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Canadian diversified base-metals miner producing copper, zinc and gold from mines in Chile, Brazil, Portugal, Sweden and Argentina.
Canadian diversified base-metals miner producing copper, zinc and gold from mines in Chile, Brazil, Portugal, Sweden and Argentina.
Sells copper and zinc concentrates, with some gold, to smelters at prices set off London Metal Exchange benchmarks less processing charges, so its mine mix decides what it earns. It agreed in 2024 to sell its Portuguese and Swedish zinc mines to Boliden to focus on copper, and with BHP it is developing the Vicuna copper district in the Andes.
In one line: A diversified Canadian peer to Hudbay Minerals.
Moat: narrow (scale, installed base). Geographically diversified portfolio of established mines reduces single-jurisdiction risk versus smaller peers.
Headquarters: Toronto, Canada · Founded: 1994 · Employees: 13,574
Size Lundin Mining (LUN.TO) is a Canada Materials company (Other Metals/Minerals) with a market value of $18.1B, the 47th largest of 420 Canada companies the cockpit tracks. Shares closed at C$29.59 on 6 Nov 2026.
Performance Over six months the shares fell 18.0%, against -19.7% for the median peer and +5.2% for the Canada market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 28.7% over the last twelve months (peer median +24.9%); the operating margin is 36.1% (peer median 16.0%).
Valuation It trades at 14.1× forward earnings against a peer median of 11.9× (8th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.1 points below its cost of capital (13.7% WACC).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$5.88B | C$5.23B | C$4.47B | C$3.81B | C$4.04B |
| Revenue growth | — | +17% | +17% | -6% | — |
| Gross profit | C$2.20B | C$1.44B | C$1.19B | C$834M | C$864M |
| EBITDA | C$2.96B | C$2.23B | C$1.92B | C$1.44B | C$1.53B |
| Net income | C$2.09B | C$1.79B | -C$279M | C$326M | C$556M |
| Free cash flow | C$1.40B | C$846M | C$863M | C$152M | C$55.0M |
| Capital expenditure | C$1.01B | C$957M | C$1.08B | C$1.16B | C$1.10B |
| Total debt | C$551M | C$616M | C$2.89B | C$1.96B | C$267M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Lundin Mining LUN.TO | $18.1B | -18% | +29% | 36% | 14.1× | 15.2% |
| First Quantum Minerals FM.TO | $19.5B | -1% | +28% | 23% | 15.2× | n/a |
| Hudbay Minerals HBM.TO | $9.35B | -10% | +13% | 32% | 12.0× | 18.1% |
| Antofagasta ANTO.L | $41.3B | -21% | +20% | 44% | 20.8× | 17.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LUN.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.8% | -14.9% | 10th highest of 21 |
| 6-month return | -18.0% | -19.7% | 10th highest of 21 |
| Distance from 52-week high | -35.3% | -39.0% | 10th highest of 21 |
| Revenue growth (TTM) | +28.7% | +24.9% | 9th highest of 21 |
| Operating margin | 36.1% | 16.0% | 3rd highest of 21 |
| Forward P/E | 14.1× | 11.9× | 8th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 15.2% | 5.5% | 5th most demanding of 13 |
| Growth delivered (Del g) | +13.9% | +11.2% | 5th highest of 13 |
| Hurdle (Req g minus delivered) | +1.4 pp | -2.1 pp | 5th most demanding of 13 |
| ROIC minus cost of capital | -1.1 pp | +4.1 pp | 7th lowest of 21 |
| EV / EBITDA | 9.2× | 8.5× | 7th most expensive of 15 |
| Net debt / EBITDA | 0.1× | 0.6× | 4th least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Lundin Mining LUN.TO | Canada | $18.1B | -18% | +29% | 36% | 14.1× | 15.2% | +13.9% |
| China National Uranium 001280.SZ | China | $17.9B | -29% | +15% | 14% | 47.7× | n/a | n/a |
| First Quantum Minerals FM.TO | Canada | $19.5B | -1% | +28% | 23% | 15.2× | n/a | n/a |
| JX Advanced Metals 5016.T | Japan | $14.6B | -49% | +30% | 11% | 12.7× | 22.2% | -18.6% |
| Boliden BOL.ST | Sweden | $14.6B | -4% | +23% | 16% | 11.3× | 0.6% | +10.7% |
| Korea Zinc 010130.KS | South Korea | $14.4B | -39% | +53% | 8% | 16.2× | n/a | n/a |
| Hindalco Industries HINDALCO.NS | India | $22.7B | -9% | +20% | 11% | 8.6× | n/a | n/a |
| Jiangxi Copper 0358.HK | Hong Kong | $14.3B | -36% | +22% | 4% | 4.7× | n/a | n/a |
| KGHM Polska Miedz KGH.WA | Poland | $14.1B | -27% | +27% | 20% | 6.4× | 1.6% | +9.2% |
| Carpenter Technology CRS | United States | $13.8B | -35% | +10% | 23% | 20.0× | 17.4% | +16.2% |
| South32 S32.AX | Australia | $13.7B | -1% | -4% | 15% | 12.7× | 6.3% | +3.2% |
| ATI ATI | United States | $23.9B | +11% | +9% | 18% | 28.0× | 20.6% | +9.0% |
| China Tungsten & Hightech Materials 000657.SZ | China | $13.2B | -34% | +66% | 16% | 21.0× | n/a | n/a |
| Sumitomo Metal Mining 5713.T | Japan | $13.2B | -19% | +22% | 14% | 8.1× | 8.5% | +13.5% |
| Hindustan Zinc HINDZINC.NS | India | $25.4B | -11% | +57% | 51% | 11.8× | 1.4% | +11.7% |
| MMG 1208.HK | Hong Kong | $11.2B | -27% | +48% | 43% | 6.3× | -11.3% | +15.6% |
| Teck Resources TECK-B.TO | Canada | $29.9B | +3% | +44% | 34% | 16.2× | 4.6% | +3.7% |
| Western Mining 601168.SS | China | $9.85B | -7% | +18% | 17% | 8.2× | -5.6% | +16.5% |
| Tongling Nonferrous Metals 000630.SZ | China | $9.83B | -20% | +46% | 6% | 10.5× | n/a | n/a |
| Hudbay Minerals HBM.TO | Canada | $9.35B | -10% | +13% | 32% | 12.0× | 18.1% | +15.8% |
| Zhejiang Huayou Cobalt 603799.SS | China | $9.30B | -50% | +38% | 12% | 9.3× | n/a | n/a |