Lundin Mining Announces Significant Board Changes

2025-02-21 companies

Toronto, Thursday, 20 February 2025.
Lundin Mining Corporation appoints Victoria McMillan to its Board, replacing Juliana Lam who retires. McMillan’s financial expertise aims to steer the company’s strategic growth.

Board Transition Details

Lundin Mining Corporation (TSX: LUN; Nasdaq Stockholm: LUMI) has announced the appointment of Victoria McMillan to its Board of Directors, effective February 19, 2025 [1][2]. This change comes as current director Juliana Lam has decided to retire and will not seek re-election at the upcoming 2025 Annual Meeting [1]. The transition represents a significant shift in the company’s board composition, coming just months after Jack Lundin assumed the CEO position in January 2024 [6].

McMillan’s Expertise and Background

Victoria McMillan brings substantial financial expertise to the board, with over 20 years of experience focused on mining and royalty industries [1][2]. She currently serves as the CFO of Versamet Royalties Corporation and is a Chartered Professional Accountant (CPA, CA) [1]. Her recent experience includes a notable four-year term (2021-2024) on BC Hydro’s board, where she chaired the Audit and Finance Committee [1][2]. McMillan’s background includes senior roles in mid-tier gold mining companies, where she contributed to mergers and acquisitions, U.S. listings, and gold sales operations [1].

Company Performance and Strategic Direction

The board changes come at a crucial time for Lundin Mining, which currently maintains a market capitalization of CA$10.78 billion [8]. The company recently reported strong Q4 2024 results with revenue reaching $1,023.8 million [9]. Lundin Mining is actively reshaping its portfolio, with the planned sale of its European assets to Boliden expected to close by mid-2025 [2][9]. The company now focuses its operations across Argentina, Brazil, Chile, and the United States, primarily producing copper, gold, and nickel [3].

Leadership Perspective

Board Chair Adam Lundin has expressed enthusiasm about McMillan’s appointment, noting that ‘her financial expertise and strategic leadership will be invaluable’ to the company [2]. The board restructuring aligns with Lundin Mining’s broader strategic initiatives, as the company continues to strengthen its position in the global mining sector while maintaining a market cap of $7.6 billion [3].

Sources

Lundin Mining board changes