Lundin Mining

The company was founded in 1994 by Adolf Lundin as South Atlantic Diamonds Corp for the purpose of investing in a diamond mine in Brazil. The company changed its name to South Atlantic Resources acquired a 39% ownership interest in North Atlantic Natural Resources, which explored the Storliden and Norrbotten mineral deposits in northern Sweden. Along with Boliden AB, the Storliden mine was developed and began producing zinc and copper in 2002. In March 2002, the company was renamed South Atlantic Ventures and raised funding on the Nasdaq Stockholm in December 2003 and then on the Toronto Stock Exchange in August 2004.

In June 2004, the company acquired the Zinkgruvan mine (zinc-lead-silver; Zinkgruvan, Örebro County, Sweden) from Rio Tinto for US$100 million and in August 2004, the company was renamed Lundin Mining.{{Cite web | url=https://www.sec.gov/Archives/edgar/data/1377085/000120445906000902/exh9930.htm | title=Lundin Mining 2004 Annual Report | publisher=U.S. Securities and Exchange Commission | date=April 5, 2005}} That was the first year the company recorded attributable mineral production, with over 150,000 tonnes of zinc, 2 million ounces of silver, along with lead and copper produced. The silver from the mine was attributed to Wheaton Precious Metals based on precious metals streaming contracts.{{Cite press release | url=https://lundinmining.com/news/lundin-mining-sells-part-of-its-holdings-in-silver-122886/ | title=Lundin Mining Sells Part of its Holdings in Silver Wheaton Corporation | publisher=Lundin Mining | date=September 30, 2005}}

In March 2005, the company acquired Arcon International Resources and its Galmoy Mine (zinc-lead-silver mine; County Kilkenny, Ireland) for US$63 million in cash and a 14% ownership stake in Lundin Mining.{{cite news |url=https://www.irishtimes.com/business/canadian-firm-buys-arcon-for-123m-1.420164 |title=Canadian firm buys Arcon for $123m |newspaper=The Irish Times |date=March 4, 2005}} It acquired full ownership of the Storliden mine.

In October 2006, the company acquired Eurozinc, owner of the Neves-Corvo mine (silver-copper-zinc-lead mine; Alentejo Region, Portugal).{{cite web | url=https://www.cbc.ca/news/business/eurozinc-and-lundin-mining-in-3-3-billion-merger-1.600304 | title=EuroZinc and Lundin Mining in $3.3 billion merger | publisher=CBC News | date=August 21, 2006}} In April 2007, it acquired Tenke Mining, owner of a 24% stake in the Tenke Fungurume Mine which was being developed by Phelps Dodge.{{cite news | url=https://www.theglobeandmail.com/report-on-business/lundin-strikes-14-billion-deal-for-tenke-mining/article20395812/ | title=Lundin strikes $1.4-billion deal for Tenke Mining | work=Toronto Star | date=April 11, 2007}} In July 2007, it acquired Rio Narcea Gold Mines, which owned the Aguablanca mine (nickel-copper; Province of Guadalajara, Spain).{{cite web |url=https://www.cbc.ca/news/business/lundin-mining-to-acquire-rio-narcea-in-820m-deal-1.667593 |title=Lundin Mining to acquire Rio Narcea in $820M deal | work=CBC News | date=April 4, 2007}}

In March 2008, the Storlinden mine ceased production due to depletion of reserves.{{Cite web | url=https://www.woodmac.com/reports/metals-storliden-closed-copper-mine-16185021/ | title=Storliden (Closed) copper mine | work=Wood Mackenzie | date=September 17, 2024}}

In June 2008, the company moved its headquarters from Vancouver to Toronto.{{Cite news | url=https://www.reuters.com/article/lundin-headoffice/lundin-mining-to-shift-head-office-to-toronto-idUKN1145838820080611/ | title=Lundin Mining to shift head office to Toronto | first=Cameron | last=French | editor-first=Scott | editor-last=Anderson | work=Reuters | date=June 11, 2008}}

In late 2008, the company entered into a merger agreement with Hudbay Minerals, which at the time owned 20% of Lundin Mining. However, the proposed transaction failed to receive investor support due to the 2008 financial crisis and was terminated in February 2009; Hudbay sold its stake in Lundin in May 2009.{{cite news | url=https://www.thestar.com/business/2009/02/23/hudbay_lundin_call_off_allstock_merger_deal.html | title=HudBay, Lundin call off all-stock merger deal | work=Toronto Star | date=February 23, 2009}}

In May 2009, the company shut the Galmoy mine. This was earlier than planned due to a drop in zinc prices during the Great Recession.{{Cite news | url=https://www.reuters.com/article/world/europe/lundin-to-shut-irish-zinc-mine-in-may-2009-idUSN22525576/ | title=Lundin to shut Irish zinc mine in May 2009 | work=Reuters | date=January 22, 2009}}

In 2011, the company proposed a merger with Inmet Mining; however the deal was terminated after failing to gain shareholder support.{{cite news| url=https://www.cbc.ca/news/business/lundin-and-inmet-call-off-9b-mining-merger-1.1038032 | title=Lundin and Inmet call off $9B mining merger | agency=The Canadian Press | work=CBC News | date=March 30, 2011}} That year, Equinox Minerals launched a hostile takeover of Lundin; however, it too failed to receive support of its shareholders and was terminated.{{Cite news | url=https://www.aspecthuntley.com.au/asxdata/20110427/pdf/01173968.pdf | title=Equinox Cancels Shareholder Meeting and Withdraws Lundin Offer | date=April 25, 2011}}

In January 2013, the company acquired a 24% interest in a cobalt refinery in Kokkola, Finland.{{cite news | url=https://globalnews.ca/news/381466/lundin-buying-24-interest-in-cobalt-refinery-to-put-up-30-of-325m-price/ | title=Lundin buying 24% interest in cobalt refinery; to put up 30% of $325m price| work=Global News | date=January 21, 2013}} In July 2013, the company acquired the Eagle Mine project in Michigan from Rio Tinto for $325 million; it began production in 2014.{{cite news | url=https://www.mining.com/lundin-pays-us325-million-for-rio-tintos-eagle-mine-44610/ | title=Lundin pays US$325 million for Rio Tinto's Eagle Mine | publisher=Glacier Media | date=June 13, 2013 |first=Michael |last=McCrae}} In October 2014, it acquired Freeport-McMoRan's 80% ownership stake in the Candelaria mine in Chile for US$1.8 billion.{{cite web |url=https://financialpost.com/commodities/mining/lundin-mining-corp-to-buy-freeport-copper-mine-in-chile |title=Lundin Mining Corp to buy 80% stake in Chile copper mine for US$1.8-billion |first=Peter |last=Koven | work=Financial Post |date=October 6, 2014 }}

In November 2016, the company sold the Aguablanca mine to Sacyr.{{Cite news | url=https://www.rtve.es/rtve/20161130/the-aguablanca-mine-has-new-owners/1448579.shtml | title=The Aguablanca mine has new owners | work=RTVE | date=November 30, 2016}}

In April 2017, the company sold its interest in the Tenke Fungurume Mine for $1.5 billion to BHR Partners as part of a larger deal between Freeport-McMoRan and China Molybdenum.{{cite web |url=https://financialpost.com/commodities/mining/lundin-mining-sells-stake-in-congo-mine-owner-to-chinese-firm-for-us1-14-billion |title=Lundin Mining sells stake in giant Congolese copper mine for $1.5 billion |date=November 15, 2016 |work=Financial Post |first=Sunny |last=Freeman}} That month, the company also sold the Galmoy mine to Lanes Group.{{Cite news | url=https://kclr96fm.com/north-kilkenny-mines-sold/ | title=North Kilkenny mines have been sold | work=KCLR 96FM | date=April 5, 2017}}

In June 2019, it sold its stake in the Kokkola cobalt refinery to Umicore for $150 million.{{cite news |url=https://www.thechemicalengineer.com/news/umicore-acquires-europe-s-largest-cobalt-refinery/ |title=Umicore acquires Europe's largest cobalt refinery | work=The Chemical Engineer |date=June 4, 2019}}{{Cite news | url=https://www.paulweiss.com/insights/client-news/lundin-mining-to-sell-interest-in-kokkola-cobalt-refinery | title=Lundin Mining to Sell Interest in Kokkola Cobalt Refinery | work=Paul, Weiss, Rifkind, Wharton & Garrison | date=May 24, 2019}}

In 2016, the company joined the United Nations Global Compact for corporate sustainability.{{Cite web | url=https://unglobalcompact.org/participation/report/cop/active/323781 | title=Communication on Progress | publisher=United Nations Global Compact}}

In 2018, the company attempted to acquire Nevsun Resources but was outbid by Zijin Mining.{{Cite news | url=https://www.reuters.com/article/business/canadas-nevsun-resources-agrees-to-richer-zijin-bid-idUSKCN1LL0WA/ | title=Canada's Nevsun Resources agrees to richer Zijin bid | first=Susan | last=Taylor | work=Reuters | location=Toronto | date=September 5, 2018}}

In 2019, the company acquired the open-pit Chapada mine in Brazil from Yamana Gold for US$1 billion.{{cite news | url=https://www.mining-journal.com/m-a/news/1361023/lundin-chapada-ususd1-billion | title=Lundin to buy Chapada for US$1 billion | work=Mining Journal | date=April 5, 2019}}

In 2022, Lundin Mining acquired Josemaria Resources (copper-gold; San Juan Province, Argentina; under development) for C$625 million in cash and stock.{{cite web | url=https://www.globalminingreview.com/finance-business/06052022/lundin-mining-closes-acquisition-of-josemaria-resources/ |title=Lundin Mining closes acquisition of Josemaria Resources |publisher=Global Mining Review |date=May 6, 2022}}

In 2023, the company moved its headquarters back to Vancouver.{{cite news | url=https://financialpost.com/commodities/mining/lundin-mining-management-exodus-amid-head-office-move | title=Lundin Mining head office move from Toronto to Vancouver triggers leadership exodus | agency=Bloomberg News | work=Financial Post | date=August 28, 2023}}

In March 2023, the company acquired a 51% interest in the Caserones copper-molybdenum mine from JX Nippon Mining & Metals for $950 million. Ownership was later increased to 70% for a payment of $350 million pursuant to an option.{{cite news | url=https://www.reuters.com/markets/deals/lundin-mining-buys-51-stake-chiles-caserones-mine-950-mln-2023-03-28/ | title=Lundin Mining buys 51% stake in Chile's Caserones mine for $950 mln | first1=Kanjyik | last1=Ghosh | first2=Yuka | last2=Obayashi | work=Reuters | date=March 28, 2023}}

In July 2024, in a 50/50 joint venture, BHP and Lundin Mining acquired the Filo del Sol (gold-silver; San Juan Province, Argentina and Atacama Region, Chile) and Lundin contributed Josemaria Resources to the joint venture.{{Cite press release |url=https://www.bhp.com/news/media-centre/releases/2024/07/bhp-and-lundin-mining |title=BHP and Lundin Mining to acquire Filo Corp. and form a 50/50 joint venture to progress the Filo del Sol and Josemaria projects | publisher=BHP | date=July 30, 2024}}

In April 2025, Lundin sold the Neves-Corvo mine and the Zinkgruvan mine to Boliden AB for US$1.4 billion plus up to an additional US$150 million in contingency payments.{{Cite press release | url=https://investors.boliden.com/en/press/boliden-has-completed-acquisition-somincor-neves-corvo-and-zinkgruvan-2320853 | title=Boliden has completed the acquisition of Somincor (Neves-Corvo) and Zinkgruvan | publisher=Boliden AB | date=April 16, 2025}}

• Edward F. Posey (1998-2005)
• Karl-Axel Waplan (2005–2008){{Cite web | url=https://www.sec.gov/Archives/edgar/data/1377085/000120445906000902/exh9927.htm | title=Lundin Mining Appoints Karl-Axel Waplan as President and CEO | publisher=U.S. Securities and Exchange Commission | date=April 14, 2005}}
• Phil Wright (2008–2011){{Cite web | url=https://www.sec.gov/Archives/edgar/data/1377085/000120445908000107/lun011608ex991.htm | title=LUNDIN MINING APPOINTS PHIL WRIGHT PRESIDENT AND CEO | publisher=U.S. Securities and Exchange Commission | date=January 16, 2008}}{{cite news | url=https://www.reuters.com/article/legal/government/lundin-names-phil-wright-ceo-as-waplan-resigns-idUSN16156419/ | title=Lundin names Phil Wright CEO as Waplan resigns | first=Susan | last=Taylor | editor-first=Bernadette | editor-last=Baum | work=Reuters | date=January 16, 2008}}
• Paul Conibear (2011–2018){{Cite news | url=https://www.reuters.com/article/business/lundin-mining-ceo-paul-conibear-to-retire-idUSL4N1UL5UY/ | title=Lundin Mining CEO Paul Conibear to retire | first=Anirban | last=Paul | editor-first=Shounak | editor-last=Dasgupta | work=Reuters | date=July 26, 2018}}
• Marie Inkster (2018–2021)
• Peter Rockandel (2021–2023){{Cite press release |url=https://www.newswire.ca/news-releases/lundin-mining-announces-ceo-succession-850539539.html |title=Lundin Mining Announces CEO Succession

| publisher=PR Newswire | date=September 9, 2021}}

• Jack Lundin (2023–present){{Cite press release |url=https://www.prnewswire.co.uk/news-releases/lundin-mining-announces-completion-of-ceo-transition-process-302004128.html |title=Lundin Mining Announces Completion of CEO Transition Process| publisher=PR Newswire | date=December 4, 2023}}

• Lukas Lundin (1997-2022)

• {{Official website|https://lundinmining.com/}}

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