Lundin Mining
Canadian mining company focused primarily on copper and other base metals.
Last updated August 31, 2026
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Overview
Lundin Mining Corporation is a Canadian diversified mining company headquartered in Vancouver. It explores, develops, owns and operates mines and mineral projects, with copper now forming the center of its portfolio alongside gold, silver, nickel, zinc, lead and molybdenum. Its principal operating assets have included the Candelaria and Caserones copper complexes in Chile, the Chapada gold-copper mine in Brazil and the Eagle nickel-copper mine in Michigan, United States. The company also holds major development and exploration interests in the Argentina–Chile border region, including Josemaria and the Filo del Sol project through a 50/50 joint venture with BHP. The business began in 1994 as South Atlantic Diamonds Corp., established by Adolf Lundin to invest in a Brazilian diamond project. It subsequently changed its name to South Atlantic Resources and expanded into base-metal exploration in Sweden through an investment in North Atlantic Natural Resources. The Storliden mine, developed with Boliden, began producing zinc and copper in 2002. After raising capital in Stockholm and later listing in Toronto, the company acquired the Zinkgruvan mine from Rio Tinto in 2004 and adopted the Lundin Mining name. Early growth came through acquisitions of European zinc, lead, silver and copper assets, including Galmoy in Ireland and Neves-Corvo in Portugal. During the 2000s and 2010s, Lundin Mining repeatedly reshaped its portfolio through acquisitions, proposed mergers and asset sales. It acquired exposure to the Tenke Fungurume copper-cobalt mine in the Democratic Republic of the Congo, the Aguablanca nickel-copper mine in Spain, the Eagle project in Michigan and a major interest in the Candelaria copper complex in Chile. It later divested Tenke Fungurume, Aguablanca, Galmoy and its Kokkola cobalt-refinery interest. The company also pursued, but did not complete, combinations involving Hudbay, Inmet Mining and Equinox Minerals, and unsuccessfully attempted to acquire Nevsun Resources. Lundin Mining has increasingly emphasized large-scale copper growth. It acquired the Chapada mine from Yamana Gold in 2019, acquired Josemaria Resources in 2022, bought a controlling interest in Caserones in Chile in 2023 and entered a major partnership with BHP for Filo del Sol and Josemaria in 2024. In 2025 it agreed to sell Neves-Corvo and Zinkgruvan to Boliden, further concentrating the portfolio on copper and selected precious- and battery-metal opportunities. The company has also faced scrutiny over environmental impacts and disclosure practices, including the 2022 Alcaparrosa aquifer incident and litigation concerning delayed disclosure of a 2017 Candelaria pit-wall failure.
History
Lundin Mining originated in 1994 as South Atlantic Diamonds Corp., founded by Adolf Lundin to pursue investment in a Brazilian diamond mine. The company later became South Atlantic Resources and diversified into mineral exploration. A key early step was its acquisition of a 39% interest in North Atlantic Natural Resources, which explored deposits in northern Sweden. In cooperation with Boliden, the Storliden zinc-copper mine was developed and entered production in 2002. The company raised funds on Nasdaq Stockholm in December 2003 and obtained a Toronto Stock Exchange listing in August 2004. In June 2004 it purchased the Zinkgruvan zinc-lead-silver mine in Sweden from Rio Tinto for US$100 million. The transaction marked the beginning of attributable mineral production at scale, and the company adopted the Lundin Mining name in August 2004. In 2005 it acquired Arcon International Resources and the Galmoy zinc-lead-silver mine in Ireland, while also obtaining full ownership of Storliden. Lundin Mining expanded substantially in 2006 and 2007. It acquired EuroZinc, owner of the Neves-Corvo mine in Portugal, obtained a 24% interest in the developing Tenke Fungurume copper-cobalt mine in the Democratic Republic of the Congo through the acquisition of Tenke Mining, and acquired Rio Narcea Gold Mines, including the Aguablanca nickel-copper operation in Spain. Storliden ceased production in 2008 after depletion of its reserves. That year the company moved its headquarters from Vancouver to Toronto. The global financial crisis disrupted a proposed merger with Hudbay, which was terminated in February 2009 after failing to obtain investor support. Hudbay subsequently sold its Lundin Mining stake. The Galmoy mine was closed in May 2009, earlier than planned, after zinc prices fell sharply. In 2011 Lundin Mining proposed a merger with Inmet Mining, but the transaction failed to win shareholder approval. Equinox Minerals also launched a hostile takeover attempt that year, which was likewise abandoned. The company returned to acquisition-led growth in the following decade. It acquired a 24% interest in a cobalt refinery in Kokkola, Finland, in 2013 and bought the Eagle project in Michigan from Rio Tinto. Eagle entered production in 2014. Later that year Lundin acquired Freeport-McMoRan's 80% interest in the Candelaria complex in Chile for US$1.8 billion, establishing one of its most important long-term copper positions. From 2016 onward, Lundin Mining continued to recycle capital. It sold Aguablanca to Sacyr in 2016, disposed of its Tenke Fungurume interest in 2017 as part of the broader sale to BHR Partners and China Molybdenum, and sold Galmoy. Its attempted acquisition of Nevsun Resources in 2018 was overtaken by Zijin Mining's higher bid. In 2019 Lundin purchased Chapada in Brazil from Yamana Gold for approximately US$1 billion. The company joined the United Nations Global Compact in 2016 as part of its stated sustainability commitments. Lundin Mining acquired Josemaria Resources in 2022, adding a large copper-gold development project in San Juan Province, Argentina. In 2023 it acquired a 51% interest in Caserones in Chile and later exercised an option to raise its ownership to 70%. The company also moved its headquarters back to Vancouver in 2023. In 2024, Lundin and BHP created a 50/50 joint venture combining Filo del Sol with Josemaria, creating a major copper-gold-silver development platform near the Argentina–Chile border. In 2025 Lundin agreed to sell Neves-Corvo and Zinkgruvan to Boliden, concentrating the business further on copper and selected growth assets in the Americas. The company has nevertheless faced significant scrutiny. The Alcaparrosa operation in Chile was linked to aquifer damage and a surface sinkhole after a hydraulic connection developed during mine activity. Separately, investors pursued litigation over the timing of disclosure concerning a 2017 Candelaria pit-wall instability and subsequent collapse. These matters have placed environmental management, operational risk and securities disclosure among the principal issues shaping the company's public profile.
- 2024
Filo del Sol joint venture established
[1]Lundin and BHP combined Filo del Sol and Josemaria in a 50/50 venture.
- 2023
Caserones control acquired
[1]Lundin acquired control of the Chilean copper-molybdenum mine.
- 2022
Josemaria Resources acquired
[1]The company acquired the Josemaria copper-gold development project in Argentina.
- 2019
Chapada acquired
[1]The Brazilian gold-copper mine joined Lundin Mining's operating portfolio.
- 2014
Candelaria interest acquired
[1]Lundin acquired an 80% interest in the Candelaria complex in Chile.
- 2013
Eagle project acquired
[1]Lundin bought the Eagle nickel-copper project from Rio Tinto.
- 2007
Tenke Fungurume and Aguablanca added
[1]The company acquired a 24% Tenke Fungurume interest and Rio Narcea Gold Mines.
- 2006
Neves-Corvo acquired
The acquisition of EuroZinc added the Neves-Corvo mine in Portugal.
- 2004
Zinkgruvan acquired and Lundin Mining name adopted
[1]The company bought Zinkgruvan from Rio Tinto and changed its name to Lundin Mining.
- 2002
Storliden begins production
[1]The Swedish zinc-copper mine, developed with Boliden, entered production.
Products and positioning
A diversified, publicly listed base-metals producer whose strategy increasingly prioritizes copper scale, long-life assets and development-stage growth in the Americas.
Copper mining complex · 2014
Candelaria
A major copper complex in Chile's Atacama Region. It includes open-pit and underground mining operations and produces copper concentrates with gold and silver by-products. Lundin Mining acquired a controlling interest from Freeport-McMoRan in 2014 and has treated the complex as a cornerstone of its copper portfolio.
Copper-molybdenum mine · 2023
Caserones
A large copper-molybdenum operation in Chile's Atacama Region. Lundin Mining acquired an initial 51% interest in 2023 and subsequently increased its ownership to 70%, strengthening its concentration in Chilean copper production.
Gold-copper mine · 2019
Chapada
An open-pit mine in Goiás, Brazil, producing gold and copper-bearing concentrates. Lundin Mining acquired Chapada from Yamana Gold in 2019 as part of its strategy to add producing assets with copper exposure and precious-metal by-products.
Nickel-copper mine · 2014
Eagle
A high-grade underground nickel-copper mine in Michigan, United States. Lundin Mining acquired the project from Rio Tinto in 2013, and commercial production began in 2014. The operation is one of the company's principal battery-metal assets.
Copper-gold-silver development platform · 2024
Filo del Sol and Josemaria
A large development and exploration platform near the Argentina–Chile border. Filo del Sol is a gold-silver-copper project, while Josemaria is a copper-gold project acquired by Lundin Mining in 2022. In 2024 the assets were combined in a 50/50 joint venture with BHP.
Copper-zinc mine · 2006
Neves-Corvo
A polymetallic mine in Portugal producing copper and zinc, with lead and silver exposure. Lundin Mining acquired the operation through EuroZinc in 2006 and agreed to sell it to Boliden in 2025.
Zinc-lead-silver mine · 2004
Zinkgruvan
A Swedish underground mine producing zinc, lead and silver. Acquired from Rio Tinto in 2004, it was one of the assets that established Lundin Mining as a producing company. The company agreed to sell it to Boliden in 2025.
Controversies
2022
Alcaparrosa aquifer damage and sinkhole
Development at the Alcaparrosa copper mine in Chile, controlled through Minera Ojos del Salado, was linked to a hydraulic connection with a local aquifer and the appearance of a large sinkhole. In 2025 an environmental court ordered the mine's closure.
2017
Candelaria pit-wall collapse disclosure litigation
A 2017 rockslide at Candelaria followed the detection of wall instability. Investors alleged that the company disclosed the material event too late. In 2025 the Supreme Court of Canada allowed the related class action to proceed.
Marketing campaigns
- 2016United Nations Global Compact participation
Global
Lundin Mining joined the United Nations Global Compact, aligning its stated corporate sustainability program with principles concerning human rights, labour, environment and anti-corruption.
Outcome. Sustainability commitment
Brand decisions
2025
Sell Neves-Corvo and Zinkgruvan to BolidenM&ABackground
Lundin Mining continued concentrating its portfolio on copper growth assets in the Americas.
Action taken
The company agreed to sell the Portuguese and Swedish mines to Boliden for US$1.4 billion plus potential contingent payments of up to US$150 million.
Aftermath
The divestment reduced exposure to the two European operations and supported portfolio simplification.
Base consideration. US$1.4 billion (2025)
2024
Create Filo del Sol and Josemaria joint venture with BHPStrategyBackground
The two companies sought to consolidate adjacent copper-gold-silver development opportunities near the Argentina–Chile border.
Action taken
BHP and Lundin Mining acquired Filo del Sol in a 50/50 partnership, with Lundin contributing Josemaria to the joint venture.
Aftermath
The transaction created a larger regional development platform and emphasized copper as Lundin's strategic priority.
2023
Acquire and expand Caserones ownershipM&ABackground
Lundin Mining sought to add another large Chilean copper operation to its portfolio.
Action taken
It acquired 51% of Caserones for US$950 million and later increased ownership to 70% through an option requiring an additional US$350 million payment.
Aftermath
Caserones reinforced the company's Chile-focused copper production base.
Initial acquisition price. US$950 million (2023)
2022
Acquire Josemaria ResourcesM&ABackground
Lundin Mining pursued a large copper-gold development project in Argentina to support long-term copper growth.
Action taken
It acquired Josemaria Resources in a cash-and-stock transaction valued at approximately C$625 million.
Aftermath
Josemaria became part of the later Filo del Sol and Josemaria joint venture with BHP.
Transaction value. Approximately C$625 million (2022)
2019
Acquire ChapadaM&ABackground
The company pursued an operating Brazilian mine with copper and gold production.
Action taken
Lundin acquired Chapada from Yamana Gold for approximately US$1 billion.
Aftermath
The acquisition expanded Lundin's producing assets in Brazil.
Acquisition price. Approximately US$1 billion (2019)
2014
Acquire Candelaria controlling interestM&ABackground
Lundin sought a large, producing copper asset to increase its exposure to the metal.
Action taken
It purchased Freeport-McMoRan's 80% interest in Candelaria for US$1.8 billion.
Aftermath
Candelaria became a cornerstone of the company's copper portfolio.
Acquisition price. US$1.8 billion (2014)
2011
Abandon proposed Inmet merger and resist Equinox bidM&ABackground
Lundin Mining proposed a combination with Inmet Mining while Equinox Minerals launched a hostile takeover attempt.
Action taken
The Inmet transaction and Equinox takeover attempt were both abandoned after failing to obtain shareholder support.
Aftermath
Lundin remained independent and continued pursuing acquisitions and portfolio restructuring.
2008
Terminate proposed Hudbay mergerM&ABackground
Lundin Mining and Hudbay pursued a merger during the global financial crisis, but the proposed transaction did not obtain sufficient investor support.
Action taken
The parties terminated the merger agreement in February 2009.
Aftermath
Hudbay later sold its stake in Lundin Mining.
Recent events
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