A family of Swedish-Canadian billionaires has struck gold after investing in a little-known mining stock that exploded 21x in just one year.
The Lundins invested $17.5 million CAD ($12.88 million) in Vancouver-based metals exploration and development company Montage Gold Corp (MAUTF) in March 2024, when it was trading at $0.70 CAD ($0.52) per share, Bloomberg reports.
At the time, the Lundins already had a major stake in the mining company and decided to invest additional capital to commission Montage’s flagship Ivory Coast mine.
Toronto-listed MAUTF began its ascent in January after the company announced its mine in Ivory Coast would start producing gold by the end of 2026, earlier than expected. The stock rose to $15.04 CAD ($11.07), delivering an eye-watering 2,409% return for the Lundins in just twelve months.
In January, the Montage mine in Ivory Coast was estimated to contain $3.1 billion worth of gold, assuming the metal would average $3,000 over the 16-year life of the project. At the time of writing, gold is at $5,183 – about 7.58% below the all-time high of $5,602, which it reached in late January.
The Lundins control 20% of Montage, worth about $759 million. Data from the Bloomberg Billionaire Index shows the Lundins have a net worth of $18.1 billion.
A representative for the Lundin family did not respond to requests for comment.
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