A Swedish-Canadian billionaire household has struck gold after investing in a little-known mining inventory that exploded 21x in only one 12 months.
The Lundins invested $17.5 million CAD ($12.88 million) within the Vancouver-based metals exploration and growth agency Montage Gold Corp (MAUTF) in March 2024, when it was buying and selling at $0.70 CAD ($0.52) per share, Bloomberg experiences.
On the time, the Lundins already held a big stake within the mining firm and determined to take a position extra capital to assist deliver Montage’s flagship Ivory Coast mine up and operating.
The Toronto-listed MAUTF started its ascent in January after the corporate introduced that its Ivory Coast mine would start producing gold by the top of 2026, sooner than anticipated. The inventory soared to $15.04 CAD ($11.07), delivering an eye-popping 2,409% return for the Lundins in simply 12 months.
As of January, Montage’s Ivory Coast mine was estimated to comprise $3.1 billion value of gold, assuming the metallic averages $3,000 over the challenge’s 16-year lifespan. At time of writing, gold is $5,183 – about 7.58% under its all-time excessive of $5,602, which it hit in late January.
The Lundins management 20% of Montage, valued at round $759 million. Information from the Bloomberg Billionaire Index reveals that the Lundins have a internet value of $18.1 billion.
A consultant for the Lundin household didn’t reply to requests for remark.
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