Profits rebound at Lundin despite lower copper and zinc prices

Lundin Mining (LUN.TO: Quote) posted a quarterly profit on Thursday, rebounding....

Lundin Mining (LUN.TO: Quote) posted a quarterly profit on Thursday, rebounding from a year-before loss as lower costs helped offset the impact of weaker metal prices.The result, which topped analysts’ estimates, boosted the company’s shares by 8.8 percent to C$3.95 in early Toronto trading.The Canadian base metals miner earned $43.5 million, or 8 cents a share, in the second quarter ended June 30. That compared with a loss of $108.4 million, or 28 cents a share, in the year-before quarter, when results were hurt by a $152.7 million impairment charge.Analysts polled by Reuters had expected, on average, a profit of 3 cents a share.Quarterly revenue dropped 34 percent to $194.8 million due to plunging prices for metals, particularly copper and zinc.Operating costs fell 32 percent to $93.5 million, reflecting lower materials and contractor costs, revisions to mine operating plans and the closure of the Galmoy mine in Ireland.($1=$1.07 Canadian) (Reporting by Cameron French; editing