Lundin Mining Q2 2024 Earnings Call Transcript

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Provided by Quartr
July 31, 2024

There are 11 speakers on the call.

Operator

Good morning, ladies and gentlemen, and welcome to London Mining Q2 20 24 Financial Results and Webcast Conference Call. At this time, all lines are in a listen only mode. Following the presentation, we will conduct a question and answer session. This call is being recorded on Thursday, July 31, 2024. I would now like to turn the conference over to Jack London.

Operator

Please go ahead.

Speaker 1

Welcome everyone and thank you for joining Lundin Mining's 2nd quarter conference call. For those that were on our corporate update call on Tuesday, where we announced the joint acquisition of Filo with BHP, thank you for joining today as well. Yesterday, after market close, we reported our operating and financial results for Q2. The press release and presentation are available on our website under our Investors section. All figures presented today are in U.

Speaker 1

S. Dollars unless otherwise noted. Before we start the presentation, I would like to remind our listeners that the call may contain forward looking information, this information by its nature is subject to risks and uncertainties. As such, actual results may differ materially from the views expressed today. I would encourage you to read the cautionary note that accompanies our Q2 MD and A along with the relevant filings on SEDAR.

Speaker 1

These documents are also available on our website. Today, with me on the call are 3 other members of our senior executive team: Cyder Polson, our Executive Vice President and CFO Juan Andres Morel, our Executive Vice President and COO and Nathan Monash, our Vice President of Sustainability. Briefly, before we get into the Q2 results, I wanted to highlight the transaction we announced yesterday. We look forward to working with BHP and embarking on this multi decade partnership to develop the Vicuna district in Argentina. This transaction transforms our growth profile and solidifies our belief that the district has the site and I encourage you to listen to it and get the full overview of the highlights of the acquisition and partnership.

Speaker 1

Now into Q2, 2024. Quarterly copper production for the company was 80,000 tonnes. As we have previously discussed, our copper production profile is weighted to the second half of the year and we expect to see higher grades and throughput in Q3 and Q4 at Candelaria that will drive the production. We're still on track to meet our annual copper guidance, which is between 366,000 to 400,000 tonnes. 47,000 tonnes of zinc and 32,000 ounces of gold were produced in the quarter.

Speaker 1

Operationally, the quarter was affected by unscheduled maintenance and lower mining rates that impacted production at several of our sites. Nickel production at Eagle was impacted by additional ramp rehabilitation work that limited ore production from Eagle East. We have had to revise guidance at Eagle for the remainder of the year. After the quarter, we exercised our to increase our ownership in Casa Ronis to 70%, further enhancing our presence in the region and strengthening our overall copper dominant portfolio of high quality base metal mines. We had a very strong financial performance this quarter with the increase in commodity prices and generated 4 $61,000,000 in adjusted EBITDA and $338,000,000 in free cash flow from operations.

Speaker 1

This quarter, we announced our regular quarterly dividend of CAD0.09 per share, which makes up part of the annualized dividend of CAD0.36 per share. In addition, we released our annual 2023 sustainability report that highlights the company's material, environmental, health and safety, governance and social performance during the year. We are committed to the responsible production of critical minerals and believe that mining can be a platform for sustainable development. I will now hand the call over to Nathan Monash, our VP of Sustainability to talk about the highlights from the report before going into the results of the quarter.

Speaker 2

Thank you, Jack.

Speaker 3

Earlier this month, we published our 2023 Annual Sustainability Report, which reports on our efforts over the last year to address material sustainability topics and further integrate our sustainability strategy into Lundy Mining's plans for growth. Sustainability is key to who we are as a company, and this report highlights our commitment to creating shared value. As many of our long term shareholders are aware, Uni Mining has been reporting on our sustainability performance in a standalone document since 2010, demonstrating our commitment to transparency and responsible mining. We are proud to highlight that we achieved the Copper Mark Certification at Candelaria and continued to reduce our greenhouse gas emissions through new power purchase agreements from renewable resources. We continue to make progress on our decarbonization plans and to achieve our goal of a 35% reduction by 2,030 versus our 2019 baseline.

Speaker 3

We also continue to work with Host Communities 2023 to address common objectives in education, health, culture and economic development. Our investments in 2023 totaled approximately $6,100,000 For a complete list of highlights, I would encourage everyone to go through the report that can be found on our website under the Sustainability section. I will now pass the call over to Juan Andres, our Chief Operating Officer, to talk about our production results.

Speaker 2

Thank you, Nathan, and good morning, everyone. The company is tracking to budget and production guidance on a consolidated basis for copper, gold and zinc. As mentioned earlier, copper production will be second half of the year weighted, primarily driven by grade profiles at Candelaria, Chapada and Neves Corvo. Copper production for the company was 80,000 tons for the quarter and 168,000 tons for the first half of the year. Gold production for the quarter totaled approximately 32,000 ounces.

Speaker 2

As mentioned earlier, grade profiles at Candelaria and Chapada will contribute to a stronger second half of the year for gold production. At Candelaria, production was 31,000 pounds of copper and 17,000 ounces of gold. Production during the quarter was impacted by mining grades, which limited access to higher grade ore from Phase 11 in the open pit. Mining rates were slower than anticipated due to interference with historic underground mining stopes in Phase 11. This delay pushed higher grade ore into the Q3.

Speaker 2

We expect production at Candelaria to be approximately 60 weighted to the back half of the year, where grades will improve to 0.7% to 0.9% copper. We have started to see some of these grades come through the mill in July already. Production at Candelaria is tracking to budget and still on target to meet guidance for the year. Caserones produced 30,000 tons of copper this quarter. Higher than anticipated grades were partially offset by lower throughput and recovers in the mill.

Speaker 2

Caserones has experienced a challenging winter this year. Prolonged snowstorms limited tailings deposition for several days, which restricted mill throughput, while unscheduled maintenance events impacted mill availability. Casa Dones copper guidance has been increased to 124,000 to 135,000 tons of copper for the year, reflecting production results from the first half of the year. As mentioned earlier, guidance at Eagle has been reduced, which offsets the increase at Caserones and overall consolidated copper guidance remains unchanged. During the quarter, Chapada produced 9,000 tons of copper and 15,000 ounces of gold.

Speaker 2

Lower recoveries from additional stockpile feed and unplanned downtime to repair a conveyor belt impacted production during the quarter. We plan grades and throughput to pick up in the second half of the year. Included in other copper production is Neves Korvo, which produced 7,000 tonnes Zinkgruven, which produced 700 tonnes and Eagle that generated 1600 tonnes of copper for the quarter. Neves Corvo copper production is expected to be on the lower end of the guidance range for the year. Zinc production improved over the last quarter to 47,000 tonnes and we expect it to improve further in Q3 and Q4.

Speaker 2

Neves Corvo zinc production was 26,000 tons. At Neves Corvo, lower grades were realized due to change in mining sequencing. Higher grades from Lumbetter South were replaced with lower grades from Nevesd South. Mining grades in Lombardo South were impacted from additional backfill and development work. We expect these to improve in the next quarter.

Speaker 2

During the quarter, Zincgruent produced 22,000 tons of zinc, which was in line with the budget, an improvement over the Q1. We expect zinc grades to improve slightly over the remainder of the year. Nickel production was 1700 tons. During the quarter, a fall of ground in the lower ramp limited production from Eagle East. Additional ramp rehabilitation work was required, which impacted access to the Eagle East and reduced mining rates.

Speaker 2

It is expected that the mine will now produce 7000 to 9000 tons of nickel for the year and 5000 to 7000 tons of copper. Operationally, our assets are tracking to guidance with the exception of Eagle. We anticipate higher grades in the second half of the year along with reduced maintenance and weather interruptions, all of which will allow us to meet our annual guidance goals. I will now turn the call over to Teitur to provide a summary on our financial results.

Speaker 4

Thank you, Juan Andreas, and good morning, everybody. Higher commodity prices in the second quarter led to improved margins, and we had a record revenue in the Q2 of $1,100,000,000 Our revenue remains highly leveraged to copper, with the metal generating 74 percent of the revenue mix. Zinc and gold contributed 9% and 5% respectively and nickel contributed 3%. Our South American assets contributed approximately 76% of revenue and represent a key area of growth for the company. Candelaria and Casa Roni contributed 34% 31%, respectively, for a combined 65%.

Speaker 4

Now looking at volumes sold and realized pricing. During the period, we sold 79,000 tons of copper at a realized price of $4.79 per pound of copper and 39,000 tonnes of zinc at a realized price of $1.49 per pound. As we discussed last quarter, we hedged a portion of the copper production in May to lock in a pricing floor. During the quarter, the company settled hedges on 21,500 tons of copper with a pricing floor of 4.10 per pound and a price in ceiling of 4.52 per pound. And given the average copper price during May, the hedge resulted in a marginal loss of $3,500,000 Revenue increased quarter over quarter, largely driven by commodity pricing and provisional pricing impacts with provisional pricing adjustments from prior periods leading to a positive impact of $95,000,000 during the quarter.

Speaker 4

Approximately 78,800 tons of copper were provisionally priced at $4.34 per pound at the end of Q2 and remain open for final pricing adjustments, as did 17,900 tons of zinc at $1.31 and 2.55 tons of nickel at 7.75 dollars per pound. Production costs have been stable across our asset base this year. In Q2, total costs were $606,000,000 which is in line with previous quarters. Production cost increases from the previous quarter of around $40,000,000 are mainly due to higher mining costs at Candelaria and maintenance costs at Casa Roni and Chapada. As shown on the charts to the right, our unit costs are trending in line with our absolute production costs.

Speaker 4

With our annual production profile being second half weighted, we are on track to meeting our unit cash cost guidance at all sites with the exception of Eagle, which has been revised upward to $3.20 to $3.40 per pound nickel. Total capital expenditure including sustaining and expansionary CapEx was $255,000,000 for the quarter and $524,000,000 for the first half of the year, with our guidance for the full year now revised downward to $1,020,000,000 dollars reflecting our $45,000,000 reduction in guidance. The revised guidance mainly relates to reduced CapEx spending on Casa Ronne, Nevis and Zinkgruvan. At Cosumeria, we spent $87,000,000 during the Q2 and have spent $143,000,000 for the first half of the year versus a full year guidance of $225,000,000 The cutoff expenditure in the 2nd quarter primarily related to field activities for the water program, geotechnical studies and road maintenance works and payment of long lead items. Our key financial metrics for the 2nd quarter are presented on Slide 17.

Speaker 4

We generated adjusted EBITDA of $461,000,000 and adjusted operating cash flow was $370,000,000 dollars Our earnings per share attributable to Lundy Mining shareholders amounted to $0.16 Our operating cash flow amounted to 4.90 $2,000,000 and benefited from a release of working capital of $122,000,000 during the quarter, which was expected due to the change in payment terms from some of the sales contracts as we mentioned last quarter. Our adjusted operating cash flow, which excludes movement in working capital, amounted to SEK 370,000,000 as previously mentioned. Free cash flow from operations was SEK 338,000,000 during the Q2, demonstrating improved margins and lower sustaining capital investments. For the 1st 6 months of the year, our producing assets have generated in excess of $400,000,000 of free cash flow. Our adjusted earnings attributable to shareholders amounted to $122,000,000 during the 2nd quarter and represent 170% increase on the same metric for the Q1 of the year.

Speaker 4

Our balance sheet remains strong with net debt position at the end of the quarter of just below $900,000,000 excluding capital leases, resulting in a leverage ratio of 0.5x based on the last 12 months adjusted EBITDA. Subsequent to the quarter, we drew down an additional SEK350,000,000 to pay for the Casa Roni 19% call option consideration. Our liquidity position remains strong with our revolving credit facility having availability of close to SEK 1,500,000,000 as of the end of the second quarter. So all in all, the company remains in good financial health with cost levels and sustaining capital investment levels both trending favorably and coupled with robust commodity prices has resulted in a strong financial performance for the quarter. I'll now turn the call back to Jack to talk about our near term growth opportunities and exploration.

Speaker 1

Thank you, Teitur. At the end of the quarter, we exercised our option to increase our ownership at Casaonis by an additional 19%, which will add approximately 25,000 tonnes of attributable copper to the company's production profile, securing additional copper production at an attractive acquisition price of approximately $14,000 per tonne. The call option exercise was paid for in cash and consisted of a payment of $350,000,000 that was initially funded from Lundin Mining's revolving credit facility with the intention to refinance this amount by increasing the current $800,000,000 term loan to $1,150,000,000 dollars Exercising our option early provides significant benefits to both parties. We secure additional copper production at an attractive acquisition price, while our partners receive an upfront payment and retain a meaningful 30% equity position in Casa Ronis. This strategic move underscores our commitment to disciplined and scalable copper growth.

Speaker 1

Now touching on exploration. At Candelaria, exploration efforts continue with over 8,300 meters of drilling now completed and that's been that's 8,300 meters of overall 18,000 meter program. Much of this work is focusing on growing the and upgrading the Candelaria underground resources where we have demonstrated success in the past. In addition, some efforts are directed at extending the La Espanola deposit. Drilling activity at Casa Ronas continues and is on track to complete 13,000 meter drill program, the most significant that asset has had in years.

Speaker 1

At the moment, drilling is paused for the winter season. At Chapada, drilling is primarily focused on near mine opportunities and at the Saova discovery. Further drilling at Saova kicked off in the Q2. The plan includes drilling 16,000 meters this year. Initial results show Saova mineralization continuing at depth with grades that would permit underground mining.

Speaker 1

The system is still open at depth and we will continue to explore in this area. Exploration efforts continue at Zinkgruven with over 23,600 meters of drilling now completed as part of the overall 55,000 meter drilling program. Primary focus remains on increasing mineral resources at the Borte Barcomb and Dalby ore bodies to the west and the Burkland and Niegroven ore bodies to the east. Financially, we had a strong quarter driven by higher commodity prices that led to record quarterly revenue for the company and operating free cash flow of 338000000 Our team continues to focus on business improvements and optimizing our assets to deliver results. As mentioned earlier, our production is back half of the year weighted.

Speaker 1

On a consolidated basis, we are tracking to full year guidance on copper, zinc and gold. There are a number of catalysts on the rise that will help drive shareholder value including the optimization work where we are conducting at Candelaria and Casarones. This includes looking at the underground expansion project at Candelaria, where we hope to give a market update on these initiatives by the end of the year. It is a very exciting time for the company. As announced on Monday, the joint acquisition of Filo with BHP and the subsequent formation of a joint venture that will hold the Filo del Sol project and the Jose Maria project, which represents a compelling opportunity for Lundin Mining shareholders.

Speaker 1

This will be a transformational transaction for Lundin Mining, the creation of a long term partnership between both Lundin Mining and BHP to jointly develop the Vicuna District in Argentina will unlock significant value and is consistent with our strategy of becoming a top tier copper producer. To close out our call, the team at Lundin Mining has worked hard in the first half of the year, putting us in a position to have a strong 3rd Q4 and we will maintain our focus as we enter the second half of this year. I would now like to open the call for questions. Thank you.

Operator

Our first question comes from Ioannis Masvoulis from Morgan Stanley. Please go ahead.

Speaker 5

Yes. Good morning, Jack and team. Thank you very much for the presentation. First question is on Candelaria and the QJIP expansion option. Can you give us an update on the timing of a decision and possible CapEx implications?

Speaker 5

And how does it actually fit into your growth aspirations in light of the JV with BHP? Thank you.

Speaker 1

Hi, Jonas. Thanks for the question. The Candelaria underground expansion project is currently undergoing design and presentation today. We're assessing kind of an optimized plan and anticipate we'll be in a position to update the market towards the end of this year. But I would say that it continues to be in terms of capital allocation something that we would like to prioritize and showing promising early stage results from where we're at in the study.

Operator

Our next question comes from Martin Pradier from Veritas Investment Research. Please go ahead.

Speaker 6

Thank you. I just have a question on the Jose Maria. You booked $50,000,000 in earnings, reduced taxes out of the $122,000,000 reported. Could you provide more color on Jose Maria income?

Speaker 4

Hi, Martin. Good morning. It's Teitur here. Yes, this relates to a reverse of a tax expense that we incurred in the Q4 when the Argentinian currency was devalued significantly. Our tax balances in Argentina are booked in local currencies.

Speaker 4

So when the currency devalued, obviously, the recovery of that in dollar terms is reduced significantly. But there is inflation adjustments on the tax balances we have in Argentina. And this is essentially reversing the charge we had in Q4 with now inflation adjusting to tax to local currency tax balances we have in Argentina, which essentially as I said, reversed that $50,000,000 tax charge you had in Q4 and now we are reversing that back to 0 effectively into Q2 this year, so reflecting a tax receipt of a non cash tax receipt of $50,000,000 in the second quarter.

Operator

Our next question comes from Stefan Ioannou from Cormark Securities in the Philippines. Please go ahead.

Speaker 7

Thanks very much guys. Just a quick maybe housekeeping question. Just looking to Casaroni's and the reiterated cash cost guidance. Can you just remind us, because I remember there was talk of some labor negotiations through the summer with various parties. Can you just remind us where we're at with that and how that maybe is reflected in your cost guidance?

Speaker 1

Yes, sure. And I'll hand it over to Juan Andres to give an update on that the status.

Speaker 2

Yes. Good morning, Stefan. This is Juan Andres. We have 3 unions in Casa Rones. We have already closed the first negotiation in Q1.

Speaker 2

And as we speak, we're in the final stage of the second negotiation with the second union. We expect to close that in the next couple of weeks.

Speaker 4

And I can maybe add like the in our guidance, we have made an allowance and an assumption on what these outcomes are going to yield. So it should already be embedded in the guidance we have given.

Operator

Our next question comes from Edward Goldsmith from Dutch Bank. Please go ahead.

Speaker 8

Hi, Jack and team. Thank you for the presentation. Two questions from my side. Firstly, on the optimization plan and the synergies between your Chilean assets, Can you give us an idea of what has been achieved to date and the future synergy potential?

Speaker 1

Yes, sure. Juan Andres, maybe you can comment on the full potential work that we've got ongoing at Candelaria and Casarones.

Speaker 2

Yes. As Jack mentioned during the presentation, we have started what we call the full potential initiative in actually 3 of our sites. We started with Chapada in 2023 and later in the year, we started the same exercise in Caserones and Candelaria. We have seen very good results and some of the reductions in the C1 that you're seeing are somehow attributed to that work that is being done. We plan to update the market on a more broader view by the end of the year.

Speaker 2

But so far, we're moving forward with the implementation of several initiatives. And regarding your question on synergies between Candelaria and Casa Dones, we have already established what we call the regional support function unit, basically a shared services unit. And that unit is already working on joint bidding processes and we have seen very good results from those processes already.

Operator

Next question comes from Daniel Major from UBS. Please go ahead.

Speaker 9

Hello. Can you hear me okay?

Speaker 4

Yes. Yes.

Speaker 9

Great. Thanks. A couple of questions and apologies if anything has already been answered. I was a bit late joining. First question is on the CapEx outlook, specifically with respect to Argentina, your guidance 225,000,000 dollars for this year.

Speaker 9

Can you give us any steer on how you would expect that number on a attributable basis to trend for Lundin in 2025 post the formation of the JV on the basis 2025 is essentially going to be sort of formulating studies, etcetera. But yes, can you give us any steer on where that number would likely land next year?

Speaker 1

At the moment, we're working on completing the program that we set out in 2024. So the Jose Maria project team still has a number of initiatives that they need to work through as we look to close the deal and form the joint venture. And as mentioned on the call yesterday, we're going to be focusing on kind of releasing an updated budget for the year towards the end of this year. But the first half of twenty twenty five, we'll be able to provide a lot more clarity on work plan studies and kind of the path forward once both assets are held together in the joint venture. But there's still a lot of work to be done on Jose Maria.

Speaker 1

We continue to work through various items, de risking, looking at trade off studies at the asset as a standalone and then also looking at hydro geology models and water field programs as well. So we'll continue on that and we'll update the market closer towards the end of this year.

Operator

Our next question comes from Ioannis Masvoulis from Morgan Stanley. Please go ahead.

Speaker 5

Yes. Hi. So just a follow-up on the JV structure announced yesterday. In the past, you had indicated that a partnership at Josemaria level could involve a mining company and potentially another partner such as smelting group. Is there a possibility for this to now materialize at the new JV that you have set up with BHP?

Speaker 5

Or is that not really something you're contemplating?

Speaker 1

Hey, Ioannis, Thanks for the question. At the moment, right now, we're really focused on forming this JV and having a fifty-fifty JV structure. In the future at a later date, should the partners decide that we'd like to bring in a 3rd partner, we can do so at that time. I think at the moment right now, we're contemplating working just BHP and Lundin Mining on driving these projects forward. But we do keep the optionality open for the future.

Speaker 1

But right now a lot of work needs to be done to formulate the JV as described in the transaction announcement on Monday.

Operator

Next question comes from Orest Wowkodaw from Scotiabank. Please go ahead.

Speaker 10

Hi, good morning. Another question about the announcement from Monday evening with respect to the JV with BHP. I'm just wondering, obviously, we have not seen any kind of updated technical report on Josemaria. So I'm trying to understand what the value, the $690,000,000 that BHP is paying for the 50% stake effectively in Jose Maria. Does that reflect like can we read into that in terms of an implied NAV value for what Jose Maria is actually worth from an NPV perspective?

Speaker 10

And I'm just wondering also like at what copper price does that assume?

Speaker 1

Yes. Hi, Orest. The $690,000,000 consideration for Jose Maria is BHP's valuation on what they anticipate and what they think bringing both assets together will cost and us bending in Jose Maria to really form this joint venture that contains both the Jose Maria project and Filo del Sol, that was the valuation that we were able to negotiate. So they have their internal models. We have our internal models on what we believe the value is of Jose Maria, but now we get to look at both assets coming together and really scaling up this development plan.

Speaker 1

So that's all I can comment on their valuation for now.

Operator

Next question comes from Edward Goldsmith from Deutsche Bank. Please go ahead.

Speaker 8

Hi. Just getting back to the Jose Maria transaction, can you talk us through the potential adjustments to the €690,000,000 payment from BHP?

Speaker 4

Well, we have agreed with BHP that we are funding the work program on Josemaria for the remainder of this year. And depending on what actual expenditure is incurred to the end of the year, there might be an upward or downward adjustment on the $690,000,000 payment. And from 2025 onward, we are paying fifty-fifty on capital expenditure. And again, if the deal hasn't closed by year end, then there will be a further adjustment on 2025 expenditure as and when the deal closes in 2025 to reflect fifty-fifty funding structure on January 1st.

Operator

Next question comes from Ioannis Masvoulas from Morgan Stanley. Please go ahead.

Speaker 5

Hi, there. Sorry, just one last question from my side. Just on Eagle, so you flagged the challenges in the second quarter and you have already revised guidance lower for the rest of this year. Assuming the ramp rehabilitation completes by the end of 2024, do you see the 2025, 2026 production guidance at Eagle as achievable? Or are there downside risks given where you are with this asset today?

Speaker 1

Yes, I'll let Juan Andres answer that. But I think we're trending towards being able to recoup those lost tonnages through the fall of ground. So we anticipate we'll be able to get back ramped up. But Juan Andres, you can comment better than I can as you were just at site.

Speaker 2

Sure. Thank you, Jack. Ionis, we plan to finish the rehab work by the end of Q3, beginning of Q4. So we expect to get back to full adjusted the guidance for 2024 and we don't see an impact on 2025 yet.

Operator

Next question comes from Orest Wowkodaw from Scotiabank. Please go ahead.

Speaker 10

Hi, Jack. Just to clarify, sorry, your last comments about my first question. Does the $6.90 paid by BHP, does that assume a value solely for Jose Maria? Or does that also include, call it some value of putting Filo De Sol together with the asset? I'm just trying to understand sort of what the valuation of Jose Maria could be?

Speaker 1

Yes, Orest, that's their consideration for 50% of Jose Maria. So their consideration for us for them taking over 50% of Josemaria as we've ended into the joint venture.

Operator

Next question comes from Martin Pradiere from Viridis Investment Research. Please go ahead.

Speaker 6

Yes, thank you. I just want to understand the Jose Maria mill key parts have been ordered. So I'm assuming that the size of the mill is set. If that is correct, how fast could the mill be in production?

Speaker 1

Thank you for your question. So yes, that is correct. We do have some long lead items and some large scale fixed equipment like the Ball and SAG Mills and the Mill Motors for Jose Maria that has already been purchased and is now in storage in San Juan. These are large scale mills and so therefore we do anticipate that when the time is right to go into development we'll be able to utilize this equipment. But again, we still have a lot of development avenues and opportunities to look through.

Speaker 1

And so once we've done our studies and done our integration of both assets, then we'll be able to better define the execution strategy for Phase 1 of this district development.

Speaker 6

Okay, thanks.

Operator

There are no further questions at this time. I'd now like to turn the call back over to Jack for final closing comments. Please go ahead.

Speaker 1

Thank you everyone for joining the call. We appreciate that it's been a busy week for Lundin Mining, but a very exciting one nonetheless. And we remain on track to meet our guidance and we'll be focusing on continuing our operational performance throughout the end of this year and in parallel looking at closing this exciting transaction that we've announced. So appreciate the support and thank you for all the questions.

Operator

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Thank you.

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Earnings Conference Call
Lundin Mining Q2 2024
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