Lundin cuts copper outlook again as wild Chile weather bites

Lundin Mining has lowered its 2026 copper production forecast for the second time in two months as lingering damage from severe winter storms in Chile continues to hamper operations at its Caserones mine.

The Canadian miner cut Caserones' full-year guidance to 105,000–115,000 tonnes from 120,000–130,000 tonnes, bringing its company-wide forecast to 285,000–310,000 tonnes. The latest revision follows an August reduction from an initial target of 130,000–140,000 tonnes.

Severe winter storms suspended operations at Caserones for about 30 days during the third quarter, while subsequent snowmelt has continued to restrict haulage rates and ore deliveries to the mill into the fourth quarter.

Lundin produced 62,610 tonnes of copper in the three months ended Sept. 30, matching BMO Capital Markets' estimate of 62,600 tonnes but falling short of the 68,000-tonne analyst consensus, BMO analyst Matthew Murphy said in a note on Thursday.