Timely Gold Bet Yields 1,994% Return for Billionaire Family

For the Lundins, a Swedish-Canadian family that controls a multibillion-dollar mining and oil empire, C$17.5 million may not seem like a big investment. But it becomes so when it delivers a 1,994% return.

In March 2024 the Lundins put that money into Montage Gold Corp., a firm in which they already controlled a large stake, to help get development of the company’s flagship mine in Ivory Coast off the ground. The bet paid off in January when the Toronto-listed company announced the mine would begin producing gold by year-end, ahead of schedule.