Jack Lundin, president, CEO and director of Lundin Mining, joins BNN Bloomberg to discuss the company's acquisition of Filo.
Adam, 37, is now the chairman of Lundin Mining Corp., a publicly traded Canadian metals producer. His younger brother, Jack, 34, is the company’s chief executive officer. The Lundin boys, as they are known in Canada’s tight-knit mining circles, are the two middle sons of Lukas Lundin, a hard-driving magnate who inherited the business from his own father.
Through a family trust managed out of Geneva, Switzerland, the Lundins are also top shareholders in nearly a dozen other commodities companies, including Botswana-based diamond driller Lucara Diamond Corp. and ShaMaran Petroleum Corp., an oil explorer with assets in Iraq. The bet on a metal in a country that has yet to really produce much of it is in keeping with tradition: The Lundins built a reputation for going to places that few others were comfortable venturing.
Lukas’s brother Ian went into oil, exploring for petroleum sources in Africa and Europe. Lukas, meanwhile, helped expand the family business into mining through dealmaking that netted a sprawling portfolio of mines. He resettled to Canada in the late ‘80s, as Vancouver became a hub for mineral explorers and developers.
“It’s a big bet,” said Martin Pradier, an analyst at Veritas Investment Research Corp. “They’re not just betting on this government. They’re betting on the next 10 governments.”
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