Adam Lundin: Mining with the Lundin Family
Tom welcomes Adam Lundin, President & CEO of Josemaria resources, a part of the Lundin Group of resource companies.
Adam gives an overview of the Lundin Family and their Group of resource-oriented companies. The mining business is a long-term game, and all of his brothers are involved in various companies. The Lundin family is now in their third generation of being in the mining business. They have learned a lot because of their shared vision.
They have been very active in the copper and oil business. The critical thing about oil is the cheaper it gets, the more we use it. The electric grid still has to be built out, and the Lundin group is well-positioned to take advantage of the growth in copper.
He discusses the Josemarie project, which began in 2005 and has been in development for 15 years. They have a timeline laid out that will allow them to get to production during this commodity cycle. The lack of investment and exploration in capital globally is a significant advantage for Josemaria. He says, “They are fully permitted and ready to build.”
He explains their environmental focus and why it’s always a high priority.
He finds the margins for copper, silver, and gold to be decent at this time, and it’s more than enough to make a good profit on their resource base. Adam explains the importance of working with governments and why it’s essential to define your timeline and make a good business arrangement. Developing a report and maintaining it through successive elections is vital. It’s necessary to be open-minded and get a sense of the political opinions on mining and industry. Developing a project takes time, and you want to keep advancing steadily.
He explains how the Lundin Foundation is used and the development of local social programs. They come up with the best approach and work with locals to build out services and businesses that will be useful for the resource industry while improving opportunities for communities.
Adam details what they look for in mining investments and projects. They are constantly looking for good partnerships and new opportunities.
He feels there will be some very exciting times ahead in the commodity space, and they look forward to continued success in the mining business.
Time Stamp References:
0:00 – Introduction
0:33 – Lundin Family Background
3:28 – Three Brothers
5:18 – Copper & Oil Markets
6:45 – Josemarie Project Timeline
9:03 – ESG & Responsibility
10:35 – Copper Cycle & Timeline
12:06 – Withholding Metals
14:25 – Jurisdiction & Risks
16:51 – Lessons
17:35 – Lundin Foundation
19:28 – Perspective & Approach
20:46 – Investments and Projects
23:32 – Finding Good People
25:45 – Concluding Thoughts
26:28 – Wrap Up
Talking Points From This Episode
- Adam’s Background with the Lundin Family
- Copper demand and opportunity.
- Long-term goals, mine development, and working with governments.
Mr. Adam Lundin has many years of experience in capital markets and public company management across the natural resources sector. His background includes oil & gas and mining technology, investment advisory, international finance, and executive management. He began his career working for several Lundin Group mining companies in various countries before moving into finance. He specialized in institutional equity sales, ultimately becoming co-head of the London office for an international securities firm.
In addition to serving as President, CEO, and Director of Josemaria, Mr. Lundin is the Chairman of Filo Mining Corp. and Africa Energy Corp. and a Director of NGEx Minerals Ltd., Lundin Energy AB, and the Lundin Foundation.