Lundin Mining lowers 2026 copper outlook after second Chile storm
Canadian miner Lundin Mining said on Wednesday it had lowered its 2026 copper production forecast after a second severe winter storm hit its operations in Chile's Atacama region, delaying the company's recovery from a previous weather-related power outage.
The storm, which began on August 13, brought heavy rainfall at lower elevations, along with unusually heavy snowfall and high winds at higher altitudes.
A second power outage at Caserones on August 14 was caused by severe winds and heavy snowfall that re-damaged a transmission tower already affected by an earlier storm, the company said. A first outage knocked out power at the site from July 18 to July 30.
The Canadian copper miner cut its full-year copper production outlook for its Caserones mine to between 120000 tons 130000 tons from 130000 tons to 140000 tons originally, while raising its cash cost forecast to between $2.15/lb and $2.35/lb from $2.05/lb to $2.25/lb originally.
The consolidated company-wide copper production forecast was reduced to between 300000 tons and 325000 tons, with cash costs now expected to be at between $1.95/lb and $2.15/lb.
