Lundin Mining Execs Open August With Bullish Insider Buying

Incorporated in 1994, Lundin Mining Corp (LUN:CN) is a diversified company specializing in base metals mining. It focuses on the exploration, development, and extraction of mineral properties in Chile, Brazil, the United States, Portugal, Sweden, and Argentina. 

LUN stock trades on the Toronto Stock Exchange with a current market capitalization of around CAD 10.12 billion.

Insiders Stock Up

On August 01, 2024, two insiders at Lundin stocked up on LUN shares.

• Chairman, Adam Ian Lundin, bought 75,000 shares @ the share price of 13.235 CAD.

• President/CEO, Jack Oliver Lundin, bought 74,000 shares @ the share price of 13.236 CAD.

In total, these executives invested around CAD 1,972,089 ($1,422,830).

Adam Lundin possesses extensive experience in capital markets and managing public companies in the natural resources sector. He commenced his career with Lundin Group before moving into finance, specializing in institutional equity sales.

Jack Lundin was appointed President in 2022 and CEO in late 2023. Previously, he has served as President & CEO of Bluestone Resources Inc., a company specializing in mineral exploration and development, dedicated to progressing its fully owned projects in Guatemala.

Company Performance & Acquisitions

On July 30, 2024, Lundin disclosed its second quarter 2024 financial results. President & CEO, Jack Lundin said about the results, “Our team remains dedicated to enhancing operational performance, prioritizing safety and cost optimization.”

The company reported revenues of $1,083.6 million with net earnings of up to $121.6 million. In addition, the company reported consolidated production amounted to 79,708 tonnes of copper, 47,460 tonnes of zinc, 1,721 tonnes of nickel, and around 32,000 ounces of gold.

Prior to this, Lundin Mining collaborated with BHP to jointly acquire 100% of Filo’s issued and outstanding common shares. This would form a 50/50 joint venture between Lundin Mining and BHP. This joint venture will include the Filo del Sol project (FDS) and Lundin Mining’s Josemaria project. As part of this agreement, BHP will pay Lundin Mining a cash consideration of $690 million in exchange for Lundin Mining contributing the Josemaria project to the joint venture.

On the other hand, LUN stock is up by 21.09% year-to-date and has received mostly a ‘Hold’ or a ‘Buy’ rating from 18 analysts as per MarketBeat. This along with the aforementioned news announcements suggests the LUN’s bull run is in for the long haul.