Lundin Mining, a Canadian copper and gold producer, reported US$1.109 billion in revenue for July to September 2026 and said its giant Vicuña project in Argentina is moving toward a construction decision. The company released the results after the market closed on Wednesday 4 November 2026.
For US readers, the numbers show how far copper prices have lifted miners that supply the wires, grids and data centres of American electrification. Vicuña sits in San Juan province in the Argentine Andes, where our own report on US financing for Argentine energy and mining tracks the wider push for critical minerals.
What Happened
Lundin said it earned a record realised copper price of US$6.85 per pound in the quarter, and a gold price of US$4,321 per ounce. It produced 62,610 tonnes of copper and 36,763 ounces of gold from its mines in Brazil and Chile.
Net earnings attributable to shareholders were US$228.9 million, or US$0.27 per share. Adjusted earnings, which strip out one-off items, were US$276.5 million, or US$0.32 per share.
Cash from operations reached US$531.6 million, and free cash flow from operations was US$418 million. The company ended September with net cash of US$237 million, which means it held more cash than debt.
Four Quarters Above US$1 Billion
This was Lundin’s fourth straight quarter with revenue above US$1 billion. Chief executive Jack Lundin said the year-to-date adjusted EBITDA of US$1.9 billion and free cash flow of US$1.2 billion already exceed the totals for all of 2025.
He said the company expects another record-beating year. Net cash was about US$200 million on 4 November, according to the release.
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Why Vicuña Matters
Vicuña is a copper, gold and silver district on the Argentina-Chile border that Lundin owns equally with BHP, the Australian mining giant whose shares also trade in New York. In the quarter it secured a long-term agreement with the government of San Juan province, plus approval to build a high-voltage power line to the national grid.
Under the provincial deal, Vicuña will pay 1.5% of gross revenue into an infrastructure trust for the life of the mine. It also commits US$250 million to the trust, of which Lundin’s share is US$125 million, and gets a five-year pause on payments from first production.
The province agreed to cap its mining royalty at 3% of gross revenue for the life of the mine. In June 2026 the project also won a special status under Argentina’s RIGI, a regime of tax and currency guarantees for very large investments.
A salt flat in Argentina’s Andean highlands, where mining projects are concentrated. File photo: Rio Times archive.Storms Hit Chile Output
Not everything went to plan: severe winter weather and the Super El Niño season, a strong warm-water climate pattern, slowed open-pit mining at Caserones, its copper mine in Chile. Lundin cut its 2026 Caserones copper guidance to 105,000 to 115,000 tonnes from 120,000 to 130,000 tonnes.
Company-wide copper guidance is now 285,000 to 310,000 tonnes at a cash cost of US$1.95 to US$2.15 per pound. Management calls the lost output deferred, not lost, and expects a recovery through 2027.
What This Means for US Investors and Buyers
Lundin trades in Toronto and Stockholm, so US investors reach it mainly through those listings or through BHP, its Vicuña partner. A record copper price lifts earnings, but it also shows how exposed miners are to weather and to one commodity.
For US manufacturers and utilities, Vicuña is a project to watch, although a construction decision is still pending. Nothing here is investment advice.
What Is Not Known
Lundin has not confirmed a final investment decision on Vicuña. It says a sanctioning decision could come as early as the end of 2026, once a cost estimate for Stage 1, the first construction phase, a construction schedule and the financing structure are complete.
The size of that cost estimate is not yet public. It is also unclear how fast Caserones will recover from the storms and the snowmelt.
More: Argentina news in English, every day from The Rio Times.
Frequently Asked Questions
What Is Vicuña?
Vicuña is a large copper, gold and silver district in San Juan, Argentina, and across the border in Chile. It is owned 50/50 by Lundin Mining and BHP.
Has Vicuña Been Approved for Construction?
Not yet. Lundin says a decision could come as early as the end of 2026.
How Much Copper Did Lundin Produce?
Lundin produced 62,610 tonnes of copper in the third quarter of 2026. It now expects 285,000 to 310,000 tonnes for the full year.
Why Did Lundin Cut Its Copper Forecast?
Severe winter storms and snowmelt cut output at its Caserones mine in Chile. The company says the tonnes are deferred, not lost.
Sources: Lundin Mining Corporation, third quarter 2026 results release, 4 November 2026.
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