BMO Capital Markets on Thursday maintained its outperform rating on the shares of Lundin Mining (LUN.TO) and its C$16.00 price target after the company staged its annual Capital Markets Day and outlined plans to become a top-10 global copper producer and boost gold production to over 550,000 ounces per year.

"LUN's 5-year base case scenario sees the company generate close to $2B in available FCF with relatively stable production. Additional organic growth options are available at low capital intensities to grow copper production another 10%. LUN is making progress with continuous improvement efforts, and we believe there is more to come over the medium term. We have made minor adjustments to our model for Sauva and Caserones (long term). Our NAV increased 4% while our C$16 target is unchanged due to rounding," analyst Matthew Murphy wrote.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 13.76, Change: -0.27, Percent Change: -1.92