Investing.com -- Lundin Mining stock rose 2.9% to reach 279.5 SEK as the company hosted its 2026 Capital Markets Day, during which the executive management team laid out a sweeping growth strategy aimed at transforming the company into one of the world’s top-ten copper producers.
The presentation, which ran from 9:00 AM to 12:00 PM ET, set ambitious targets of more than 500,000 tonnes of annual copper production and 550,000 ounces of gold — a significant step up from the company’s current output levels.
Lundin also guided to 2026 revenue of about $4.5 billion, adjusted EBITDA of $1.7 billion and adjusted free cash flow of $1.2 billion, based on copper at $5.50/lb and gold at $4,000/oz. The EBITDA figure came in well below the $2.6 billion consensus estimate, though free cash flow guidance was broadly in line with the $1.3 billion expected.
Longer-term, the company guided to cumulative EBITDA of $13.2 billion and free cash flow of $8.2 billion for 2026-2030, stepping up to $22.3 billion and $15.5 billion respectively for 2031-2035.
A central pillar of the growth narrative was the Vicuña Project, in which Lundin Mining holds a 50% interest and which encompasses the Filo del Sol and Josemaria deposits on the Argentina-Chile border.
Management described the asset as a potential Tier 1 mine capable of ranking among the top five copper, gold, and silver operations globally once in production, with a project sanctioning decision expected before year-end.
The company also reaffirmed its commitment to shareholder returns, targeting $220 million in annual distributions through dividends and buybacks, and presented a 2026 adjusted EBITDA forecast of $2.3 billion.
The stock’s advance came despite a mixed session in broader equity markets, with technology-heavy indices under pressure while value-oriented segments held up better. Sector peers in the base metals mining space — including First Quantum Minerals, Capstone Copper, and Hudbay Minerals — also moved higher on the day, reflecting a constructive backdrop for copper-focused producers amid ongoing electrification and infrastructure demand themes.
Taken together, the clarity and scale of the strategic vision presented at today’s Capital Markets Day served as the dominant catalyst for the session’s gains. With the Vicuña sanctioning decision on the horizon and a well-defined path toward top-tier copper production, investors responded positively to management’s confidence in the company’s next phase of growth.
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