Lundin Mining

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Anglo American PLC
August 20, 2016
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Lundin Mining

Lundin Mining logo
  • Year Founded: 1994
  • Key Founding Individuals: Adolf H. Lundin
  • Key Executives: Lukas Lundin, Chairman; Paul Conibear, President, CEO, and Director
  • Mined Resources: Copper, gold, silver, nickel, zinc, lead, cobalt,
  • Operational Regions: Democratic Republic of Congo, Finland, Spain, Sweden, Portugal, United States, and Chile

Lundin Mining is a multinational minerals mining company with headquarters in Canada, and a vast operational region that stretches across Europe, South America, North America, and Africa. The company was founded in 1994 by Adolf H. Lundin, a Swedish oil and mining entrepreneur. Lundin Mining is a public company trading on the Toronto Stock Exchange and on the Swedish Nordic Exchange.

History

Lundin Mining Corporation was established under the name of ‘South Atlantic Diamonds Corporation’ in 1994. Two years later the company changed its name to ‘South Atlantic Resources Ltd.’. Following a consolidation in 2002, the company underwent another name change to ‘South Atlantic Ventures Ltd.’ before listing shares on the Toronto Stock Exchange in 2004 as ‘Lundin Mining Corporation’. In 2006, Lundin merged with EuroZinc and subdivided common shares the following year on the Toronto Stock Exchange as well as the American Stock Exchange and the Stockholm Stock Exchange. Later in 2007 the company acquired and merged with Tenke Mining Corporation, acquired 93.1% shares of Rio Narcea Gold Mines, Ltd. and started trading on the New York Stock Exchange. In 2013, an agreement with Rio Tinto Nickel Company was announced. Lundin Mining holds 24% of shares in the Kokkola joint venture, and in 2014 announced an acquisition of an 80% stake in Candelaria/Ojos del Salado, a copper mining arm of Freeport-McMoran Incorporated.

Company Mission and Vision

The Lundin Mining mission is to develop and upgrade its mining and base metal mineral resources portfolio while providing excellent returns to shareholders. The company aims to:

• Steadily generate development opportunities

• Create a culture of high performance

• Maximise and develop existing operations

• Maintain a strong balance sheet

Lundin Mining’s philosophy is to achieve their mission while operating ethically and with transparency in a safe, healthy, and productive environment.

Founder and Management

The President, CEO, and Director of Lundin Mining is Paul Conibear, previously the CEO and President of Tenke Mining Corporation. Adolf H. Lundin is the company Founder and former Chairman. He also founded Lundin Petroleum in 2001. Adolf’s son, Lukas Lundin, later became the Chairman. Adolf Lundin holds an MSc from the Royal Institute of Technology in Stockholm, Sweden and an MBA from the Centre d’Etudes Industrielles in Geneva, Switzerland. Throughout his career, Adolf held several high profile roles before embarking on entrepreneurial ventures. He started several natural resources companies including Gulfstream Resources, which made the largest known gas accumulation discovery in the world. Adolf was named the International Swede of the Year by the King of Sweden in 2002, four years before he passed away.