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Wednesday, Jun 12, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Copper

Lundin Mining CEO steps down, joining growing list of departures

Jack Lundin to assume CEO role following Peter Rockandel’s departure

Lundin Mining CEO steps down, adds to departure roster
Peter Rockandel will step down as CEO. Photo by Christopher Katsarov Luna via Bloomberg.

Lundin Mining Corporation’s (TSX: LUN) (Nasdaq Stockholm: LUMI) chief executive officer Peter Rockandel has announced his forthcoming departure by year-end, becoming the latest in a series of management changes following the company’s headquarters relocation from Toronto to Vancouver in September.

The Vancouver-based gold mining company unveiled these developments on Tuesday, revealing that Jack Lundin, the current president, will take over as CEO and rejoin the board of directors starting next year.

After Rockandel moved to Vancouver as part of the shift he said in an interview he is ready to return to Toronto because his family resides there.

“We wanted to ensure we got continuity over the next five years to carry out the next phase with the company,” he said. “I was willing to commit to two or three years, but to commit to five would be a bit of a stretch. Family’s important to me.”

Read more: Lundin Mining acquires majority stake in Chilean copper-molybdenum firm, secures $800M loan

Read more: Lundin Mining to acquire majority interest in Chilean copper mine

Jack Lundin was at the helm during the company’s acquisition of a majority stake in the Caserones mine in Chile and the advancement of its portfolio of growth projects. Peter Rockandel initially joined Lundin in 2018 as Senior Vice President of Corporate Development and Investor Relations before assuming the CEO position in 2021.

Before his tenure with Lundin Mining, Jack Lundin had a notable track record of involvement with various companies within the Lundin Group. His standout achievement was at Lundin Gold, where he played a pivotal role in the highly successful construction and operation of the Fruta del Norte Gold Mine in southern Ecuador.

Jack Lundin’s educational background includes a Bachelor of Science degree in Business Administration from Chapman University and a Master of Engineering degree in Mineral Resource Engineering from the University of Arizona. Currently, he holds positions on the boards of Bluestone Resources, Lundin Gold, the Lundin Foundation, and the University of Arizona’s School of Mining and Mineral Resources.

After the announcement, company shares dropped by 5.45 per cent on the Toronto Stock Exchange.

“During the last two years, under Peter’s leadership, we have acquired a cornerstone asset in Caserones and successfully moved our corporate headquarters to Vancouver,” Board of Directors chair Adam Lundin said in a statement.

“We have improved operational and financial performance and set the foundation for future growth. None of this would have been possible without Peter’s tireless efforts.”

Adam Lundin added that Jack Lundin brings a combination of strong technical and capital market experience, as well as deep knowledge of the company.

Read more:Calibre Mining publishes open pit gold estimate for Cerro Volcan Gold, Nicaragua

Read more: Calibre Mining expands high-grade gold mineralization zones within Limon mine complex

Lundin Mining has seen a stream of managers leave the company after it announced the relocation of its offices to Vancouver.

“It has been a pleasure working closely with Jack and I look forward to seeing him and the team progress the strategy we have put in place,” said Rockandel. “Our assets are operating well, and we have been able to add considerable growth to our production profile.”

“The move to Vancouver has been completed and all senior executive positions are in place to take the company through the next phase of growth,” he added.

The company has operations in South America including Chile Brazil and Argentina. Around 65 per cent of its annual revenue comes from copper.

 

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