Lundin Mining cuts copper outlook as Chile storms strike again

Canadian mining company Lundin Mining has reduced its 2026 copper production forecast due to consecutive severe storms in Chile’s Atacama region. The company's Caserones operation, a key copper mine, saw its full-year copper guidance lowered from 130,000-140,000 tonnes to 120,000-130,000 tonnes. Lundin Mining's president and CEO, Jack Lundin, explained that a second storm disrupted the recovery efforts from an earlier power outage, resulting in additional unplanned downtime.

The company's overall copper production outlook for 2026 has also been adjusted, with an expected range of 300,000-325,000 tonnes and cash costs now forecast to be $1.95-$2.15 per pound, up from the previous range of $1.95-$2.15 per pound. The storms, which began on August 13, brought heavy rain at lower elevations and heavy snow and strong winds at higher altitudes in the Andes.

The latest storm caused another power outage at Caserones on August 14 after damaging a transmission tower that had already been affected by the earlier storm. This has extended the recovery period, requiring Lundin to repair infrastructure and reopen access routes before the mine can return to normal operations.