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Lundin Mining
Lundin Mining Corporation, headquartered in Vancouver, owns and operates mines that produce base metals such as gold, silver, copper, and nickel. The company's major properties are the copper mines of Candelaria and Caserones in Atacama Region, Chile, the Chyapada gold-silver-copper mine in Goiás, Brazil and the Eagle nickel-copper mine in Michigan, United States. Besides productive mines Lundin Mining owns a 50% interest in the exploratory projects of Filo del Sol and Josemaria near the Argentina–Chile border in partnership with BHP. Approximately 15.4% of the company is owned by affiliates of the billionaire Lundin family.
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. 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.
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. 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). In April 2007, it acquired Tenke Mining, owner of a 24% stake in the Tenke Fungurume Mine which was being developed by Phelps Dodge. In July 2007, it acquired Rio Narcea Gold Mines, which owned the Aguablanca mine (nickel-copper; Province of Guadalajara, Spain).
In March 2008, the Storlinden mine ceased production due to depletion of reserves.
In June 2008, the company moved its headquarters from Vancouver to Toronto.
In late 2008, the company entered into a merger agreement with Hudbay, 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.
Lundin Mining
Lundin Mining Corporation, headquartered in Vancouver, owns and operates mines that produce base metals such as gold, silver, copper, and nickel. The company's major properties are the copper mines of Candelaria and Caserones in Atacama Region, Chile, the Chyapada gold-silver-copper mine in Goiás, Brazil and the Eagle nickel-copper mine in Michigan, United States. Besides productive mines Lundin Mining owns a 50% interest in the exploratory projects of Filo del Sol and Josemaria near the Argentina–Chile border in partnership with BHP. Approximately 15.4% of the company is owned by affiliates of the billionaire Lundin family.
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. 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.
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. 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). In April 2007, it acquired Tenke Mining, owner of a 24% stake in the Tenke Fungurume Mine which was being developed by Phelps Dodge. In July 2007, it acquired Rio Narcea Gold Mines, which owned the Aguablanca mine (nickel-copper; Province of Guadalajara, Spain).
In March 2008, the Storlinden mine ceased production due to depletion of reserves.
In June 2008, the company moved its headquarters from Vancouver to Toronto.
In late 2008, the company entered into a merger agreement with Hudbay, 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.