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Price · 1Y
$25.52
Thesis
Lundin Mining is a diversified, copper-weighted base-metals producer with operations across the Americas, increasingly focused on copper through acquisitions (Caserones) and the Vicuña district JV with BHP. It offers copper-deficit exposure with more commodity and geographic diversification than a single-mine pure-play.
The investment case is leverage to copper with a diversified, mid-tier producer. Risks: multi-jurisdiction operating and political risk (Chile, Brazil, Argentina), integration and capital-allocation execution, and base-metal price cyclicality.
Catalysts
- Copper price and demand outlook
- Vicuña (Argentina) district development with BHP
- Operating performance across the portfolio
- Portfolio simplification toward copper