Staying Entrepreneurial and Avoiding Bureaucracy

Jonas asks about scale versus agility; Jack describes separate companies, removing unnecessary processes, and preserving culture.

Play episode from 45:14

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Episode notes

Our guests today are Jack and Adam Lundin, of the renowned Lundin Family, a name synonymous with value creation and long-term thinking in the mining sector.

We were fortunate to record a conversation that delves into their philosophy and vision for the future.

Among many topics, we cover:

• Their approach to creating sustainable value in mining investments

• Why the Vicuña joint venture is truly special, with insights on the Josemaría and Filo del Sol projects

• The remarkable rise of Lundin Gold in Ecuador and the lessons learned

• What they’ve learned working alongside Chinese miners

Please enjoy the chat!

This was recorded on 11/11/2025.

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TIMESTAMPS

(00:00) Introduction
(05:09) Lundin Gold: Betting on Ecuador
(11:50) Building Josemaria: Lessons from Others
(14:33) Meeting Milei
(18:41) Financing Vicuña
(28:03) Tenke and the DRC
(32:03) NGEx and the Birth of Lunar Royalties
(37:11) Lundin Gold: Single Asset Risk
(43:48) Legacy: Building for the Next Generation
(46:39) Staying Lean: Culture Over Bureaucracy
(48:10) "The Lundin Put"
(49:31) Canada vs Australia: Capital Markets

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