KEY POINTS
- Lundin heirs expand family mining empire into Argentina’s copper market.
- New joint venture with BHP aims to tap Argentina’s vast copper reserves.
- Argentina’s resource-friendly policies provide a favorable investment climate.
Adam and Jack Lundin, the heirs of Canada’s Lundin Mining Corp., are aiming for Argentina’s copper reserves as part of their ambitious plan to enter the global copper market.
The Lundin family’s mining company is systematically expanding into South America as the world’s need for vital minerals increases due to the switch to cleaner energy.
Transitioning the family legacy
Adam Lundin, chairman of Lundin Mining, and his younger brother Jack, the company’s CEO, represent the latest generation of the Lundin family.
They have expanded the family’s footprint across copper, nickel, and zinc mines globally, continuing the legacy of their grandfather, a Swedish wildcatter whose ventures established the family fortune.
In their twenties, both brothers were entrusted with overseeing projects within the Lundin empire, from Ecuador to Argentina, before assuming leadership roles at Lundin Mining.
Today, they are the second-largest shareholders in the corporation, controlling 15.4 percent through a family trust managed from Geneva.
High-stakes expansion into Argentina
The Lundins’ latest venture targets vast copper deposits in Argentina’s San Juan Province, where they aim to establish a major mining district.
According to Mining.com, their expansion comes at a time when Argentina’s new president, Javier Milei, has promised favorable policies for resource extraction.
This “big bet” on Argentina will require building infrastructure and navigating the country’s volatile political landscape. “We’re not just betting on this government,” noted Martin Pradier, an analyst at Veritas Investment Research, “but on the next ten governments.”
In July, the brothers forged a joint venture with BHP Group Ltd., the world’s largest mining company, securing a 50 percent stake in the Argentine project. Together, they hope to realize Argentina’s potential as a top copper producer, leveraging its rich but untapped reserves.
Balancing tradition with innovation
The Lundins’ strategy is based on a history of taking risks, which was continued by their father Lukas, who died in 2022.
Moreover, Lukas established a family business that relies on visiting unusual places and is well-known for his forays into South Africa and Sudan.
Jack and Adam carry on that tradition by working with industry heavyweights like BHP to pursue high-risk but high-reward initiatives.
They are nevertheless hopeful about Argentina’s potential as a copper powerhouse in spite of the uncertainty. Adam said with assurance, “We’ll all need more copper as the world electrifies.”
