Lundin Mining Corp. (TSX:LUN) has reported a 183% increase in sales for its second quarter ending June 30.
Second quarter sales jumped to US$319.9 million from US$112.9 million in the same period in 2006 on. A combination of higher prices and increased sales led to Lundin's increased revenue.
The amount of ore processed increased 17% in the quarter. The tonnage of metals processed rose to 621,809, up from 579,415 in 2006's second quarter.
Many metals prices rose in the quarter, leading to record quarterly results for Lundin:
copper was up 29%;
lead 22%; and
zinc 6%
Higher sales and prices led to record quarterly profit of US$160 million, which was up from US$37.2 million in 2006's second quarter.
For the remainder of the year, the company expects copper and zinc prices to remain stable as Chinese demand for the metals remains strong. China's introduction of an export tax on lead is expected to increase prices and reduce inventory.
Lundin's share price range during the past week: between $12.59 and $13.30; 52-week high: $15.84; 52-week low: $9.117.