Lundin Mining, $6.23, symbol LUN on Toronto (Shares outstanding: 585.8 million; Market cap: $3.7 billion; www.lundinmining.com), is a diversified Canadian base metals miner with operations in Portugal, Sweden and Spain. It also expects to start production at its $400-million Eagle East nickel/copper mine in Michigan by the end of this year.
In addition, Lundin owns 24% of two operations: the Tenke Fungurume copper/cobalt mine in the Democratic Republic of Congo and Freeport Cobalt Oy, which includes a cobalt refinery in Kokkola, Finland.
In the three months ended March 31, 2014, Lundin’s revenue declined 20.4%, to $149.9 million from $188.3 million a year earlier (all figures except share price and market cap in U.S. dollars). Cash flow per share fell to $0.05 from $0.09. The decreases mostly resulted from lower metal prices.
The company holds cash of $102.2 million, or $0.17 a share. Its debt of $247.2 million is a low 6.7% of its $3.7-billion market cap.
Lundin’s interest in the Tenke Fungurume mine in…
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