Lundin Mining Corp. (LUN.TO: Quote) Wednesday reported first-quarter net income of $58.3 million or $0.10 per share, lower than $71.2 million or $0.12 per share in the prior-year quarter.
Sales for the quarter edged up to $212.8 million from $211.5 million in the same quarter last year.
Operating earnings, sales, less operating costs and general and administration costs, for the quarter decreased to $105.4 million from $118.4 million last year.
Capital expenditures for 2012 are expected to be $410 million, an increase of $40 million over previous guidance primarily as a result of a revision in accounting policy.
The company also noted that Joao Carrelo will be stepping down from his role as Executive Vice-President and Chief Operating Officer, effective June 30, 2012 to pursue other personal interests. Michael Hulmes has joined the Company as General Manager at Neves-Corvo.
by RTT Staff Writer
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