The Lundin Group of Companies

Transcription

2011
Q1
vision
experience
r e s u lt s
The Lundin Group of Companies
is comprised of individual, publicly traded
natural resource companies that are managed
by the Lundin Family. The companies range
from exploration stage to
advanced development and
production. The companies
are involved in a variety
of commodities and
operate in over thirty five
countries worldwide.
The Lundins’ approach to
business is entrepreneurial
and value driven. They seek
large scale opportunities
with further growth and
development potential.
Although they have no
inhibitions about geography,
challenging locations are
nevertheless carefully
evaluated in order to
ultimately achieve
shareholder value.
Resource Industry Specialists
production
exploration
12
companies
Combined market cap
$ 13.6
billion
investment
management
All dollar amounts are in Canadian
dollars except as noted.
Production
Lundin Mining Corporation
Denison Mines Corp.
Atacama Minerals Corp.
copper, zinc
lead, nickel
uranium
vanadium
iodine, potash
Lucara Diamond Corp.
diamonds
Lundin Petroleum AB
oil
BlackPearl Resources Inc.
Etrion Corporation
heavy oil
solar power
Sweden, Portugal, Spain, Ireland,
DRC
Canada, U.S., Zambia, Mongolia
Chile, Brazil
Lesotho, Botswana
worldwide
Canada
Italy
Exploration
Africa Oil Corp.
NGEx Resources Inc.
ShaMaran Petroleum Corp.
oil
gold, copper,
potash
oil
Kenya, Ethiopia
Puntland (Somalia), Mali
Chile, Argentina, Eritrea, Congo
(Brazzaville), Canada
Kurdistan
Investment Management
Vostok Nafta Investment Ltd.
multi-sector
Russia
Other
Fortress Minerals Corp.
mineral
exploration
Projects under review for
acquisition
1
Continuous Worldwide Quest
NGEx Resources Inc.
GJ/Kinaskan Project
LUNDIN Petroleum Ab
Norway
Mooney
Onion Lake
Blackrod
DENISON MINES CORP.
McClean Lake Mill/Mine
Wheeler River Project
Midwest Project
DENISON MINES CORP.
White Mesa Mill
Henry Mountains Complex
Colorado Plateau Mines
Arizona Strip Mines
LUNDIN Petroleum Ab
Ireland
Netherlands
France
LUNDIN MINING CORPORATION
Neves-Corvo Mine
Aguablanca Mine
Africa Oil Corp.
Blocks 7 and 11, Mali
NGEx Resources Inc.
Congo Exploration
LUNDIN Petroleum Ab
Congo-Brazzaville
ATACAMA MINERALS CORP.
Salvador Potash Project
ATACAMA MINERALS CORP.
Aguas Blancas Mine
NGEx Resources Inc.
Colmillos Project
Andrea Project
NGEx Resources Inc.
Josemaria Project
Filo del Sol Project
Los Helados Project
NGEx Resources Inc.
Cerro Cuadrado Project
Gold • Copper • Cobalt • Lead • Nickel • Zinc • Uranium • Iodine
2
for Overlooked Opportunities
Zinkgruvan Mine
LUNDIN Petroleum Ab
Russia
SHamaran Petroleum Corp.
Atrush Block
Pulkhana Block
Arbat Block
K42 Block
Etrion CORPORATION
Italy
DENISON MINES CORP.
Gurvan Saihan JV Project
LUNDIN Petroleum Ab
Tunisia
NGEx Resources Inc.
Hambok Project
Aradaib Project
Bada Potash
Africa Oil Corp.
Nugaal Valley and Dharoor Valley
Blocks 2, 6, 7, 8, Adigala, South Omo
and Rift Valley
Blocks 10A, 10BB, 10BA, 9, 13T and 12A
LUNDIN Petroleum Ab
Vietnam
Malaysia
Indonesia
Tenke Fungurume Mine
DENISON MINES CORP.
Mutanga Project
Namibia Kavango Project
AK6 Diamond Project
Mothae Diamond Project
Nitrate • Potash • Diamonds • Oil and Gas • Solar Power
3
Joint Venture Partners
have included:
Ampolex (Mobil)
Companies by Sector
Anschutz Overseas
gold
ARCO
Barrick Gold
Bhpbilliton
base
metals
NGEx Resources
Lundin Mining
Boliden
BP
CNOOC
Atacama Minerals
Elf Hydrocarbures
diamonds
Enterprise Oil
Freeport McMoRan
Gazprombank
industrial
minerals
Denison Mines
uranium
Gulf Oil
JOGMEC
oil
KEPCO
Metallica Mining
Etrion Corporation
Lucara Diamonds
Lundin Petroleum
BlackPearl Resources
Africa Oil
ShaMaran Petroleum
solar
power
North Limited
Nuclear Fuel Services
Petro Vietnam
investment
Petronas Carigali
Phelps Dodge
Rio Algom
Rio Tinto
Tullow Oil
Washington Group
WMC Limited
Commodity distribution
Gold
Copper
Zinc
Nickel
Uranium
Iodine
Potash
Diamonds
Oil
Solar
4
Vostok Nafta Investment
Fortress Minerals
Worldwide Corporate
and Technical Offices
Management
Vancouver
Head Office
The Lundin Group of Companies is
under the overall management and
guidance of Lukas H. Lundin and Ian
H. Lundin. Each individual company
has its own specialized executive
and management team as well as
technical personnel.
Aberdeen
Addis Ababa
Aljustrel
Buenos Aires
Calgary
Denver
Gaborone
Geneva
Jakarta
Kuala Lumpur
Letlhakane
Lisbon
London
Lubumbashi
Maseru
Monesterio
Moscow
Oslo
Paris
San Juan
Santiago
Saskatoon
Singapore
Stockholm
The Hague
Toronto
Tunis
Villeperdue
Corporate and Technical Offices
Calgary
Vancouver
Saskatoon
Denver
Toronto
Oslo
Stockholm
Aberdeen
Moscow
London
The Hague
Paris
Villeperdue Geneva
Lisbon Monesterio
Aljustrel
Tunis
Addis Ababa
Lubumbashi
Santiago
San Juan
Buenos Aires
Kuala Lumpur
Singapore
Jakarta
Letlhakane
Gaborone
Maseru
5
Value Creation
The Lundins have an outstanding record of providing shareholders
with substantial returns on their investments. Seen below is the initial
investment made by several of their companies versus the value of
that investment on the eventual sale or merger of the company.
Exceptional return on investment
1,757%
1,800%
364
1,700%
Oil Sector
1,600%
Mining Sector
1,500%
1,400%
1,300%
1,200%
1,091%
1,100%
192.9
1,014%
961%
1,000%
8,976
1,942.2
900%
850%
1,280
800%
700%
609%
558%
600%
500%
352%
400%
702.6
300%
200%
139%
100%
480
0%
514.0
1,397.9
200.9
154%
142.5
56.1
LUNDIN OIL
SUDAN
Total investment
minus cash
flow vs final
consideration.
Takeover by
Talisman Energy.
Total investment
vs cash flow
from sale
of Block 5A.
Acquired by
Petronas.
155.4
183.06
VALKYRIES
PETROLEUM
Tanganyika
Oil
Total investment
minus cash
flow vs final
consideration.
Takeover
by Lundin
Petroleum.
Total investment
minus cash
flow vs final
consideration.
Takeover
by Sinopec
International
Petroleum
Exploration and
Production.
19.6
16.2
ALUMBRERA
VELADERO
Total investment
vs final
consideration.
Takeover by Rio
Algom and North
Limited.
Total
investment
vs final
consideration.
Takeover by
Homestake.
134.8
212.4
72.5
806
LUNDIN
MINING
Tenke
Mining
International
Uranium
Red Back
Mining
Total investment
minus cash
flow vs market
capitalization
immediately
preceding
merger with
EuroZinc
Mining.
Total
investment
vs final
consideration.
Takeover by
Lundin Mining.
Total investment
minus cash
flow vs market
capitalization
immediately
preceding merger
announcement
with Denison
Mines.
Total
investment
minus cash
flow vs final
consideration.
Takeover by
Kinross.
initial investment (in US$ millions)
value at transaction time (in US$ millions)
6
Recent transactions have created over
$11 billion in value for shareholders
US$ millions
8,976
9,000
8,500
8,000
7,500
7,000
Oil Sector
6,500
Mining Sector
6,000
5,500
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,942.2
1,500
1,280
1,397.9
1,000
702.6
500
514
480
364
192.9
142.5
0 200.9
56.1
LUNDIN OIL
SUDAN
Total investment
minus cash
flow vs final
consideration.
Takeover by
Talisman Energy.
vs cash flow
from sale
of Block 5A.
Acquired by
Petronas.
155.4
VALKYRIES
Total investment PETROLEUM
Total investment
minus cash
flow vs final
consideration.
Takeover
by Lundin
Petroleum.
183.06
Tanganyika
Oil
Total investment
minus cash
flow vs final
consideration.
Takeover
by Sinopec
International
Petroleum
Exploration and
Production.
19.6
16.2
ALUMBRERA
VELADERO
Total investment
vs final
consideration.
Takeover by Rio
Algom and North
Limited.
Total
investment
vs final
consideration.
Takeover by
Homestake.
134.8
212.4
72.5
806
LUNDIN
MINING
Tenke
Mining
International Red Back
Uranium
Mining
Total investment
minus cash
flow vs market
capitalization
immediately
preceding
merger with
EuroZinc
Mining.
Total
investment
vs final
consideration.
Takeover by
Lundin Mining.
Total investment
minus cash
flow vs market
capitalization
immediately
preceding merger
announcement
with Denison
Mines.
Total
investment
minus cash
flow vs final
consideration.
Takeover by
Kinross.
initial investment (in US$ millions)
value at transaction time (in US$ millions)
7
Major Discoveries
Thar Jath oil field – 150 million barrel oil
discovery in Sudan – $142 million sale to Petronas
En Naga North and West oil
field 100 million barrel
oil discovery in Libya
Block PM-3 – 144 million
barrel oil discovery offshore
Malaysia/Vietnam
Lundin Petroleum
Luno discovery in Norway
140 million barrel oil
Lundin Petroleum – 300 million
barrel oil discovery on Lagansky
Block offshore Caspian Sea
Lundin Mining – major new
copper resources discovered
at Neves Corvo Portugal
World-Class Development
Tasiast gold mine
in Mauritania
Chirano – gold
mine in Ghana
Aguas Blancas –
iodine mine in Chile
Lundin Mining – Tenke Fungurume
copper/cobalt mine in DRC in
production with operating partner
Freeport-McMoRan
Lucara Diamond – two new
diamond mines under development
in Lesotho and Botswana
8
Transactions Past and Present
Bajo de la Alumbrera gold/copper deposit
$500 million takeover by Rio Algom
and North Limited
Lundin Mining
$1.4 billion
Lundin Mining
takeover of Tenke
Mining
$956 million takeover
of Rio Narcea
Veladero gold discovery
$300 million takeover by Homestake
$480
Lundin Petroleum spin off of
EnQuest plc to shareholders
$1.7 billion value creation
Lundin Oil
million takeover by
Talisman Energy
International Uranium – $1.5
billion
merger with Denison
Lundin Mining
$3.3 billion merger
with EuroZinc Mining
Valkyries – offshore Caspian Sea
exploration $800 million takeover by
Lundin Petroleum
Tanganyika Oil – major heavy
oil development in Syria
$2.1 billion takeover by
Sinopec
Red Back Mining gold
mines in Ghana and
Mauritania
$8.98 billion takeover by Kinross
9
Long-Term Vision
The most recent examples of major transactions include Red Back
Mining Inc., Tanganyika Oil Company Ltd. and Valkyries Petroleum Corp.
2010
2000
Red Back Mining
$1.35
$45.4
Sold to Kinross
million
$30.50
$8.98
billion
Red Back Mining Inc. was an unhedged African focused gold producer. It owned and operated the
Chirano gold mine in Ghana and the Tasiast gold mine in Mauritania. Aggressive exploration programs
aimed at increasing the Company’s resource and reserve base at both Chirano and Tasiast were highly
successful resulting in two world-class gold deposits. The Company was acquired by Kinross Gold
Corporation in December 2010 in a transaction valued at close to $9 billion at the time of closing.
2008
2002
Tanganyika
$0.55
$13.5
Sold to Sinopec
million
$31.50
$2.1
billion
Tanganyika successfully acquired and developed a large heavy oil field in Syria. The
Company was taken over by China Petrochemical Corporation (Sinopec) at $31.50 per share
representing a major return on investment for shareholders. At the time of the takeover,
Tanganyika had 3P oil reserves exceeding 1.25 billion barrels.
2006
2002
Valkyries
$0.45
$0.4
million
Sold to Lundin
Petroleum
$13.86
$800
million
Valkyries built a world-class portfolio of Russian oil and gas production and exploration
assets. These assets included the highly prospective Lagansky exploration block offshore
the Caspian Sea. Valkyries was acquired by Lundin Petroleum AB in a transaction valued at
$13.86 per share or $800 million representing a major gain to shareholders.
10
The Lundin Group Today
It all started over 35 years ago with Mr. Adolf Lundin as the
founder and visionary for the Group with an entrepreneurial and
adventurous outlook on business and life. The first companies in
the Lundin Group were involved in oil and gas exploration in the
Middle East. Today the Lundin Group operates in over 35 countries
around the world and in virtually every commodity. The Lundins
are after world-class developments and discoveries and have
assembled an impressive group of skilled people with the same
entrepreneurial drive and ability to seek out, acquire and manage
high growth, high potential projects.
Growth in shareholder value in a socially responsible manner
is the Lundin Group’s main focus. The Lundins are building their
producing companies into solid mid-tiers and beyond while
maintaining a roster of strategically focused exploration companies
around the globe.
Denison Mines
BlackPearl Resources
$675 million
$1.96 billion
Vostok Nafta Investments
$630 million
ShaMaran Petroleum
$524 million
Lucara Diamond
$381 million
Etrion Corporation
$140 million
Atacama Minerals
$135 million
Africa Oil
$326 million
NGEx Resources
$450 million
Fortress Minerals
$83 million
Lundin Mining
$4.3 billion
12
companies
Combined market cap
$13.6
billion
Lundin Petroleum
$4.04 billion
• Market capital as of June 2011
11
The Group’s Impact on Industry
The Group’s exploration and development activities have resulted in
significant new oil fields, copper mines, gold mines, diamond mines,
uranium and iodine mines.
The Group’s products are sold worldwide.
The Group’s activities create local employment, both directly and also
indirectly through services contracted.
Production Data
1,200
400,000
carats diamonds in 2012
tonnes iodine
120,000
1.2
tonnes zinc
million lbs uranium
110,600
42,000
boepd oil
tonnes copper
1.7
million lbs vanadium
44,000
tonnes lead
12
Lundin Group
Exploration and Development Budgets 2011
Diamonds 10.6%
Iodine 0.1%
Uranium 2.1%
Precious Metals 0.5%
Base Metals 18.4%
$1.31
billion
Oil 68.4%
Net Sales 2010
Iodine 1.7%
Solar 0.6%
Uranium 6.6%
Base Metals 43.6%
$2.09
Oil 47.6%
billion
13
2011 Production and Activity Summary
Industrial Minerals
iodine
potash
2011 estimate 1,255
tpa iodine increasing
to 1,500 tpa
Chile
Brazil
Full commissioning of agitated leach plant at Aguas Blancas iodine mine in
Chile. Potash exploration at Salvador project in Brazil.
NGEx Resources Inc.
potash
Significant exploration program planned
Eritrea
Exploration of the license started in January 2011. The initial phase will be
to confirm the evaporite sequence and then to drill test the shallower portions of the basin for potash mineralization.
Diamonds
diamonds
400,000 carats in 2012
Lesotho
Botswana
AK6 mine under construction in Botswana with commissioning scheduled
by year end 2011. Mothae mine in Lesotho in trial mining. Highly successful
first diamond sale.
Base Metals
copper
zinc
lead
nickel
2011 estimate
110,600 tonnes
120,000 tonnes
44,000 tonnes
not guided
Sweden
Portugal
Spain
Ireland
DRC
Continued drilling of major new high-grade, copper-rich massive sulphide
deposit, “Semblana,” at Neves-Corvo mine in Portugal. An 80,000 metre
surface drilling program is planned for 2011 which is intended to deliver an
initial resource estimate for Semblana prior to the end of 2011.
Freeport expansion of Tenke Fungurume to 130,000 tonnes copper.
Zinkgruvan copper plant converted to treat zinc ores in addition to copper.
NGEx Resources Inc.
copper
Multi-exploration
programs underway
South America and
Eritrea
Several significant exploration programs being carried out in 2011 on its
Argentina, Chile
projects in South America and Africa. Exploration budget is focused on
Eritrea
large scale copper-gold targets that demonstrate the potential for worldCongo (Brazzaville)
class discoveries. In total, the Company and its partners are expecting to
Canada
drill more than 20,000 metres by the end of September 2011.
Precious Metals
NGEx Resources Inc.
gold
14
Multi-exploration
programs underway
South America and
Eritrea
Several significant exploration programs being carried out in 2011 on its
Argentina, Chile
projects in South America and Africa. Exploration budget is focused on
Eritrea
large scale copper-gold targets that demonstrate the potential for worldCongo (Brazzaville)
class discoveries. In total, the Company and its partners are expecting to
Canada
drill more than 20,000 metres by the end of September 2011.
Energy
Denison Mines Corp.
uranium
vanadium
2011 estimate
1.2 million pounds
uranium
1.7 million pounds
vanadium
Continued exploration of major new high-grade uranium discovery at
Wheeler River in northern Saskatchewan.
Canada
U.S.
Zambia
Mongolia
Three mines in production in U.S. plus alternate feed production at White
Mesa mill in Utah.
Acquisition of another operating mine and additional uranium resources in
the U.S.
Exploration drilling at Mutanga uranium project in Zambia.
Etrion Corporation
Solar power producer that develops, builds, owns and operates solar
power plants in Italy.
solar
power
2011 estimate
85 MW
operational
Future growth driven by the development and acquisition of additional
solar power facilities under long-term contract in markets with strong solar
irradiation and high electricity prices.
Italy
Long-term goal of producing low-cost, clean electricity at attractive
returns.
Oil
Lundin Petroleum AB
oil
2011 exit estimate
28,000-33,000 barrels of oil equivalent
per day
Exploration focus to continue.
21 wells including appraisal and exploration drilling in the Greater Luno
Area, Norway and exploration drilling in the Barents Sea and Malaysia.
worldwide
Development activity to increase with doubling of production over next 5
years.
Large heavy oil/oil sands resource. Focused development on 3 core
projects.
heavy oil
2011 exit estimate
11,000-13,000 barrels
of oil per day –
Canada
significant expansion
potential
2011 exit production levels are expected to be 50% higher than 2010.
Drill 100-110 conventional heavy oil wells and upgrade infrastructure at
Onion Lake.
Install polymer facilities and convert wells to polymer injection at Mooney.
Complete construction of SAGD pilot and begin steaming at Blackrod.
Complete 40,000 bbl/day commercial application.
Africa Oil Corp.
oil
World-class exploration play in East
African Rift Basin
Kenya
Ethiopia
Puntland (Somalia)
Mali
Four distinct petroleum systems in East Africa Rift Basin. Multi-billion barrel accumulations on trend.
Seismic programs completed on majority of blocks and aggressive drilling
campaign with partner and operator Tullow in Q3 2011 with at least three
exploration wells scheduled for 2011.
oil
Oil development and
exploration vehicle in
Kurdistan
prolific Zagros Folded
Belt
Major new discovery on Atrush block in Kurdistan. Appraisal drilling in
2011.
Appraisal/development drilling on the Pulkhana block. Exploration drilling
on Arbat block.
15
Lundin for Africa
Lundin for Africa (LFA)
is the philanthropic
arm of the Lundin Group
of Companies. LFA supports
innovative, high impact initiatives
aimed at enabling sustainable livelihoods in Sub-Saharan
Africa through direct grants and below-market debt and
equity investments. Our work and resources are currently
focused in eight countries: Democratic Republic of the Congo
(DRC), Ethiopia, Ghana, Kenya, Lesotho, Mauritania, Sudan
and Zambia. Since inception, LFA has supported 27 projects in
nine countries.
LFA’s vision is to enhance agricultural productivity and
incomes among smallholder farmers, improve access to a
range of banking services in rural areas, and to stimulate
job and wealth creation through investments in small- and
medium-sized enterprises.
16
Agriculture
Three quarters of the world’s “bottom billion” live in rural areas and one in three Africans
remains undernourished. The importance of agriculture for poverty reduction goes well
beyond its direct impact on rural incomes; agricultural growth, particularly through increased
productivity, also reduces poverty by stabilizing and lowering food prices, increasing
employment for the rural poor, and increasing the demand for non-farm goods and services.
Financial Services for the Poor
Fewer than 10% of the world’s poor have access to affordable financial services. Often
taken for granted, such services assist the poor in managing risks, taking advantage of
opportunities, and building financial security. The provision of savings, loans, insurance and
training in basic business practices is critical to unlocking productive assets, particularly in
rural areas.
Private Sector Development
Sustained economic growth and improved competitiveness are essential to job and wealth
creation throughout Africa. The achievement of these objectives will require a significant
increase in resources (in the form of debt, equity, loan guarantees and technical assistance)
allocated to the development of small- and medium-size enterprises (SMEs).
Active
Projects
Agriculture
Financial
Services
Private
Sector
DRC
3



Ethiopia
1

Ghana
5

Kenya
1
Lesotho
1

Mauritania
2

Sudan
1

Zambia
3

Total
17
Country




Project in category
17
Mining Sector
Producers
Explorers
NGEx Resources Inc.
Denison Mines Corp.
Please see individual company websites
for information relating to reserve/
resource estimates.
18
TSXV – AAM
atacama.com
Commodities for a Growing World
Atacama Minerals Corp. holds a 100% interest in the Aguas Blancas iodine/sulphate/nitrate mine located in
northern Chile approximately 100 kilometres from the major Chilean port of Antofagasta. Iodine production
commenced from Aguas Blancas in 2001. A phased development plan is underway to further develop the
mine’s iodine and nitrate resources including construction of an agitated leach plant. Projected production
levels are approximately 1,500 tonnes iodine per annum upon full commissioning.
Atacama has successfully established itself in the competitive business of iodine production and sales. Aguas
Blancas iodine is being distributed on a worldwide basis.
Directors
Lukas H. Lundin, Chairman
Tim Miller, President and CEO
Richard P. Clark
Paul K. Conibear
John H. Craig
Ron F. Hochstein
Barry Needham
Wanda Lee, CFO
Quick Facts
What
Iodine, potash, nitrate, sulphate
Status
Production and exploration
Where
Chile, Brazil
How much (2011 est.) 1,255 tpa iodine current, increasing
to 1,500 tpa
Reserves/Resources Prov. & Prob. 52.2MMt 456ppm iodine,
13.2% sulphate, 2.02% nitrate;
M. & Ind. 54.9MMt 494ppm iodine,
14.8% sulphate, 2.31% nitrate
Cash – Q1 2011
US$27.5M
Debt – Q1 2011
US$14.5M
Cash Flow – Q1 2011 US$0.8M
EBITDA – Q1 2011
US$0.4M
People
145
Market Cap
$135M
Shares Out
166M
Good to know...
Major Uses of Iodine
(Global)
Iodine Market Facts
• World demand increase of 5% to 7% per year since 2000.
• Market price doubled from 2003 to present ($15 to $30/kg).
• Increasing demand in biocide and optical polarizing film usage.
• Atacama’s iodine production accounts for approximately 5% of
world demand.
Other
15%
Optical
Polarizing Film
15%
Health/Medical
50%
Industrial
20%
19
NYSE AMEX – DNN
TSX – DML
denisonmines.com
Denison Mines Corp.
Uranium Exploration/Development and Production/Vanadium Production
Denison Mines Corp. is a diversified, growth-oriented, uranium producer with three active mines in the United
States. Denison’s assets include an interest in two of four uranium mills in North America, with its 100%
ownership of the White Mesa mill in Utah and its 22.5% ownership of the McClean Lake mill in Saskatchewan.
Denison owns interests in several world-class exploration projects in the Athabasca Basin in Saskatchewan,
including its 60% owned Wheeler River project, as well as projects in the U.S., Mongolia and Zambia. Denison
also has development properties in Canada, U.S., Mongolia and Zambia which will provide future production in
two to three years.
Denison is the manager of Uranium Participation Corporation (TSX:U), a publicly traded company which invests
in uranium in concentrates and uranium hexafluoride. Denison is also engaged in mine decommissioning and
environmental services through its Denison Environmental Services (DES) division.
Directors
Quick Facts
Ron F. Hochstein, President and CEO
Joo-Ok Chang
John H. Craig
W. Robert Dengler
Brian D. Edgar
Tae-Wan Kim
William A. Rand
Catherine J.G. Stefan
What
Uranium, vanadium
Status
Production and exploration
Where
Canada, U.S., Zambia, Mongolia
How much (2011 est.) 1.2M lbs uranium, 1.7M lbs vanadium
Reserves/Resources M. & Ind. 72.2M lbs U3O8
Inf. 36M lbs U3O8, Hist. 4.5M lbs U3O8
Cash – Q1 2011
US$158.7M
Debt – Q1 2011
nil
EBITDA – Q1 2011
US$-6.3M
People
450
Market Cap
$675M
Shares Out
384.6M
James Anderson, CFO
Good to know...
Nuclear power is the world’s fourth largest source of electricity
• Nuclear power produces 14.8% of global electricity.
• 440 operable nuclear power reactors in 30 countries.
• 61 nuclear reactors under construction in 13 countries.
• 56 countries use nearly 230 research reactors to investigate nuclear
technologies and to produce radioisotopes for medical diagnosis
and cancer therapy.
20
TSXV – LUC
lucaradiamond.com
Active in One of the World’s Most Prolific Diamond Regions
Lucara is a well positioned emerging new diamond producer. The Company has an experienced board and
management team with years of diamond development expertise. The Company’s two key assets are the AK6
diamond mine in Botswana and the Mothae diamond mine in Lesotho. The 100% owned AK6 project is in the
construction stage with mine commissioning scheduled to commence in the fourth quarter of 2011. The 75%
owned Mothae mine is currently in the trial mining stage. Both Mothae and AK6 are world-class assets with
tonnage and throughput upside; diamond values from both could significantly increase with the continued
recovery of Type IIA and large stones.
Directors
Quick Facts
William Lamb, President and CEO
Larry Ott, VP Exploration
Richard P. Clark
Paul K. Conibear
Brian D. Edgar
John Gurney
Eira Thomas
What
Diamonds
Status
Development
Where
Lesotho, Botswana
How much
400,000t carats in 2012
Reserves/Resources AK6: Prob. 6.3MM carats
Ind. 8.2MM carats
Cash – Q1 2011
US$65M
Debt – Q1 2011
nil
Cash Flow – Q1 2011 nil
EBITDA – Q1 2011 nil
People
540
Market Cap
$381M
Shares Out
362.7M
Susan Neale, CFO
Anthony George, VP Development
Good to know...
Remarkable diamonds found in Lesotho
Lesotho Brown – 601 carat diamond discovered in 1967.
The Lesotho Promise – 603 carat diamond discovered in 2006.
The Letšeng Legacy – 493 carat diamond discovered in 2007.
Leseli la Letšeng – 478 carat diamond discovered in 2008.
13.8 ct Type IIa diamond from Mothae mine
sold for $43,000 per carat
21
TSX – LUN
OMX – LUMI
lundinmining.com
A Premier Intermediate Base Metals Company
Lundin Mining Corporation is a diversified base metals mining company with operations in Portugal, Sweden,
Spain and Ireland, producing copper, zinc, lead and nickel. In addition, Lundin Mining holds a development
project pipeline which includes an expansion project at its Neves-Corvo mine along with its equity stake in the
world-class Tenke Fungurume copper/cobalt mine in the Democratic Republic of Congo.
Directors
Phil Wright, President and CEO
Colin K. Benner
Donald Charter
John H. Craig
Brian D. Edgar
Dale Peniuk
William A. Rand
Marie Inkster, CFO
João Carrêlo, Executive VP and COO
Paul K. Conibear, Senior VP Corporate Development
Neil O’Brien, Senior VP Exploration and
Business Development
Good to know...
Quick Facts
What
Copper, zinc, lead, nickel
Status
Production
Where
Sweden, Portugal, Spain, DRC
How much (2011 est.)79,400 tonnes copper
+ 31,200 tonnes copper Tenke share
120,000 tonnes zinc
44,000 tonnes lead
Reserves/Resources Prov. & Prob cont. metal 2.09MMt Cu
4.26MMt Zn 1.29MMt Pb 45Mt Ni,
101Mt Co; M. & Ind. cont. metal
4.77MMt Cu, 6.77MMt Zn,
1.96MMt Pb, 76Mt Ni, 285Mt Co
Cash – Q1 2011
US$293.8M
Debt – Q1 2011
US$31.7M
Cash Flow – Q1 2011US$129.3M
EBITDA – Q1 2011 US$114.7M
People
2,755
Market Cap
$4.3 billion
Shares Out
582.1M
Major Uses of Copper
industrial
9%
China, the world’s biggest consumer of raw
materials, accounts for more than 28.5% of
world copper demand.
22
transportation
10%
general
11%
electric/
electronic
19%
building
construction
51%
TSX – NGQ
ngexresources.com
NGEx Resources Inc.
Global Multi-Commodity Exploration
NGEx’s mission is to create value through smart, focused and business minded exploration. NGEx has a strong presence in two of the world’s most important mineral belts, the Andean Cordillera of Chile and Argentina and the Nubian
Shield of Eritrea, as well as a strong position in one of the most exciting new potash basins also located in Eritrea.
The Andean Cordillera which runs along the Chile-Argentina border is one of the world’s most significant storehouses
of mineral wealth and is the world’s most important source of copper and a significant producer of gold. The Company’s
portfolio of copper-gold exploration projects in the Andes of Chile and Argentina is one of the best in the industry. Key
projects include: Los Helados, a major new copper-gold porphyry discovery in Chile; Josemaria, a large copper-gold
resource located 20 km from Los Helados, and Filo del Sol, a large gold system also located near Los Helados.
In Eritrea the Company has the Hambok copper-zinc deposit and also controls the Bada Potash License, a highly prospective land package located near the Red Sea Coast of Eritrea, in what is emerging as one of the most exciting new
potash plays in the world.
Directors
Wojtek Wodzicki, President and CEO
Paul K. Conibear
David Mullen
William A. Rand
Wanda Lee, CFO
Alfredo Vitaller, General Manager
South America
Quick Facts
What
Gold, copper, potash
Status
Exploration
Where
Chile, Argentina, Eritrea, Congo (Brazzaville), Canada
Reserves/Resources Meas. & Ind. 673 M lbs Cu, 833,363 oz Au,
531 M lbs Zn, 2.4 M oz Ag; Inf. 4.4 billion lbs Cu,
4.8 M oz Au, 652 M lbs Zn, 3.2 M oz Ag
Cash – Q1 2011
$18.3M
Debt – Q1 2011
nil
People
36
Market Cap
$450M
Shares Out
148.3M
Good to know...
Porphyry copper deposits are the world’s most important source of
copper and account for approximately 60% of global production.
Chile is by far the world’s largest producer of copper accounting for
approximately 30% of world copper mine production.
Six of the ten largest copper deposits ever discovered are in Chile.
23
Oil and Gas Sector
Producers
Explorers
Africa Oil Corp.
Lundin Petroleum AB
Please see individual company websites
for information relating to reserve/
resource estimates.
24
TSXV – AOI
OMX – AOI
africaoilcorp.com
Africa Oil Corp.
World-Class East Africa Oil Exploration Play
Africa Oil is focused on high-impact exploration opportunities and has secured a portfolio of primarily East
African oil and gas assets which provide exposure to multiple identified prospects and leads, geographically
and geologically diversified across multiple countries and four under-explored petroleum systems.
The East African Rift Basin system is one of the last great rift basins to be explored. New discoveries have been
announced on all sides of the Company’s virtually unexplored land position including the major Tullow Oil plc
Albert Graben oil discovery in neighboring Uganda. Similar to the Albert Graben play model, the Company’s
concessions have older wells, a legacy database, and host numerous oil seeps indicating a proven petroleum
system. Good quality existing seismic show robust leads and prospects throughout AOC’s project areas. The
Company now holds over 300,000 km2 (gross) in this exciting new world-class exploration play fairway. The
Company aims to have completed significant seismic and drilling programs on the majority of the Company’s
blocks over the next two years.
Directors
Quick Facts
Keith C. Hill, President and CEO
Cameron Bailey
Bryan Benitz
John H. Craig
Gary S. Guidry
What
Oil, gas
Status
Exploration
Where
Kenya, Ethiopia, Somalia, Mali
Reserves/Resources 6,470MMB Best Prospective Net
Cash – Q1 2011
US$77.8M
Debt – Q1 2011
nil
People
25
Market Cap
$325.6M
Shares Out
196.2M
Ian Gibbs, CFO
James Phillips, COO
David Grellman, VP Operations
Paul Martinez, VP Exploration
Good to know...
Under-explored sedimentary basins in Somalia were
once contiguous with oil producing basins in Yemen.
Rifting of the Gulf of Aden, 16-18 million years ago,
resulted in their separation.
Yemen
Indian
Ocean
Gulf of Aden
Dharoor Block
Somalia
Nogal Block
25
TSX – PXX
OMX – PXXS
blackpearlresources.ca
Canadian Heavy Oil Projects with Large Resource Potential
BlackPearl’s objective is to build a company focused on heavy oil. The existing properties in the Company’s
inventory have the potential of producing up to 80,000 barrels of oil per day. This inventory includes conventional heavy oil properties as well as properties which will require a thermal process such as SAGD to recover
the oil.
The Company’s three core assets are the Mooney, Onion Lake and Blackrod properties located in Western
Canada. The Company is developing and implementing a multi-year strategy using proven enhanced oil recovery technology to unlock this tremendous heavy oil potential.
Directors
Quick Facts
Keith C. Hill, Chairman
John Festival, President and CEO
John H. Craig
Brian D. Edgar
Victor Luhowy
What
Heavy oil
Status
Production, development
and exploration
Where
Canada
How much (2011 exit) 11,000-13,000 bopd
Reserves/Resources Prov. & Prob. 24.8MMboe
Cont. Res. 739MMboe
Cash – Q1 2011
$143.1M
Debt – Q1 2011
nil
Cash Flow – Q1 2011 $11.8M
EBITDA – Q1 2011
$11.8M
People
85
Market Cap
$1.96 billion
Shares Out
284.1M
Don Cook, CFO
Chris Hogue, VP Operations
Ed Sobel, VP Exploration
Good to know...
Canada is the single largest foreign supplier of oil to the
United States, at almost 2.5 million bopd of crude oil and
refined products. Principally all of Canada’s exports flow
to the United States. After Saudi Arabia, Canada has the
largest proven oil reserves of 178 billion barrels.
26
OMX – LUPE
TSX – LUP
lundin-petroleum.com
Lundin Petroleum AB
World-Class Portfolio of Producing Oil and Gas Assets
Lundin Petroleum is an independent Swedish oil and gas exploration and production company. Production is
generated from assets in Norway, France, Tunisia, Netherlands, Russia and Indonesia. In addition there is significant upside potential within these areas of operation including undeveloped oil and gas discoveries and ongoing
exploration programs. Together with the exploration assets in Malaysia, Congo (Brazzaville), Ireland and Vietnam,
Lundin Petroleum has a balanced portfolio of world-class assets. Lundin Petroleum has existing proven and
probable reserves of 187 million barrels of oil equivalent (MMboe) and a forecast net production range for 2011 of
28,000-33,000 barrels of oil equivalent per day (boepd).
Directors
Quick Facts
Ian H. Lundin, Chairman
C. Ashley Heppenstall, President and CEO
Kristin Færøvik
Asbjorn Larsen
Lukas H. Lundin
Dambisa Moyo
William A. Rand
Magnus Unger
What
Oil
Status
Exploration, development
and production
Where
Worldwide
How much (2011 est.) 28,000-33,000 boepd
Reserves/Resources Prov. & Prob. 186.7MMboe
Cash – Q1 2011
US$26.6M
Debt – Q1 2011
US$297M
EBITDA – Q1 2011
US$238.4M
People
336
Market Cap
$4.04 billion
Shares Out
318M
Alex Schneiter, Executive VP and COO
Geoff Turbott, VP Finance and CFO
Chris Bruijnzeels, Senior VP Operations
Jeffrey Fountain, VP Legal
Christine Batruch, VP Corporate Responsibility
Good to know...
9,000
8,000
7,000
Who Uses Our Products?
6,000
U.S. Oil Demand by Product and by Sector
5,000
4,000
3,000
Transportation
Industrial
Electricity Generation
2,000
1,000
0
Distillate
Jet Fuel
Motor
Gasoline
Other
Residual
27
TSXV – SNM
OMX – SNM
shamaranpetroleum.com
Kurdistan Focused Oil Development and Exploration
ShaMaran Petroleum Corp. is a Kurdistan focused oil development and exploration vehicle. Its initial four projects in
the region are the Pulkhana development/appraisal block, the Arbat and K42 exploration blocks as well as the Atrush
block on which a major new oil discovery was recently announced. These projects are nearby and on trend with
existing fields and recent discoveries. Kurdistan lies within the northern extension of the Zagros Folded Belt. The area
is highly underexplored and is currently undergoing a significant exploration and development campaign by over 30
mid to large size international oil companies.
Directors
Keith C. Hill, Chairman
Pradeep Kabra, President and CEO
Cameron Bailey
Brian D. Edgar
Gary S. Guidry
Alex Schneiter
Brenden Johnstone, CFO
Quick Facts
What
Status
Where
Reserves/Resources
Cash – Q1 2011
Debt – Q1 2011
Cash Flow – Q1 2011
EBITDA – Q1 2011
People
Market Cap
Shares Out
Oil
Exploration, development and appraisal
Kurdistan
82.5 MMBBL Best Case Contingent
Resources
287.6 MMBBL Best Case Unrisked
Prospective Resources
US$51.3M
nil
nil
nil
25
$524M
680.5M
Good to know...
This year world oil demand is expected to reach an average of
86.60 million bpd.
By 2030, world oil consumption is estimated to reach
103.89 million bpd.
In 2009, global production of oil decreased by 2.05 million bpd
(-2.5%) to 79.948 million bpd.
28
Other Sectors
Etrion Corporation
29
TSX – ETX
OMX – ETX
etrion.com
Etrion Corporation
Independent Solar Power Producer
Etrion Corporation is an independent solar power producer. The Company currently owns and operates several
solar power plants in Italy and has plans to expand into other markets in 2011. Etrion was founded in October
2008 and has since delivered rapid growth through a combination of its own solar development and through
acquisitions of operating solar power plants.
Etrion’s near-term focus is on countries with strong solar irradiation and government incentives for solar power
production. Specifically, the Company invests in feed-in-tariff (FiT) environments, like Italy, which create longterm, low-risk revenue streams that facilitate high-leverage financing (80/20 debt-to-equity) with non-recourse
project loans. Future growth will be driven by the development and acquisition of additional solar power facilities
under long-term contract, with the ultimate goal of producing low-cost, clean electricity at attractive returns.
Directors
Quick Facts
Ian H. Lundin, Chairman
Marco A. Northland, CEO
Aksel Azrac
John H. Craig
C. Ashley Heppenstall
What
Utility-scale solar photovoltaic power
Status
Installed capacity and future development pipeline
Where
Italy
How much (2011 est.) 85 MW operational
Cash – Q1 2011
US$31.6M
Debt – Q1 2011
Corporate Debt US$80.9M
Non-Recourse Project Level Debt US$289.4M
Renewable Segment
EBITDA – Q1 2011
US$7.9M
People
30
Market Cap
$140M
Shares Out
187.5M
Garrett Soden, CFO
Good to know...
Attractive Operating Environment
Italy is the second largest solar market in the world.
Italy has strong solar irradiation, high electricity rates and robust government
incentives for solar power generation.
Italy is expected to be one of the first markets to reach “grid parity,” the point
at which the cost of solar electricity is competitive with traditional sources.
30
OMX – VNIL
vostoknafta.com
Investment Company Specializing in Russian Equities
Vostok Nafta Investment Ltd. is an investment company with the business concept of using experience, expertise and existing networks to identify and invest in assets with considerable value growth potential, with the
focus on Russia and the other CIS states. Vostok Nafta’s three biggest investments per March 31, 2011 are Black
Earth Farming (21.04%), TNK-BP Holding (19.73%) and RusForest (9.63%).
Directors
Per Brilioth, Managing Director
Al Breach
Lars O. Grönstedt
C. Ashley Heppenstall
Paul Leander-Engström
William A. Rand
Robert J. Sali
Quick Facts
What
Status
Where
Cash – Q1 2011
Debt – Q1 2011
Cash Flow – Q1 2011
EBITDA – Q1 2011
Net Asset Value
People
Market Cap
Shares Out
Equity investments
Investment
Russia
US$28.5M
nil
US$18.7M
US$68M
US$693.5M
7
$630M
101M
31
Looking Back
Previously Affiliated Companies
Argentina Gold Corp.
East Daggafontein Mines Ltd.
Eastmaque Gold Mines Ltd.
Francistown Mining Exploration (Jersey) Ltd.
Gulfstream Resources Ltd.
International Musto Explorations Ltd.
Lundin Oil AB
North Atlantic Natural Resources AB
Red Back Mining Inc.
Sanu Resources Ltd.
Suramina Resources Inc.
Tanganyika Oil Company Ltd.
Tenke Mining Corp.
Valkyries Petroleum Corp.
32
Began as grass roots gold exploration. Land position in
Argentina encompassed an entire mining district (560,000
hectares) along the Chilean border. Discovered Veladero
gold deposit. Homestake Mining Company acquired
Argentina Gold Corp. for $300 million in 1999 (0.545
Homestake shares for 1 Argentina Gold share). Minable
gold reserves at Veladero estimated at over 14.6 million
ounces. Veladero is now owned by Barrick Gold and
is part of the Pascua/Lama/Veladero deposit with total
resources defined of over 32 million ounces and is considered one of the largest gold deposits in the world today.
American Girl Cargo Muchacho Gold Mine – California,
U.S.A.
In production in the late 1980s. Open pit reserves estimated at 1.9 million tonnes at a diluted grade of 0.040 ounces
per tonne with a gold content of approximately 76,800
ounces. Underground reserves were estimated to contain
approximately 146,800 ounces of gold.
Kirkland Lake Gold Tailings Operation – Ontario, Canada
Commenced full scale operation in mid-1988.
Approximately 9 million tonnes of tailings had been
deposited into Kirkland Lake over a 30 year history of gold
production. The Company’s development of a tailings
deposit recovery system operated 24 hours per day until
its closure in 1991.
Eastmaque Gold Mines Ltd. was amalgamated with another public company, Equinox Resources Ltd., in 1992.
Francistown Mining
Exploration (Jersey) Ltd.
East Daggafontein Gold Tailings Operation – East Rand,
South Africa. Tailings reserves of approximately 410
million tonnes. One of the largest gold-bearing tailings
reserves held by a single company in the world. In production for over five years, East Daggafontein was one of the
lowest cost gold producers in South Africa.
During Francistown’s association with the Lundin Group,
it had two projects – the Selkirk nickel/copper mine and
the Phoenix nickel deposit. Production at the Selkirk mine
started in 1989. Grades averaged 2.45% nickel and 2.02%
copper. The mine is now one of the largest and lowest
cost nickel producers in the world.
Gulfstream was established in 1974. The Company was
best known for its contribution to the discovery and
development of the giant gas venture in the North Field,
offshore Quatar.
International Musto Explorations Ltd. acquired the
Bajo de la Alumbrera project in 1992 from Yacimientos
Mineros de Agua de Dionisio (the state-owned mining
company). Musto was the first foreign mining company
in Argentina. The Company invested $12 million exploring
the property and preparing a feasibility study. In February
1994, a $130 million agreement was signed with MIM to
develop Alumbrera on a 50/50 basis. Then, in April 1995,
International Musto received a joint takeover bid for $510
million from Rio Algom and North Limited.
Alumbrera is now one of the largest producing gold and
copper mines in the world, producing annually over
500,000 ounces of gold and 160,000 tonnes of copper.
33
Lundin Oil AB
Sanu Resources Ltd.
Lundin Oil was the subject of a $480 million takeover
by Talisman Energy in 2001. Projects were worldwide
– Malaysia/Vietnam, Libya, United Kingdom North Sea,
Papua New Guinea, Sudan, Albania and Somalia.
Sanu Resources Ltd. held an extensive portfolio of gold
and base metal exploration assets in high-potential areas
of Africa including several promising projects in the
emerging gold-rich, volcanic-hosted massive sulphide belt
of western Eritrea, greenstone-gold projects in Burkina
Faso and carbonate hosted copper-zinc-lead mineralization in the Republic of Congo.
The Company produced approximately 13,500 barrels of
oil equivalent per day and booked reserves of 289 million
barrels.
The Company had an outstanding exploration track record,
having four major oil and gas discoveries within six years
(Malaysia/Vietnam, Libya, Sudan and Papua New Guinea).
The Company entered into a business combination with
Canadian Gold Hunter in August 2009. Pursuant to the
Plan of Arrangement Agreement, Canadian Gold Hunter
acquired all of the issued and outstanding shares of Sanu
on the basis of 0.5725 shares of Canadian Gold Hunter for
each one Sanu share.
North Atlantic was the subject of a $15.5 million takeover
by Lundin Mining Corporation in 2005. Lundin Mining
acquired all of the outstanding shares of North Atlantic by
issuing 1 Lundin Mining share for each 5.3 shares of North
Atlantic.
North Atlantic’s principal asset was the 100% owned highgrade Storliden copper/zinc mine located in the Skellefte
mining district of northern Sweden. The mine was discovered by North Atlantic and put into production in 2002.
North Atlantic also held a substantial exploration land
package in and around the Skellefte district.
In December 2010 Red Back Mining Inc. was acquired by
Kinross Gold Corporation in a transaction valued at close
to $9 billion on the basis of 1.778 Kinross shares plus 0.11
Kinross warrants for each share of Red Back Mining.
The Company was an unhedged African focused gold
producer. It owned and operated the Chirano gold mine in
Ghana and the Tasiast gold mine in Mauritania. Aggressive
exploration programs aimed at increasing the Company’s
resource and reserve base at both Chirano and Tasiast
were highly successful resulting in two world-class gold
deposits.
34
The initial distribution of Suramina shares was pursuant to
a plan of arrangement between Lundin Mining Corporation
and Tenke Mining Corp. which became effective as of
July 3, 2007. Pursuant to the plan of arrangement, Tenke’s
South American assets were spun out to the newly formed
Suramina. Suramina shares were distributed to Tenke’s
shareholders on a one-for-one basis and its shares began
trading on the Toronto Stock Exchange under the symbol
SAX on July 5, 2007.
In April 2009 Canadian Gold Hunter acquired all of the
issued and outstanding shares of Suramina on the basis
of 0.7541 shares of Canadian Gold Hunter for each one
Suramina share.
Tanganyika Oil was the subject of a $2.1 billion ($31.50
per share) takeover by China Petrochemical Corporation
(Sinopec) at the end of 2008. Tanganyika’s key assets
were the Oudeh and Tishrine heavy oil fields in Syria. The
Company acquired these assets in 2003 and carried out
a highly successful development program. At the time
of the takeover in 2008 proven, possible and probable oil
reserves were estimated at over 1.25 billion barrels with exit
production rates exceeding 20,000 barrels of oil per day.
Valkyries was the subject of a $796 million ($13.86 per
share) takeover by Lundin Petroleum AB in 2006.
Lundin Petroleum acquired all of the outstanding Valkyries
shares by way of a plan of arrangement through which
each Valkyries share was exchanged for one Lundin
Petroleum share.
Valkyries’ main assets included a growth oriented production, development and exploration portfolio of oil and gas
projects in Russia. Key projects comprised a 50% interest in the producing Sotchemyu-Talyu Field in the Komi
Republic; a 51% interest in the producing Caspian Field in
the Kalmykia Republic; a 50% interest in the Ashirovskoye
producing field in Orenburg; as well as a 70% interest in
the highly prospective Lagansky exploration block offshore
in the Caspian Sea as well as a 50% interest in the producing North Irael Field, located in the Komi Republic.
Tenke Mining Corp.
A $1.4 billion takeover by Lundin Mining Corp. in 2007.
Lundin Mining acquired all of the outstanding Tenke
shares by way of a plan of arrangement through which
each Tenke share was exchanged for 1.73 shares of
Lundin Mining plus 1 share of a newly formed company
called Suramina Resources Inc.
Tenke’s key assets included the world-class Tenke
Fungurume copper/cobalt project in the DRC as well
as a portfolio of copper/gold exploration properties in
Argentina.
Tenke held a 24.75% interest in the Tenke Fungurume
Project with Freeport-McMoRan as operator holding a
57.75% interest. The project is being developed into one
of the world’s largest copper mines with initial production rates anticipated at 115,000 tpa copper and 8,000 tpa
cobalt. Production commenced in 2009. Production objectives include major phased expansions targeting upwards
of 400,000 tpa copper.
35
The Growth of the Lundin Group
of Companies
In business for over three decades, the Lundins are
leaders in identifying superior global investment
opportunities in the natural resource sector. Over the
years, the Lundin Group has grown and diversified
into a stable of twelve individual public companies
involved in a variety of commodities ranging from
diamonds, gold, metals, industrial minerals, oil and
uranium to solar power.
oil and gas
solar
power
gold
base
metals
diamonds
uranium
industrial
minerals
investment
36
37
No Guts No Glory
38
1971
ADOL F H. L UN D I N
begins independent oil and mineral exploration with
a small team of business associates and technicians.
1980
P E N I N S U L A P E T R O L E U M C O R P. F O U N D E D
Participates in Dubai oil and gas exploration.
GLAMIS GOLD
producing 2,000 ounces of gold per month
from Picacho mine.
I N D I A N O C E A N R eso u rces fou nded
Listed on Sydney, Melbourne and Perth
stock exchanges. Gold discovery in Western
Australia.
TECHNICAL OFFICE
(oil and gas) opened in Dubai.
1972
GULF S TREAM R E S O U R C E S
founded to explore for oil and gas offshore Qatar.
MUS TO EXPL ORAT I O N S FO U N D E D
Gallium and germanium property in southern Utah.
1983
S A L E H G A S / C O N D E N S AT E D I S C O V E RY
offshore U.A.E. First early production system ever
implemented in the Gulf.
1976
DIS C OVERY OF N O R T H D O ME , Q ATA R
(Gulfstream Resources). One of the world’s largest
gas/condensate fields.
1984
N O R T H S O U T H , I N T E R N AT I O N A L P E T R O L E U M
1978
and Peninsula Petroleum sign two new
concession agreements covering offshore
areas in the Gulf of Oman.
N ORTH SOUTH R E S O U R C E S FO U N D E D
Oil and gas exploration in Turkey and the Gulf of Suez.
1985
I N T E R N AT I O N A L P E T R O L E U M , N O R T H
1979
South and Peninsula amalgamate to form
Consolidated International Petroleum.
MUSTO’S APEX MINE IN PRODUCTION
Gold exploration in Sierra Leone.
The Apex mine is the world’s first primary producer
of gallium and germanium.
GL AMIS GOL D ES TA B LI S H E D
EASTMAQUE GOLD MINES FOUNDED
Picacho gold mine north of Yuma, Arizona.
Gold tailings reserves project in Kirkland Lake area
of Ontario, Canada. Tailings reserves estimated at
6.6 million tons at 0.038 ounces per ton.
EUR OCAN V EN T U R E S LT D . FO U N D E D
1980
IN TERN ATION A L P E T R O LE U M
founded. Active in oil and gas exploration
in the Middle East (including offshore Ras
al Khaimah), Texas and the Bay of Biscay.
1986
D I S C O V E RY O F B UKH A O I L F I E L D
offshore Oman. Discovery well flowed in
excess of 2,000 bpd and 22 mcf gas.
39
1987
1994
EAST DAGGAF ONT E I N C O MME N C E S
B UKH A / G A S C O N D E N S AT E F I E L D
gold production from tailings reserves in South Africa.
offshore Oman comes onstream at 5,000 bpd of
condensate and 1,200 bpd of liquefied petroleum gas.
IN TER N ATION AL P E T R O LE U M A C Q U I R E S
oil and gas concessions encompassing over 3 million
acres offshore Papua New Guinea.
A R G E N T I N A G O L D AWA R D E D
1988
EASTMAQUE COMME N C E S P R O D U C T I O N
from Cargo Muchacho gold mine in California and
from Kirkland Lakes gold tailings project in Ontario.
Veladero and Rio Frio gold exploration concessions
in Argentina. Joint ventured with Barrick Gold.
D I S C O V E RY O F B U N G A K E K WA / R AYA O I L
and gas fields offshore Malaysia/Vietnam.
1995
L U N D I N G rou p
PAN DOR A GAS F I E LD
discovery offshore Papua New Guinea. Initiated
PNG to Queensland gas pipeline project now
managed by Chevron.
EUROC AN VEN TU R E S
becomes fifth largest oil and gas concession
holder in Colombia.
1989
IN TER N ATION AL P E T R O LE U M
awarded Block PM-3, offshore Malaysia.
assumes control of International Curator. Boleo
copper/cobalt deposit considered the largest in
the Americas.
M U S T O $ 5 1 0 M I L L I O N TA K E O V E R
by Rio Algom and North Limited.
NORTH SEA
producing assets offshore UK acquired.
1996
EUROCAN ACQUIRES TENKE FUNGURUME
copper/cobalt project in Zaire. Considered world’s
largest undeveloped copper/ cobalt deposit.
TA N G A N Y I K A O I L F O U N D E D
Oil and gas exploration in Tanzania.
L U N D I N G rou p
1991
assumes control of Boron Chemicals (name
subsequently changed to Atacama). Large iodine
and sodium sulphate deposit in Chile.
DISCOV ERY OF B U N G A O R K I D
in Block PM-3, offshore Malaysia Discovery
well flowed 4,909 bpd oil and 47.5 mcf gas.
1997
I N T E R N AT I O N A L P E T R O L E U M
1992
EASTMAQUE
amalgamates with Equinox Resources Ltd.
MUSTO
acquires Bajo de la Alumbrera project.
40
commences oil production from Bunga Kekwa
offshore Malaysia/Vietnam.
I N T E R N AT I O N A L U R A N I U M
formed. Seven mines in U.S. and 2,000 ton per
day dual circuit mill. Uranium production and
alternate feed processing.
2001
IODINE PRODUCTION
VOS TOK N AF TA FO U N D E D
Investment fund with focus on Russian oil and gas
equities. Portfolio corresponds to 1.7 billion barrels of
oil reserves.
N OR TH ATL AN TI C N AT U R A L R E S O U R C E S
founded. Gold and base metals exploration in Sweden.
commences from Atacama’s Aguas Blancas
industrial minerals mine in Chile.
TA L I S M A N E N E R G Y
$480 million takeover of Lundin Oil.
E N N A G A O I L F I E L D , L I B YA
sold to Petro Canada.
LUNDIN PETROLEUM FORMED
1998
Sudan Block 5A and B and Munir Block in Iran
are initial assets.
R ED S EA OIL DI S C O V E RY O F E N N A G A
oil field in Libya. In excess of 100 million barrels of
420 API oil.
IN TERN ATION A L P E T R O LE U M ME R G E S
with Sands Petroleum to form Lundin Oil AB.
TAN GAN YIKA O I L A C Q U I R E S O I L A N D G A S
concession in Egypt. Largest oil and gas concession
ever awarded in Egypt.
2002
N OR TH ATL AN T I C N AT U R A L R E S O U R C E S
discovers two high-grade copper/zinc deposits in
Sweden.
COPPER AND ZINC PRODUCTION
commences from North Atlantic’s Storliden Mine
in Sweden. Annual production of 25,200 tonnes
zinc and 11,150 tonnes copper scheduled over
mine life of six years.
acquires gold exploration project in Mongolia.
Total land position over 3 million hectares.
1999
HOMES TAKE $3 00 MI LLI O N TA K E O V E R
of Argentina Gold Corp. at 0.545 share of Homestake
for 1 Argentina Gold share.
OIL AN D GAS TE C H N I C A L O FFI C E
LUNDIN PETROLEUM ACQUIRES
French oil company Coparex International for
$200 million. Production in excess of 15,000
boepd. Lundin Petroleum’s total net reserves 115
million boe.
relocated to Geneva, Switzerland.
TAN GAN YIKA O I L
24 million barrel oil discovery in Egypt.
THAR JATH OIL D I S C O V E RY
Block 5A, Sudan. Major new oil discovery.
S O U T H AT L A N T I C
acquires Norrbotten copper/gold project in
Sweden.
TEN KE MIN IN G
Acquisition of Vicuna gold exploration concessions
in Argentina and Chile.
S A N TA C ATA L I N A
changes name to Valkyries Petroleum Corp.
2000
TAN GAN YIKA O I L
production commences from Hana field, onshore Egypt.
LUN DIN OIL US $620 MI LLI O N
Phase 2 development of PM3-CA1 Malaysia
commences. Net working interest production forecast
at 35,000 bpd.
VA L KYR I E S P E T R O L E U M
acquires Queen City gas exploration project in
Texas.
R ED S EA OIL
Development of 100 million barrel En Naga North and
West Field, onshore Libya, commences. Production to
reach 24,000 bpd. Acquired by Lundin Oil.
IN TERN ATION A L C U R AT O R
acquires Assean Lake gold exploration project in
northern Manitoba, Canada.
41
2003
IN TER N ATION AL C U R AT O R
takeover of Royal County Minerals Corp.
acquiring portfolio of Canadian
gold exploration projects.
IN TER N ATION AL C U R AT O R
name change to Canadian Gold Hunter Corp.
2004
CHAMPION RESOURCES
merges with Australian company Red Back
Mining NL to form Red Back Mining Inc.
R E D B A CK M I N I N G
commences construction of Chirano gold mine
in Ghana.
RED BACK MINING
graduates to Toronto Stock Exchange.
IN TER N ATION AL U R A N I U M
options Moore Lake high-grade uranium
exploration project from JNR Resources Inc.
SOUTH ATLAN T I C
acquires copper/gold project adjacent to
Norrbotten project from Anglo American.
forms Urizon Recovery Systems, LLC with Nuclear
Fuels Services, Inc. to pursue development of
long-term alternate feed programs.
Sells Mongolian copper/gold properties to Fortress
Minerals Corp. for 28 million shares of Fortress.
SOUTH ATLAN T I C
lists Swedish Depository Receipts on Nya
Marknaden of Stockholm Stock Exchange.
VAL KY R IES P ETR O LE U M
makes strategic investment in Rincon Energy
Partners, an oil and gas consulting company
in California. Royalties, prospect fees, back
interest, project participation.
assembles large land package in Athabasca Basin of
Saskatchewan bringing land position to over 403,000
hectares.
Acquires additional uranium properties in Mongolia
bringing land position to 1.65 million hectares.
TEN KE MIN IN G
assembles large portfolio of copper/gold
exploration projects in Argentina. Land
package totals over 1.2 million hectares.
S O U T H AT L A N T I C
acquires Zinkgruvan zinc/lead/silver mine in Sweden.
Annual production approximately 130 million pounds
zinc, 70 million pounds lead and 2 million ounces silver.
Name change to Lundin Mining Corporation.
TAN GAN YIKA O I L
signs production sharing agreement over Oudeh
Field in Syria. In excess of 2.6 billion 3P oil in
place. Full development anticipates 30,000+
barrels of oil per day.
TAN GAN YIKA O I L
lists Swedish Depository Receipts on Nya
Marknaden of Stockholm Stock Exchange.
42
LUNDIN MINING
graduates to Toronto Stock Exchange and
O-List of Stockholm Stock Exchange.
Sells silver production to Wheaton Silver
for US$50 million plus 30 million Wheaton
Silver shares and warrants. US$80 million
total consideration.
Tangan y i k a O il
production sharing commences from Tishrine
field in Syria.
T enk e M ining
DRC approves Tenke Fungurume project.
VAL KY R IES P E T R O LE U M
new gas discovery on Mustang project in Queen City
trend, Texas.
Acquires 50% interest in Pechoraneftegas and 51%
in Kalmykia oil development projects in Russia.
Valk y ries P etrole u m
acquisition of Langansky exploration block,
offshore Caspian Sea.
Acquires Ashirovskoye oil field in Orenburg
region of Russia.
TAN GAN YIKA O I L
achieves first oil production from Oudeh Field in Syria.
Signs two additional development blocks in Syria –
Tishrine and Sheikh Mansour.
2006
I nternational Urani u m
re-opening of U.S. uranium mines.
Merger with Denison Mines Inc.
Name change to Denison Mines Corp.
2005
Atacama Minerals
acquires 100% of Aguas Blancas iodine mine through
purchase of partner’s 50% interest.
F ortress Minerals
agreement to acquire Svetloye gold project in Russia
from Phelps Dodge and strategic alliance with Phelps
Dodge in Mongolia.
L u ndin M ining
merger with EuroZinc Mining – creating multibillion dollar, intermediate copper/zinc company.
P earl E & P
acquisition of Nevarro Energy – main assets
include production/exploration projects in
Saskatchewan/Alberta.
L undin Mining
acquires North Atlantic Natural Resources.
Merger with Arcon International
Resources – main asset is Galmoy zinc/lead mine
in Ireland.
Acquires interest in Mehdiabad zinc/lead deposit in
Iran through equity investment in Union Resources.
Strategic alliance and investment in Sunridge
Gold – main asset is VMS zinc/copper/gold project
in Eritrea.
Valk y ries P etrole u m
acquires interest in Komi oil field.
L u ndin P etrole u m
acquisition of Valkyries Petroleum.
N ewmex Minerals
name change to Pearl Exploration and Production
Ltd. and acquisition of San Miguel heavy oil project
in Texas.
A dolf H . L u ndin ,
Pearl E & P
founder of the Lundin Group, passed away on
September 30, 2006. His pioneering and adventurous
spirit will be greatly missed within the oil and
mining industries. His vision led to the success of
the Lundin Group. Sons Lukas H. Lundin and Ian H.
Lundin intend to carry this vision forward.
acquisition of Palo Duro gas project in Texas.
Acquisition of U.S. oil and gas assets from Valkyries
Petroleum.
Red Back Mining
gold production commences from Chirano gold mine in
Ghana.
43
B ay o u B end P etrole u m
name change from Kit Resources. Strategic focus
on gas exploration in the Gulf of Mexico.
2007
L u cara D iamond
name change from Bannockburn. Diamond
exploration in Lesotho.
C anadian Gold H u nter
acquires 70% interest in Caballo Blanco gold project
in Veracruz, Mexico.
Denison Mines
acquires OmegaCorp. Main asset is the Kariba
uranium project in Zambia.
R ed Back Mining
acquires Tasiast gold mine in Mauritania from Lundin
Mining.
V ostok Nafta
reorganization. Gazprom holdings spun off to
Vostok Gas Ltd.
Lundin Mining
acquires Rio Narcea and Tenke Mining Corp.
S uramina Reso u rces
spin off of Tenke Mining’s South American assets.
2008
R ed B ack M ining
commercial production commences from Tasiast gold
mine in Mauritania.
sells Venezuelan assets to PetroFalcon Corporation
and acquires a 42% equity interest in PetroFalcon.
Lundin Mining
commences production at the Aljustrel mine in
Portugal and acquires a 49% interest in the Ozernoe
zinc/lead project in Russia.
F ortress
forms strategic alliance with Gazprombank to
acquire and develop gold projects in Russia.
P EAR L E & P
acquires heavy oil assets in Montana and Utah from
PetroHunter Energy.
Acquires 100% interest in Svetloye Project.
Gazprombank holds option to acquire 51%.
Lundin Mining
is listed on New York Stock Exchange.
SE
NEWS RELEA
ATIONAL
SINOPEC INTERN
UISITION OF
COMPLETES ACQ
PANY LTD.
COM
OIL
TANGANYIKA
Atacama
acquires major new potash project in Brazil.
P EAR L E & P
mergers bring heavy oil assets:
Atlas Energy – includes Mooney and Onion Lake,
Alberta and Saskatchewan and San Miguel, Texas,
Cipher Exploration – Saskatchewan, Watch Resources
– Alberta/Saskatchewan.
NEWS RELEAS
E
OIL DISCOVERY AT
SCOLTY PROSPECT
IN UK
NORTH SEA
LUN DIN P ETR OL U E M
oil discoveries at Scolty Prospect in UK North Sea
and at Luno Prospect in Norway.
P EAR L E & P
commences trading on OMX Nordic Exchange.
S anu R eso urces
acquires projects in Niger and the Republic of Congo.
Tangan yik a Oil
sells Egyptian assets.
44
Tangan y i k a O I L
acquired by Sinopec in $2.1 billion cash transaction.
major oil discovery on Lagansky Block offshore
Caspian Sea.
NEWS
RELEA
S
E
RED BACK
RE
DEEPS OR ACHES AKWAA
BA
E AND M
AKES
DISCOVER
Y AT TASI NEW
AST
R ed B ack M ining
commences development of Akwaaba Deeps
deposit at Chirano mine.
Embadero
Asmara Adi Nefas
Debarwa
Eritrea
Bada Pota
sh
Musley
2009
Africa Oil
acquires major East African oil exploration portfolio
from Lundin Petroleum.
Bayou Bend
Red Sea
Mersa
Fatma
Colluli
Allana
Crescent
N G E x R eso u rces
granted the major Bada Potash Exploration License
located in the Danakil Depression in Eritrea.
D enison M ines
significant expansion of Phoenix high-grade
uranium discovery at Wheeler River project in
Saskatchewan.
sale of Gulf of Mexico gas exploration assets –
company being refocused.
merges with Suramina Resources on basis of 0.7541
Canadian Gold Hunter for each Suramina share.
Merges with Sanu Resources on basis of 0.5725
shares of Canadian Gold Hunter for each Sanu share.
Lucara Diamond
acquires Motapa Diamonds on basis of 0.9055 Lucara
for each Motapa share.
Lundin Mining’s T en k e Fu ng u r u me
(Freeport – operator) copper/cobalt mine in the DRC
in production.
L u ndin M ining
major new Semblana copper discovery at NevesCorvo mine in Portugal.
L u cara D iamond
acquires 100% of AK6 diamond mine in Botswana
through takeover of African Diamonds.
Recovers 53.5 carat high quality diamond from
Mothae mine in Lesotho.
Lundin Mining
delists from NYSE.
E trion C orporation
P earl Exploration
name change to BlackPearl Resources Inc.
completes Borgo Piave solar park in Italy exiting
2010 with 47 MW operational, 10 MW under
construction and 200 MW of development pipeline.
B lac k P earl R eso u rces
Bayou Bend
Shamaran
name change to ShaMaran Petroleum Corp. and
acquires Kurdistan oil and gas assets.
petroleum corp
exercises right of first refusal to acquire the
remaining 20% working interest in the Blackrod
SAGD project for $21 million resulting in 100%
ownership.
Receives Regulatory Approval for development of
Mooney and Blackrod Heavy Oil Projects.
name change to NGEx Resources Inc.
R ed B ack M ining
$8.98 billion takeover by Kinross on the basis 1.778
Kinross shares + 0.11 Kinross warrants for each Red
Back share.
P etro Falcon
closes acquisition of Solar Resources,
renames company Etrion Corporation
and changes ticker symbol to ETX.
2010
2011
L u cara D iamond
first diamond sale from Mothae mine in Lesotho –
$8 million gross proceeds.
S haM aran P etrole u m
major oil discovery at Atrush project in Kurdistan.
Lundin P etrole u m
N G E x R eso u rces
spin off of UK North Sea assets to newly formed
EnQuest plc.
Hole 16 returns 701 m @ 0.67% Cu and 0.30 g/t Au at
Los Helados project in Chile.
NEWS
RELE
ASE
UPDAT
EO
LUNDIN N SPIN-OFF O
F
PETRO
LEUM’S
UK BUS
INESS
Tellus discovery in PL338 – northern extension of
previously discovered Luno field.
Lundin P etrole u m
Listing on the Toronto Stock Exchange.
significant oil discovery on the Avaldsnes prospect
offshore Norway.
B lac k P earl
Production test rates at approximately 5,000 bopd of
good quality oil.
S haM aran P etrole u m
SAGD pilot facilities at Blackrod completed.
Commenced trading on NASDAQ OMX First North.
The Lundin Group comprises twelve publicly traded
companies in the natural resource sector.
Mining
Denison Mines Corp.
NGEx Resources Inc.
Oil and Gas
Africa Oil Corp.
Lundin Petroleum AB
Other Sectors
Etrion Corporation
Fortress Minerals Corp.
Francistown Mining Exploration (Jersey) Ltd.
Lundin Oil AB
Sanu Resources Ltd.
Tenke Mining Corp.
CORPORATE OFFICE
Suite 2101, 885 West Georgia Street
Vancouver, British Columbia, Canada V6C 3E8
Te l 604 689 7842 / F a x 604 689 4250
info@namdo.com
thelundingroup.com
OFFICE OF THE CHAIRMAN
6 Rue de Rive, PO Box 3410
1211 Geneva 3, Switzerland
Tel 4122 319 6600 / Fax 4122 319 6666
06/30/11

The Lundin Group of Companies

Transcription

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