Lundin Mining

Lundin Mining Corporation is a mining company headquartered in Toronto, Ontario, Canada with operations in the United States, Sweden, Portugal, Brazil, and Chile. Mines owned by the company include the Neves-Corvo mine, Galmoy Mine, Eagle mine project, Chapada mine, and the Candelaria mine. In 2018, the company produced 200,000 tons of copper, 152,000 tons of zinc, and 17,000 tons of nickel.[2]

Lundin Mining Corporation
TypePublic company
TSX: LUN
Nasdaq Stockholm: LUMI
S&P/TSX 60 component
IndustryMining
Founded1994 (1994)[1]
FounderAdolf Lundin
Headquarters
Toronto, Ontario
,
Canada
Key people
Lukas Lundin, chairman
Marie Inkster, CEO
Revenue $1.725 billion
$0.215 billion
Total assets $5.934 billion
Total equity $3.691 billion
Number of employees
8,910 employees and contractors
Websitewww.lundinmining.com
Footnotes / references
[2]

History

The company was founded in 1994 by Adolf Lundin as South Atlantic Diamonds Corp.[1]

In 1997, North Atlantic Natural Resources, owned 39% by the company, discovered the Storliden deposit in northern Sweden.[1]

In 2004, the company acquired the Zinkgruvan Mine in Sweden. It also changed its name to Lundin Mining Corporation.[1]

In 2005, the company acquired Arcon International Resources, owner of the Galmoy Mine, 50 km northwest of Kilkenny. It also acquired full ownership of the Storliden Mine.[1]

In October 2006, the company acquired Eurozinc, owner of the Neves-Corvo mine.[3]

In July 2007, the company acquired the Tenke Fungurume Mine.[4] The company also acquired the Aguablanca Mine.[1]

In November 2008, Hudbay Minerals offered to acquire the company but the deal was called off after Hudbay shareholders threatened to vote against the deal.[5]

In January 2011, Lundin and Inmet Mining agreed to combine but in March 2011, the deal was called off after failing to win shareholder support.[6]

In July 2013, the company acquired the Eagle mine project in Michigan from Rio Tinto for $325 million.[7] Also in 2013, the company acquired a 24% interest in the Kokkola Cobalt Refinery in Kokkola.[8]

In 2014, the company acquired an 80% interest in the Candelaria mine in Chile.[1]

In April 2017, the company sold its interest in the Tenke Fungurume Mine for $1.136 billion.[1]

In 2019, the company acquired the Chapada mine in Brazil.[9] It also sold its interest in the Kokkola Cobalt Refinery.[10]

References
  1. "Our Company". Lundin Mining.
  2. "Management's Discussion and Analysis For the year ended December 31, 2018" (PDF). Lundin Mining.
  3. "Lundin Mining and EuroZinc Finalize Merger deal" (Press release). Lundin Mining. October 31, 2006.
  4. "Lundin strikes $1.4-billion deal for Tenke Mining". Toronto Star. April 11, 2007.
  5. "HudBay, Lundin call off all-stock merger deal". Toronto Star. February 23, 2009.
  6. "Lundin and Inmet call off $9B mining merger". CBC News. The Canadian Press. March 30, 2011.
  7. "Lundin Mining Announces Closing of Acquisition of Eagle Mine and Construction Ramp-Up" (Press release). Lundin Mining. July 17, 2013.
  8. "LUNDIN MINING, TOGETHER WITH TENKE PARTNERS, TO ACQUIRE KOKKOLA COBALT OPERATIONS IN FINLAND" (Press release). Globe Newswire. January 21, 2013.
  9. "Lundin Mining Announces Closing of Acquisition of the Chapada Copper Mine" (Press release). Lundin Mining. July 5, 2019.
  10. "Lundin Mining Announces Sale of Interest in Kokkola Cobalt Refinery" (Press release). Globe Newswire. May 23, 2019.
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