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THE NORTHERN MINER | NOVEMBER 2024
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Jack and Adam Lundin are TNM’s Persons of the Year for 2024 AWARDS
BY ALISHA HIYATE
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ometimes a discovery is so big, it takes generations to discover, define and develop — in order to become a mining district that produces metals for future generations. Over the past two decades, the Lundin Group technical team has found a cluster of giant copper-gold deposits in the Andes – the region that produces 40% of the world’s copper. Their Vicuña district deposits include Filo Corp.’s (TSX: FIL) Filo del Sol and Lundin Mining’s (TSX: LUN) Josemaria in San Juan province, Argentina; and NGEx Minerals’ (TSX: NGEX) 69%-owned Los Helados in Chile’s Region III, plus its Lunahuasi discovery in San Juan. And this year, the younger generation led by brothers Jack and Adam Lundin made a deal with the world’s biggest miner, BHP (NYSE: BHP; LSE: BHP; ASX: BHP) that’s likely to catapult base metals producer Lundin into the copper big leagues. That’s why The Northern Miner has named Jack, the company’s president and CEO, and Adam, Lundin’s chair, our Persons of the Year for 2024.
| BHP-Filo copper deal set to transform Lundin Mining
“This has the potential to become one of the world’s biggest copper, gold, silver mines ever to be developed and operated.”
Association of Canada 2024 Thayer Lindsley award for their discoveries over the past 20 years. Now the Lundin brothers are using their complementary skill sets to take the district, which stretches about 35 km along the Chile-Argentina border, to the next level — production. Jack holds a mineral resource engineering master’s degree and has worked on project builds, including Lundin Gold’s (TSX: LUG; US-OTC: LUGDF) Fruta del Norte, and is the technical, detail-oriented sibling. Adam, who worked in investment banking for eight years before entering the family business in 2017, keeps an eye on the big picture and new opportunities. “He has a very strong business acumen, something that I think he took from our father and our grandfather to keep our entrepreneurial spirit alive,” Jack said of his brother. He also brings an intimate knowledge of the Vicuña district, having served as president and CEO of both Filo Corp. and Josemaria
JACK LUNDIN, PRESIDENT AND CEO, LUNDIN MINING
The transaction gives the $11-billiion market cap Lundin an equal seat at the table to develop Vicuña’s deposits on the Argentina side, Josemaria and Filo del Sol. “This has the potential to become one of the world’s biggest copper, gold, silver mines ever to be developed and operated,” Jack told The Northern Miner in October. But it also offers the Lundin brothers an opportunity to build
Lundins 42 > PM44082538
Adam and Jack Lundin at Lundin Mining’s Chapada mine in Brazil. LUNDIN MINING
DST is engaged in the development and commercialization of environment-friendly technologies for the treatment of materials in the mining industry. Through the development of patented, proprietary processes, the CLEVR and GlassLock processes, DST extracts precious and base metals from mineralized material, concentrates and tailings, while stabilizing contaminants such as arsenic, which could not otherwise be extracted or stabilized with conventional processes because of metallurgical issues or environmental considerations.
on the family legacy started in early 1960s by their grandfather, Adolf, and their father Lukas, who first brought the group into Argentina in 1989. “This is a vision that started a long time ago that we’re carrying forward, but it also is at a scale that we, or my dad or grandfather never could have imagined it to become,” the CEO said. The deal includes the $4.1-billion takeover of Lundin Group, Filo Mining, and a US$690-million payment by BHP to Lundin for half of Josemaria. Filo shareholders voted in favour of the deal in late September and it received approval in an Ontario court in October. Family mission The Vicuña story started in the late 1990s. Lundin geologists staked
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claims in the remote, high-altitude region, targeting an unexplored gap between two well-established mineral belts in the Andes — Maricunga to the north and El Indio to the south. For 34-year-old Jack and 37-yearold Adam, not even in their teens at the time, the development of the immense district has become something of a family mission. “As we were growing up and hearing about the exploration that was going on in the district, it was always something very exciting for us to be able to kind of be a part of,” Jack said. The Vicuña exploration team, including Wojtek Wodzicki, Bob Carmichael, Diego Charchaflie, Patricio Jones, Martin Rode, and Alfredo Vitaller, received the Prospectors & Developers
Ross Beaty, Teck’s Amparo Cornejo win TNM honours / 11