XL: Good morning, Mr. Lundin, we're honored to have you join the Explorers' League. You have quite a reputation and have earned a great deal of respect from the people we work with.
Thank you. I'm happy to be here.
XL: Let's start at the beginning. You studied engineering; can you tell us a little about what interested you in that and how you got started in the resource sector?
Well, when I was about 14, I read a book on Rockefeller, the story of Standard Oil. After one page, I knew that was what I wanted to do: oil and mining.
XL: So, you had that in mind when you chose your course of university study?
Editors Note: Adolf Lundin passed from among us in September 2006:
Operating from his offices in Geneva, Switzerland, Adolf H. Lundin heads an internationally recognized group of natural resource companies with exploration and development projects worldwide. The twelve companies operated by the Lundin Group are actively engaged in the exploration for and development/production of oil and gas, gold, copper, cobalt, zinc, diamonds, uranium, iodine, sodium sulphate and potassium nitrate. Mr. Lundin, a multi-tasker, also manages an investment fund, Vostok Nafta Investment Limited, which invests primarily in Russian companies operating in the oil and gas sector.
In 1956, Adolf Lundin received a Master of Science degree (Department of Engineering) from the Royal Institute of Technology, Stockholm, followed by an MBA in 1961 from the Centre d'Etudes Industrielles, Geneva. After working for the Royal Dutch/Shell Group in the Netherlands and Latin America from 1957-60, Lundin spent the next five years with Sweden's Axel Johnson Group; he was instrumental in getting the company into a North Sea consortium to participate in the 1964 round of license applications. Lundin began his independent career in the fields of mining and petroleum exploration in 1971.
Since then, the self-made billionaire has shown a knack for starting companies and growing them to the point where they sell for hundreds of millions of dollars. His biggest deals include: Lundin Oil (previously International Petroleum), which sold for $480 million to Talisman (Lundin Petroleum, its successor, is now worth $1.5 billion); Musto Exploration, which developed the Bajo de la Alumbrera gold deposit and sold to Rio Aglom and North Limited for $510 million; and Argentina Gold, which developed the Veladero deposit and sold to Homestake for $300 million.
Lundin-led petroleum discoveries include: the 1976 discovery of the North Dome gas field, offshore Qatar, one of the world's largest gas fields; the Thar Jath oil field, a 150-million barrel discovery in Sudan; the En Naga North and West oil field, a 100-million-barrel oil discovery in Libya; and Block PM-3, a 144-million-barrel oil discovery offshore Malaysia. On the mining side, Adolf Lundin is known as a developer rather than a prospector-someone who can beat the odds on political risk, as the Alumbrera and Veladero mines in Argentina demonstrate, and as the Tenke deposit in the Congo may yet prove once again. Furthermore, the Lundin group is busy making money for investors through production, as shown by their involvement in the East Daggafontein tailings project in South Africa and their current success with International Uranium Corporation.
Adolf Lundin is an avid skier and outdoor enthusiast. His adventures as a globetrotter have included treks through the jungles of Ecuador and the Amazon, climbing Mount Kilimanjaro and hiking in Lapland and the Galapagos.