Lundin Mining Corp. LUN Acquires Eagle Ni-Cu Mine from Rio Tinto The Eagle Has Landed HIGHLIGHTS. The NBF Daily Bulletin.
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1 Title: Lundin Mining Corp. - LUN (T) Cdn$5.23 Price: Cdn$5.23 StockRating: Outperform TargetPrice: Cdn$6.00 Headline: A Second Shaft Remains the Best Solution in Our View LUN (T) Stock Rating: Target: Risk Rating: Cdn$3.98 Outperform (Unchanged) Cdn$6.25 (Was $6.00) Speculative (Unchanged) Est. Total Return 57% Stock Data: 52-week range (Cdn$) $ $5.54 Current Price (Cdn$) $3.98 Bloomberg/Reuters: Canada LUN CN / LUN.TO (Yr-End Dec. 31) 2012a 2013e 2014e Adjusted EPS, US$ $0.08 $0.23 $0.27 P/E 51.2x 18.0x 14.9x CFPS (incl. Tenke), US$ $0.58 $0.66 $0.65 P/CF (incl. Tenke) 6.8x 6.2x 6.1x EBITDA (US$ Mln) $440 $479 $497 EV/EBITDA 4.5x 4.1x 4.0x Production Cu (incl. Tenke), tonnes Zn, tonnes Ag, Moz Pb, tonnes Financial Data: Shares Outstanding (mln) Market Capitalization (Cdn$ mln) $2 325 Fully Diluted (mln) Book Value per Share (Cdn$) $6.21 Price/Book Ratio 0.6x Net Asset Value per Share (Cdn$) $7.15 Price/NAV 0.6x Total Debt (US$ mln) $7.6 Total Cash (US$ mln) $231.4 Source: NBF Estimates / Thomson Industry Rating: Market Weight (NBF Economics & Strategy Group) Company Profile: Lundin Mining Corp. is a Canadian-based mid-tier mining company with operations in Europe (Neves-Corvo, Zinkgruvan, Aguablanca & Galmoy), North America (Eagle) and a 24% equity interest in the Tenke Fungurume mine operated by Freeport McMoRan (FCX-N) in the Democratic Republic of Congo (DRC). Lundin primarily offers investors leverage to copper and zinc prices through its stable operating base and growth potential through its pipeline of expansion opportunities at its existing operations. Shane Nagle, CFA - (416) shane.nagle@nbc.ca Associate: Craig Thompson - (416) craig.thompson@nbc.ca June 13, 2013 Lundin Mining Corp. The NBF Daily Bulletin Metals & Mining LUN Acquires Eagle Ni-Cu Mine from Rio Tinto The Eagle Has Landed HIGHLIGHTS LUN puts its cash to work. LUN entered a definitive agreement with Rio Tinto to acquire its Eagle Ni-Cu underground mine in northern Michigan for US$325 mln, consisting of a US$250 mln purchase price plus project capex of ~US$75 mln from Jan. 1, 2013 through closing. LUN will fund the transaction using a combination of its net cash balance of US$250 mln and its existing US$350 mln revolving credit facility. LUN plays to its strength: high-grade, low-cost U/G mines. Eagle is an ultramafic-intrusive-hosted Ni-Cu deposit hosting 5.2 mln tonnes of reserves grading 2.93% Ni and 2.49% Cu to be exploited via long-hole open stoping. Initial production is targeted for Q4 2014, with annual production averaging 23,000 tonnes of Ni and 20,000 tonnes of Cu at cash costs of US$2.00/lb Ni (net of credits) over the initial three years of an eight-year mine life. Another US$400 mln to complete construction. Project construction is currently 50% complete, with the ramp advanced to 3,000 m as of last month. Through the ongoing restoration of the Humboldt mill and associated infrastructure, ore will be processed via conventional crushing, grinding and flotation to produce Ni and Cu concentrates. LUN estimates remaining costs of US$400 mln throughout 2013/2014 to advance Eagle to production, funded by the current revolver and operating CF throughout 2013/2014. Acquisition improves political risk profile. Outside of the company s interest in Tenke, LUN s operations are all located in politically stable jurisdictions (U.S., Sweden, Portugal, Spain and Ireland). Reiterate Outperform rating at a revised $6.25 target price (was $6.00). The Eagle acquisition resulted in a 2% increase to our NAV helping to boost our target. LUN is currently trading at 4.0x EV/2014E EBITDA and 0.56x NAV vs. NBF peers (HBM, CS and FM) at 4.2x and 0.71x respectively. Stock Performance Price ($) $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 Jun-12 Source: Thomson Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun Volume (000s)
2 Page 2 Transaction Overview Lundin entered a definitive agreement to acquire Rio Tinto s 100% ownership stake in the Eagle nickel-copper Mine, located in northern Michigan, USA. As part of the transaction, Lundin also acquired the historic Humboldt mill site and mineral, water, access and surface rights encompassing the mine. The acquisition cost of US$325 million consists of US$250 million purchase price plus project expenditures from Jan. 1 st, 2013 through to the transaction closing all payable in cash. Lundin will fund the transaction through net cash on hand of US$250 million and its existing US$350 million revolver. FIGURE 1: EAGLE MINE Source: Company Reports Our First Look Suggests Deal was a Smart Move The Eagle project fits well within LUN's acquisition strategy: US$725 mln (including acquisition/capital costs) for ~145 mln lbs/yr of CuEq production is the right sized acquisition given LUN s current financial position and operating profile LUN will be able to leverage its underground mining expertise as Eagle is a 2,000 tpd operation utilizing long-hole open stoping with cemented backfill Acquiring a project in the United States further improves LUN's political risk profile. outside of LUN s 24% interest in Tenke, operations are based in the United States, Sweden, Portugal, Spain and Ireland From our analysis, Eagle was acquired at 2.4x EV/EBITDA (using NBF metal prices and average annual production over the initial three years of operation); at spot prices the acquisition price implies ~4.5x EV/EBITDA. This compares with the recent acquisition of Pinto Valley by Capstone Mining at ~3.1x and current junior base metal producers (TKO and CUM) trading at ~4.0x. Closing of the transaction is anticipated by July 31, 2013.
3 Page 3 Eagle Mine Complements Existing Operations The Eagle project is located in northern Michigan, approximately 45 kilometres northwest of Marquette and benefits from solid local infrastructure, including historic mill facilities, rail infrastructure to smelter/port destinations and an existing connection to the power grid, As a high-grade, low-cost underground mine, Eagle compliments Lundin s existing asset base. The eagle property currently hosts a 5.2 million tonne reserve base grading 2.93% nickel, 2.49% Cu, with significant by-products of 0.25 g/t gold, 0.64g/t platinum, 0.43 g/t palladium and 0.08% cobalt. Mineralization is hosted in an ultramafic-intrusive-hosted deposit, to be exploited via long hole open stoping and cement backfill, complemented by a conventional crushing, grinding and flotation process (estimated recoveries >80% Ni and >90% Cu) yielding separate nickel and copper concentrates. FIGURE 2: EAGLE MINE RESERVES JORC Metric Tonnes Nickel Copper Gold Platinum Palladium Cobalt Category (000's) (%) (%) (g/t) (g/t) (g/t) % Probable Ore Reserves 5, Source: Company Reports Reserves are presented in accordance with JORC Code. There are no material differences between the definitions of reserves under the CIM definition standards and the JORC standards. LUN intends to file a technical report for the Eagle project within 45 days. The potential exists to further extend the mine life through additional exploration, as Rio Tinto has progressively increased the reserve base from approximately 3.25 million tonnes in 2007 to 5.2 million tonnes currently (22% increase in contained nickel and 32% increase in contained copper). Primary Targets include the Eagle East (lower grade sizeable deposit 900 m deep), Eagle Deep (high grade massive sulphide, 400 m below lowest mine development within the Eagle root feeder system) and Eagle West (along the same intersection line of mafic dykes as Eagle Deep). FIGURE 3: CROSS SECTION OF EAGLE DEPOSIT (LOOKING E-SE) Source: Company Reports
4 Page 4 NBF Estimates Based on Conservative Capital Costs/Ramp-Up; More Information Anticipated from LUN in the Coming Weeks After Rio Tinto first discovered the Eagle deposit in 2002, a pre-feasibility study was completed in 2005, followed by feasibility studies in 2007 and a construction decision in July Since then, more than 50% of construction work has been completed, with US$355 million of an estimated US$770 million initial capex budget spent as of May Ramp development has advanced to 3000 m as of last month and refurbishment of the existing mill facilities and associated infrastructure is ongoing, with Lundin s guidance for initial production by Q Lundin expects annual production to average 17,000 tonnes of nickel and 17,000 tonnes of copper over an initial eight-year mine life, with LOM C1 cash costs (net of credits) of US$2.55/lb (in the lowest quartile of the nickel producer cost curve due to high nickel grades and strong by-product credits). During the first three years of operation, Lundin is targeting average annual production of 23,000 tonnes of nickel and 20,000 tonnes of copper at nickel C1 cash costs (net of credits) of US$2.00/lb. We provide a summary of our estimates vs. Lundin guidance in Figure 4 below. FIGURE 4: EAGLE MINE SUMMARY Eagle Lundin NBF vs. LUN NBF Model Guidance % Minable Reserves Tonnes, 000's % Ni Grade, % 2.93% 2.93% 0.1% Cu Grade, % 2.49% 2.49% 0.2% Contained Ni, tonnes 000's % Contained Cu, tonnes 000's % Mine Life, years % Annual Production (initial 3-Years) Ni, tonnes 000's % Cu, tonnes 000's % Annual Production (LOM) - Ni, tonnes 000's % Cu, tonnes 000's % LOM Ni Recovery, % 85% >80% -5.6% LOM Cu Recovery, % 90% >90% 0.0% C1 Cash Costs, US$/lb (LOM) $2.50 $ % Initial Capex, US$M $400 $ % LOM Capex, US$M $ After-tax NAV 8%, US$M $ Source: NBF Estimates, Company Reports
5 Page 5 Acquisition Provides Near-Term Production Growth; Development Remains Fully Funded Based on Our Estimates Incorporating our production estimates for the Eagle mine, Lundin s CuEq production is set to increase to approximately 660 mln lbs by 2015, from approximately 410 mln lbs currently benefitting from debottlenecking work at Tenke, improved zinc production from Neves-Corvo and the incorporation of Eagle. FIGURE 5: LUNDIN S PRO-FORMA CuEq PRODUCTION PROFILE 900 CuEq, lbs mln Eagle CuEq Production, lbs mln LUN Existing Mine CuEq Production, lbs mln Source: NBF Estimates FIGURE 6: PRO-FORMA BALANCE SHET & VALUATION METRICS (AS OF Q3 2013) Revised Previous w Eagle Model Q3 2013E Cash, US$ mln $172.5 $264.2 Q3 2013E Working Capital, US$ mln $240.6 $332.2 Q3 2013E L-T Debt, US$ mln $307.6 $7.6 EV, US$ mln (based on Q3 Balance Sheet) $ $ E CuEq prod, mln lbs E CuEq prod, mln lbs E EBITDA*, US$ mln $497 $497 EV/2014E EBITDA 4.8x 4.0x 2015E EBITDA*, US$ mln $713 $541 EV/2015E EBITDA 3.4x 3.7x 2014E CFPS*, US$ $0.65 $0.65 P/2014E CF 6.1x 6.1x 2015E CFPS*, US$ $0.98 $0.69 P/2015E CF 4.0x 5.7x NAVPS, C$ $7.15 $7.00 P/NAV 0.56x 0.57x Source: NBF/Company reports * EBITDA/CFPS adjusted to include Tenke C$/US$ exchange rate of $1.00 in 2014 and $0.98 in 2015
6 Page 6 We believe Lundin s growth pipeline remains fully funded following the Eagle Mine acquisition; however, Lundin stated on the conference call that with an aggressive ramp-up scenario of Stage III at Tenke and depressed commodity prices, the company may need to secure as much as US$250 mln of additional funding. We do not anticipate any problems with securing additional debt capacity from the current revolver and/or issuance of high-yield notes to fund any potential funding gaps prior to Eagle reaching full-scale production in FIGURE 7: LUN BASE-CASE SOURCES & USES OF CASH $500 $400 $300 CFO Capex Cash Balance CF (Tenke) Debt/Other US$, Millions $200 $100 $0 ($100) ($200) Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Q4/15 Source: NBF Estimates Eagle Acquisition Improves NAV; Raising Target to $6.25, Maintaining Outperform Rating After integrating the Eagle Mine acquisition into our valuation, our NAV has increased by 2% to $7.15 per share (was $7.00). The acquisition for Lundin provides leverage to yet another high grade, low cost base metal mine with exploration upside. Using our base case assumptions, which include long-term nickel and copper prices of US$8.00/lb and US$2.60/lb, respectively, we value the Eagle mine at ~US$350 million using an 8% discount rate (which includes US$400 mln of additional capital costs following the acquisition and initial production in Q followed by a conservative 12-month ramp-up). With no change to our near-term operating profile and modestly positive impact to our NAV, our target multiple of 6.0x EV/2013E EBITDA (incl. Tenke) (50%) x NAV (50%) suggests a modestly higher target price of $6.25 (was $6.00). Our Outperform rating is supported by Lundin s discounted valuation relative to NBF multi-mine copper peers, the company s steady performance low-cost multi-mine operating base and low-risk brownfield growth initiatives. Lundin currently trades at 0.56x NAV and 4.0x EV/2014E EBITDA, compared with multi-mine copper peers within our coverage universe at 0.71x NAV and 4.2x EV/2014E EBITDA. We provide a breakdown of our NAV using our base case assumptions and spot metal prices in Figure 8 and a comparison of peer valuation metrics in Figure 9.
7 Page 7 FIGURE 8: NAV BREAKDOWN Base Case Spot US$ Mln C$ per F/D share C$ per F/D share Corporate Adjustments Working Capital $304 $0.52 $0.60 Cash on Dilution $7 $0.01 $0.01 LOM Corporate G&A (10%) ($173) ($0.30) ($0.30) LT Debt $130 $0.22 $0.22 Add Back: Dividends Paid (10%) $268 $0.46 $0.54 Project NAV Neves-Corvo NPV (8%) $572 $0.96 $4.47 Zinkgruvan NPV (8%) $363 $0.61 $1.28 Tenke NPV (12%) $1 939 $3.27 $4.51 Aguablanca NPV (10%) ($6) ($0.01) $0.04 Eagle NPV (8%) $350 $0.58 $0.35 Galmoy NPV (8%) $0 $0.00 $0.00 Total Project NAV $3 218 $5.40 $10.65 Resource Credit $750 $1.29 $1.28 Total NAV $4 236 $7.15 $12.47 Target/NAV 0.87x 0.50x Price/NAV 0.56x 0.32x Fully Diluted (F/D) Shares, mln Source: NBF Estimates, Thomson, Company Reports, Bloomberg FIGURE 9: NBF PEER COMPARABLES 2013 EV/EBITDA 2014 EV/EBITDA 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 0.0x 2.0x 4.0x 6.0x 8.0x 2013 P/CF 2014 P/CF 0.0x 10.0x 20.0x 30.0x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 2013 EV/CF 2014 EV/CF 0.0x 5.0x 10.0x 15.0x 20.0x `` Source: NBF Estimates, Thomson, Company Reports 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x
8 Page 8 FINANCIAL AND OPERATING SUMMARY: LUNDIN MINING STOCK RATING Outperform TICKER TARGET PRICE (C$) $6.25 CURRENT PRICE (C$) $3.98 RETURN TO TARGET 57% 52-WEEK HIGH (C$) $5.54 RISK RATING Speculative 52-WEEK LOW (C$) $3.69 SECTOR RATING Market Weight SHARES OUTSTANDING (mln) MARKET CAPITALIZATION (C$ mln) $2 325 FINANCIAL DATA STOCK CHART Capital Structure Avg. Strike Price (C$) Shares (mln) Shares Outstanding Options $ Warrants $ Fully Diluted Shares Balance Sheet (NBF Estimates) US$M US$/sh C$M C$/sh Current Cash $231.4 $0.40 $236.1 $0.40 F/D Cash Adds $44.0 $0.08 $44.9 $0.08 Working Capital $303.5 $0.52 $309.7 $0.53 Long-term Debt $7.6 $0.01 $7.8 $0.01 Book Value $ $6.09 $ $6.21 Enterprise Value (EV) $ $3.39 $ $3.46 Price ($) $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun Volume (000s) EV = Market Capitalization - Working Capital + Long-term Debt C$/US$ FX Rate: 1.02 Source: Thomson Ownership O/S (M) O/S, % F/D (M) F/D, % RECENT FINANCINGS / CORPORATE ACTIVITY Zebra Holdings and Investments (Guernsey), % % Lorito Holdings (Guernsey), Ltd % % I.G. Investment Management, Ltd % % BlackRock Investment Management (UK) Ltd % % Management/Insiders* % % June 12, definitive agreement to acquire Eagle Ni-Cu mine from Rio Tinto for US$325 mln January 21, Tenke partners acquire Kokkola Cobalt Refinery for US$325 mln (US$97.5 mln for LUN's portion) May 25, LUN concludes strategic review process March 29, LUN & IMN mutually terminate arrangement agreement *Mgmt/Insiders is approximate Financial Forecast 2011A 2012A 2013E 2014E 2015E CORPORATE NAV SUMMARY AND SENSITIVITY Copper Price, US$/lb $3.76 $3.61 $3.47 $3.25 $3.00 Zinc Price, US$/lb $0.99 $0.88 $0.89 $1.05 $1.20 Spot Lead Price, US$/lb $1.07 $0.95 $0.94 $1.00 $0.90 Copper, US$/lb $2.50 $3.50 $4.50 $3.15 Silver Price, US$/oz $35.10 $31.11 $27.77 $29.00 $35.00 Zinc, US$/lb $0.80 $0.90 $1.10 $0.80 Cobalt Price, Us$/lb $16.05 $13.31 $11.50 $12.00 $12.00 Lead, US$/lb Base Case $0.80 $1.00 $1.20 $0.95 Nickel Price, US$/lb - $7.71 $7.45 $8.00 $8.00 Nickel, US$/lb $5.00 $7.50 $10.00 $6.45 C$/US$ FX Rate $0.99 $0.99 $1.02 $1.00 $0.98 Silver, US$/oz $25.00 $35.00 $45.00 $21.70 EUR/USD FX Rate Corporate Adjustments, US$M $267.7 $176.7 $265.4 $361.3 $228.5 Shares O/S, millions After-Tax Neves-Corvo NAV(8%), US$M $572 ($555) $997 $2 665 $300 In US$ Mln After-Tax Zinkgruvan NAV(8%), US$M $363 $35 $346 $763 $176 Revenue $783.8 $721.1 $690.5 $723.5 $ After-Tax Tenke NAV(12%), US$M $1 939 $1 574 $2 840 $4 083 $2 395 Operating Cost ($382.0) ($385.0) ($424.9) ($412.5) ($501.8) After-Tax Aguablanca NAV(10%), US$M ($6) ($106) ($18) $70 ($54) G&A Expense ($28.0) ($27.4) ($22.4) ($21.0) ($21.0) After-Tax Eagle NAV(10%), US$M $350 ($154) $355 $771 $181 Reported EBITDA $338.0 $242.6 $243.1 $290.0 $483.7 Additional Exploration Credit, US$M $750 $736.0 $663.6 $635.6 $619.6 DD&A ($153.8) ($122.4) ($151.3) ($147.5) ($124.0) Corporate NAV, US$M $4 236 $1 706 $5 449 $9 349 $3 847 Adjusted Earnings $239.5 $45.0 $131.7 $156.1 $318.0 Corporate Adjustments, C$ / F/F share $0.46 $0.31 $0.47 $0.64 $0.40 Operating Cash Flow $253.9 $191.5 $193.1 $216.3 $378.9 After-Tax Project NAV(8%-12%), C$ / F/F share $5.40 $1.40 $7.99 $14.76 $5.30 Capital Expenditures ($253.1) ($174.4) ($418.3) ($486.5) ($349.1) Additional Exploration Credit, C$ / F/F share $1.29 $1.30 $1.17 $1.12 $1.10 Proceeds from Equity $8.2 $5.8 $0.6 $0.9 $4.0 Corporate NAV, C$ / F/D share $7.15 $3.02 $9.63 $16.52 $6.80 Proceeds from Debt $17.6 $0.0 $385.0 $0.0 $0.0 Current Price / Corporate NAV 0.56x 1.3x 0.4x 0.2x 0.6x Debt Repayment ($28.4) ($21.6) ($87.4) ($1.9) ($1.9) Target Price / Corporate NAV 0.87x 2.1x 0.6x 0.4x 0.9x Free Cash Flow $66.5 $9.7 ($137.5) ($117.6) $ E CFPS (incl. Tenke), US$ $0.66 $0.33 $0.65 $0.94 $0.52 Adjusted EPS, US$ $0.41 $0.08 $0.23 $0.27 $ E CFPS (incl. Tenke), US$ $0.65 $0.23 $0.62 $0.95 $0.48 CFPS, US$ $0.44 $0.33 $0.33 $0.37 $0.65 CFPS (incl. Tenke), US$ $0.44 $0.58 $0.66 $0.65 $0.98 CONSENSUS ESTIMATE SUMMARY Copper CFPS Sensitivity, US$ - - $0.01 $0.02 $0.02 Zinc CFPS Sensitivity, US$ - - $0.03 $0.04 $0.05 Mean EPS High / Low, US$ Mean CFPS High / Low, US$ FCPS, US$ $0.11 $0.02 ($0.24) ($0.20) $ Estimates $0.37 $0.60 $0.24 $0.54 $0.75 $0.30 CFPS sensitivity based on a US$0.10/lb change in copper & zinc prices 2014 Estimates $0.46 $0.65 $0.29 $0.60 $0.90 $0.33 PRODUCTION PROFILE 2015 Estimates $0.50 $0.68 $0.34 $0.58 $0.96 $ A 2012A 2013E 2014E RLOM Neves-Corvo NBF / CONSENSUS %, EPS %, CFPS Copper, tonnes 000's Estimates -39% 21% Consensus Target: $5.61 Zinc, tonnes 000's Estimates -43% 8% NBF/Consensus: 11% Copper Cash Costs, US$/lb $1.77 $1.79 $2.05 $1.75 $ Estimates 8% 70% # Analysts 19 Zinkgruvan Zinc, tonnes 000's MODELED/REPORED RESERVES AND RESOURCES (100% Basis) Lead, tonnes 000's Copper, tonnes 000's Tonnes Cu Zn/Pb Ni/Co Ag EV/lb CuEq Zinc Cash Costs, US$/lb $0.35 $0.13 $0.25 $0.25 $0.20 (mln) (Mlb) (Mlb) (Mlb) (Moz) (US$/lb) Aguablanca Model Mineable $0.03 Nickel, tonnes 000's Proven and Probable Reserve $0.06 Copper, tonnes 000's Measured and Indicated Resource Nickel Cash Cost, US$/lb - $6.76 $5.75 $6.60 $7.05 Inferred Resource Eagle Total Resource $0.02 Nickel, tonnes 000's Copper, tonnes 000's Nickel Cash Cost, US$/lb $2.50 COMPARABLES (CONSENSUS ESTIMATES) Galmoy Zinc, tonnes 000's Share P/CF EV/EBITDA Company Ticker Lead, tonnes 000's (C$) Copper, tonnes 000's Copper Mountain $ x 1.7x 7.0x 4.1x Zinc, tonnes 000's HudBay $ x 10.6x 6.0x 3.3x Lead, tonnes 000's First Quantum $ x 6.3x 7.5x 5.8x Nickel, tonnes 000's Capstone $ x 3.1x 3.1x 1.6x Silver, Moz Mercator $ x 1.4x 3.9x 3.0x Tenke (24% LUN) Taseko $ x 3.4x 7.0x 3.5x Copper, tonnes 000's x 4.4x 5.8x 3.5x Cobalt, tonnes 000's Copper Cash Costs, US$/lb $1.07 $1.23 $1.25 $1.25 $1.07 Lundin (incl. Tenke) $ x 6.1x 4.1x 4.0x Source: NBF Estimates, Bloomberg, Thomson ONE, Company Data
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