The son of the late Swedish-Canadian mining tycoon Lukas Henrik Lundin is leading a group of investors to raise $500 million for a fund to invest in mining projects producing metals for the energy transition. Harry Lundin, along with former Sprott Inc. CEO Peter Grosskopf, is the co-founder and co-CEO of Nordic Natural Resources Capital, a new fund that will focus on precious metals and energy transition metals, such as copper, nickel, cobalt, and lithium.
The fund aims to fill a gap in the mining industry, where junior miners often struggle to secure financing to develop their discoveries into mines. By taking “sponsorship” stakes and investing in convertible debt, the fund will provide capital and expertise to help these companies advance their projects and reach production.
Harry Lundin is the grandson of Adolf H. Lundin, who started a global commodities empire that includes metals, diamond, and oil firms. His father, Lukas Lundin, who died last year, was the chairman of Lundin Mining, a major copper producer. Two of Harry’s brothers, Jack and Adam, took over the family business, while another brother, William, is the chief operating officer of International Petroleum.
Harry Lundin said he wanted to create his own legacy in the mining sector while contributing to the global shift to clean energy. He said he believes the demand for green metals will continue growing as countries and companies adopt more ambitious climate targets.
“We see a huge opportunity to invest in projects that can supply the metals needed for the energy transition,” he said. “We also want to do it responsibly and sustainably by applying high environmental, social, and governance standards to our investments.”
The fund has already secured commitments from several institutional investors and family offices and expects to close its first fundraising round by the end of the year. It plans to invest in 10 to 15 projects across different regions and stages of development, with an average investment size of $25 million to $50 million.
The fund is also in talks with Japanese trading houses and large miners to offer them a 40% and 50% stake in Argentina’s Josemaria mine, a copper-gold project that Harry Lundin co-owns with his brothers. He said the project is one of the world’s most attractive undeveloped copper assets, with a potential annual production of 125,000 t of copper and 230,000 oz of gold.
The fund’s launch comes when copper prices have surged to record highs, driven by supply constraints and rising demand for electric vehicles, renewable energy, and infrastructure. Analysts expect the copper market to remain tight in the coming years as new mine supply fails to keep up with consumption.
Harry Lundin said he is optimistic about the outlook for copper and other green metals and hopes his fund will help unlock their value for investors and society.
“We are very excited about this new venture,” he said. “We think we have a unique proposition that combines our experience in mining with our passion for green energy.”
Source: Mining Weekly
