Abitibi Metals boosts resource by 62% at B26 polymetallic deposit in Quebec
Indicated resources increased to 11.3 million tonnes from 6.9 Mt.
A group of investors led by a son of the late Swedish-Canadian mining tycoon Lukas Henrik Lundin is seeking to raise $500 million for a fund that will invest in mining projects.
Nordic Natural Resources Capital LP will take “sponsorship” stakes and invest in convertible debt for mining companies at development or construction phases of their projects, according to a term sheet seen by Bloomberg.
Nordic is led by Lukas Lundin’s son, Harry, along with Peter Grosskopf, former chief executive officer of Sprott Inc. The fund, expected to launch this year, will focus on precious metals and energy transition metals, according to a person familiar with the plans.
Harry Lundin and Grosskopf declined to comment.
The fund aims to inject capital into an area of the mining industry where retail investors and banks are often hesitant to venture. Junior miners typically struggle to raise money to build mines out of mineral discoveries, risking the viability of the project and stretching the time it takes to reach production.
Harry Lundin is the grandson of the late Swedish entrepreneur Adolf H. Lundin, who with his son Lukas kicked off a global commodities empire that today includes metals, diamond and oil firms.
Two of Harry Lundin’s brothers, Jack and Adam, took over the family-founded Lundin Mining Corp. when their father died last year, with Jack getting appointed the next CEO earlier this week.
Another brother, William Lundin, is chief operating officer of Vancouver-based International Petroleum Corp.
(By Jacob Lorinc and Paula Sambo)
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