From copper and gold in the high Andes to diamonds in the Kalahari Desert, the Lundin Group comprises 14 publicly traded companies focused on the natural resources sector. But Lundin is much more than just another resources group. Deeply embedded within our approach to sustainable development is a commitment to connect people with tools and knowledge that unlock economic prosperity.
Founded by Adolf H. Lundin more than 45 years ago, the group is involved in mining, oil and gas, and solar energy. Lundin companies produce a variety of commodities and operate in more than 20 countries worldwide.
As a young man, Adolf developed a fascination for the great American entrepreneurs, particularly the big oil tycoons such as Rockefeller and Getty. With his natural optimism and drive he was determined to forge an independent career in the oil industry.
After several unsuccessful wildcats in the Middle East he eventually achieved his first major success with the discovery of the North Dome gas/condensate field offshore Qatar. The hunt and the thrill of discovery evolved and expanded to include the mining sector as well, which was backed by his passionate belief in the importance of supplying the raw materials needed for a growing world economy.
Upon Adolf’s passing in 2006, sons Lukas H. Lundin and Ian H. Lundin have carried on the family legacy. The companies in the Lundin Group today have a combined market capitalization of more than $20 billion and produce or explore for copper, zinc, nickel, lead, uranium, diamonds and oil and gas.
Lundin Energy, their flagship oil company, discovered the giant Johan Sverdrup oil field offshore Norway, one of the largest discoveries on the Norwegian continental shelf. Production began in October 2019 and marked a pivotal milestone for Lundin Energy. The field is estimated to hold gross reserves of between 2.2 and 3.2 billion boe. Full field production is being achieved with a low carbon footprint, one-sixth of the industry average in CO2 emission.
Lundin Gold recently developed the Fruta del Norte gold project, building a large, high grade gold mine in Ecuador with annual production averaging 300,000 ounces of gold a year. This investment exemplifies the Lundin’s ability to see opportunity where others only see issues or problems.
At the bottom of the gold market and at a time when Ecuador did not enjoy investor confidence, the Lundins acquired the project. Lukas visited the local community and met with the government. What he saw was a world class gold project where any challenges could be overcome.
The family legacy continues with the third generation now following in their father’s footsteps and joining the family business. Lukas’ sons, Harry, Adam, Jack, and William, embody what makes the Lundin’s unique: passion for the business, entrepreneurial spirit, respect for stakeholders and the importance of family and community
One of the key aspects to the success and global reputation of the Lundin Group has been the focus on community. Long before ESG practices became the required norm, the Lundins knew that you cannot have a successful project without the community supporting you and benefiting from you.
The Lundin Foundation works with all the Lundin Group companies, helping to make strategic investments in communities across the globe. The Foundation ensures that resource operations mobilize local economic opportunities and benefit surrounding communities.
Since 2007 the Lundin Foundation has committed more than US$72.6 million
to initiatives that enable local employment, nurture small business growth and support financially viable social and environmental solutions. The foundation, focuses on entrepreneurial opportunities that power lasting, sustainable impact at the local level. When the project ends, the impact endures: community members have what they need to continue to contribute to the betterment of their societies.
The third generation of Lundins working with their father Lukas in the family business are also committed to attracting younger professionals into the industry, encouraging much needed innovation. To this end, the Lundins have supported engineering and geology programs at universities including scholarships for students. In addition, a
major initiative to support the University of Arizona’s school of mining programme is being developed.
The Lundin group of companies enjoys a unique management structure that encourages entrepreneurship. Each company is a separate entity and has its own management and board. The common denominator is that the Lundins either founded the company or financed it, provide advice and guidance and are usually the largest shareholder. The Lundin family provides and supports the opportunity to make each of their businesses a success. Since 2002 the Lundin Group has collectively provided
a compounded annual growth rate of more than 21.8 per cent and shareholders of several companies have enjoyed a return on investment of between 850 per cent and 1,800 per cent.
With a continued focus on sustainable mineral resources development, the Lundin family portfolio has grown to also include innovative technology as well as real estate. The Lundin’s entrepreneurial approach to the business has consistently proven to enhance long-term stakeholder value.
