A C$17.5M investment by the Lundin family in Canadian-listed Montage Gold has generated a return of more than 2,000% in under two years owing to surging bullion prices and accelerated mine development, said Bloomberg News on Monday.
The Lundins, a Swedish-Canadian dynasty, have mining roots that stretch back three generations to Adolf Lundin, who prospected across the Middle East and apartheid-era South Africa in the Seventies and Eighties.
His grandsons Jack and Adam now lead Lundin Mining Corp, the family’s flagship copper and base metals vehicle headquartered in Vancouver.
It was through Nemesia, a Luxembourg-based business, that the Lundins backed Montage. That was in March 2024 when they bought shares at 70 Canadian cents per unit in order to support development of the company’s flagship Côte d’Ivoire mine.
When Montage raised a further C$180m in August that year — a round led by China’s Zijin Mining Group — the family invested an additional C$45m to protect their position, said the newswire.
The wager was vindicated in January when Montage announced the mine would achieve first gold production by year-end, ahead of schedule.
Shares now trade at C$15.04, lifting the family’s 19.9% stake to approximately C$1.03bn. Bloomberg’s Billionaires Index values the family’s total fortune at $18.1bn.
Montage had estimated the Côte d’Ivoire deposit’s in-situ value at $3.1bn based on a gold price assumption of around $3,000 per ounce over a 16-year mine life. Gold is currently trading above $5,170 per ounce, said Bloomberg News.
