionen.

Total production, including attributable share of Candelaria (80%) and Tenke (24%):
				2015				2014
	(tonnes)	YTD		Q2		Q1		Total	Q4	Q3	Q2	Q1
	Copper	150,311		73,565		76,746		137,636	55,374	26,360	28,631	27,271
	Nickel	18,646		8,594		10,052		12,931	6,574	2,165	2,212	1,980
	Zinc	73,016		37,259		35,757		145,091	36,464	37,958	37,202	33,467
	Lead	17,178		8,459		8,719		35,555	7,970	7,397	10,250	9,938

Financial Performance

• Operating earnings for the quarter ended June 30, 2015 were $243.0 million, an increase of $168.8 million in comparison to the second quarter of the prior year ($74.2 million). The increase was primarily due to the inclusion of Candelaria's ($141.3 million) and Eagle's ($40.3 million) operating results. Operating earnings were also positively impacted by favourable foreign exchange rates ($21.6 million), partially offset by lower realized metal prices and price adjustments ($40.3 million) from our European operations.

On a year-to-date basis, operating earnings were $517.0 million, an increase of $399.7 million in comparison to the first six months of 2014 ($117.3 million). The increase was primarily due to the inclusion of Candelaria's ($305.0 million) and Eagle's ($96.4 million) operating results.

• Sales for the quarter ended June 30, 2015 were $501.3 million, an increase of $309.5 million in comparison to the second quarter of the prior year ($191.8 million). The increase was mainly due to incremental sales from Candelaria and Eagle of $256.5 million and $85.0 million, respectively, and higher sales volumes ($12.9 million) from the Company's European operations, partially offset by lower realized metal prices and price adjustments ($40.3 million) from the Company's European operations.

On a year-to-date basis, sales were $1,032.8 million, an increase of $691.1 million in comparison to the first six months of 2014 ($341.7 million). The increase was mainly due to incremental sales from Candelaria and Eagle of $548.7 million and $173.4 million, respectively, and higher European sales volumes ($52.5 million), partially offset by lower realized metal prices and price adjustments ($74.9 million) from the Company's European operations.

• Average metal prices for copper, nickel and lead for the quarter ended June 30, 2015 were lower (11%, 30%, and 7%, respectively) in comparison to the second quarter of the prior year, while zinc prices increased from the prior year comparable period (6%).

On a year-to-date basis, average metal prices for copper, nickel and lead were lower (14%, 17%, and 11%, respectively) in comparison to the first six months of 2014, while zinc prices increased from the prior year comparable period (4%).

• Operating costs (excluding depreciation) for the quarter ended June 30, 2015 were $251.6 million, an increase of $140.6 million in comparison to the second quarter of the prior year ($111.0 million). The increase was largely due to the incremental costs from Candelaria and Eagle of $115.2 million and $44.7 million, respectively, partially offset by favourable foreign exchange rates in the Euro and Swedish krona ($21.6 million).

On a year-to-date basis, operating costs (excluding depreciation) were $502.2 million, an increase of $291.0 million in comparison to the first six months of 2014 ($211.2 million). The increase was largely due to the incremental costs from Candelaria and Eagle of $243.7 million and $77.0 million, respectively, partially offset by favourable foreign exchange rates in the Euro and Swedish krona ($41.4 million).

• Depreciation, depletion and amortization expense increased for the three and six months ended June 30, 2015 when measured against the comparable period in 2014. The increase was attributable to the acquisition of Candelaria (Q2 2015 - $80.7 million; YTD - $165.8 million) and the start of commercial production at Eagle (Q2 2015 - $34.2 million; YTD - $70.7 million).
• Net earnings for the quarter ended June 30, 2015 were $53.7 million, an increase of $14.0 million in comparison to the second quarter of the prior year ($39.7 million). Net earnings were impacted by:
• addition of Candelaria ($44.0 million) and the second full quarter of operations at Eagle ($6.9 million); offset by
• interest expense associated with the senior secured notes ($19.4 million); and
• lower income from investment in Tenke ($14.4 million).

On a year-to-date basis, net earnings were $137.0 million, an increase of $83.9 million in comparison to the first six months of 2014 ($53.1 million). Net earnings were impacted by:

• addition of Candelaria ($108.1 million) and Eagle's first two full quarters of operations ($22.4 million); and
• a foreign exchange gain of $10.8 million; partially offset by
• lower income from investment in Tenke ($23.5 million); and
• interest expense associated with the senior secured notes ($38.6 million).

• Cash flow from operations for the quarter ended June 30, 2015 was $262.7 million, an increase of $228.9 million in comparison to the second quarter of the prior year ($33.8 million). The increase was primarily due to the operating earnings from Candelaria ($141.3 million) and Eagle ($40.3 million), and changes in non-cash working capital and long-term inventory ($86.3 million), partially offset by lower realized metal prices and price adjustments ($40.3 million) from our European operations.

On a year-to-date basis, cash flow from operations was $486.6 million, an increase of $425.3 million in comparison to the first six months of 2014 ($61.3 million). The increase was attributable to the operating earnings from Candelaria ($305.0 million) and Eagle ($96.4 million), and changes in non-cash working capital and long-term inventory ($87.5 million), partially offset by higher income taxes paid ($38.1 million).