A wealthy Swedish-Canadian family has hit the jackpot by investing in an obscure mining stock that surged 21 times in just one year.
The Lundins put in $17.5 million CAD ($12.88 million) into Vancouver-based Montage Gold Corp (MAUTF) in March 2024, when it was trading at $0.70 CAD ($0.52) per share, according to a report by Bloomberg.
Already holding a significant stake in the mining company, the Lundins decided to inject more funds to help Montage’s Ivory Coast mine get running.
The Toronto-listed MAUTF started its climb in January after announcing that its Ivory Coast mine would start producing gold by the end of 2026, ahead of schedule. The stock skyrocketed to $15.04 CAD ($11.07), delivering a staggering 2,409% return for the Lundins in just 12 months.
As of January, Montage’s Ivory Coast mine was estimated to hold $3.1 billion worth of gold, assuming an average metal price of $3,000 over the project’s 16-year lifespan. Currently, gold is at $5,183 – approximately 7.58% below its peak of $5,602 reached in late January.
The Lundins now own 20% of Montage, valued at around $759 million. Data from the Bloomberg Billionaire Index reveals that the Lundins boast a net worth of $18.1 billion.
A spokesperson for the Lundin family did not respond to requests for comments.
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