The Lundin Foundation
For creating an organization funded by mining revenue with the sole purpose of providing lasting benefits for communities surrounding Lundin Group companies operations
The first question country leaders often ask when a company wishes to develop a mine within their borders is how communities will benefit from the development. The Lundin Group of companies, consist of 11 publicly traded companies operating in over 20 countries, can provide concrete examples of how the Lundin Foundation leverages resource development to provide local economic opportunities.
In 2021 alone, the Foundation supported 650 small businesses that generated $42 million in revenues and provided 2,000 well-paying jobs. The Foundation helped 79 start-ups launch solutions to climate change, attracting $30 million in third party funding to bring those solutions to market.
To encourage career development in Ecuador, the Foundation developed and delivered a training program for community members with no previous experience to become best-in-class process plant and mine operators at the Fruta del Norte gold mine, Ecuador's first large-scale underground mine. At the start of the program, 50% of the 315 trainees were either unemployed or underemployed. One year after completing the program, 80% of the trainees - including women - were employed as operators, bringing home a cumulative US$3.2 million in wages.
In the communities surrounding the mine, the Foundation provided technical and financial support a local agricultural cooperative, to establish organic farm management practices and achieve organic certification. As a result, the cooperative's 180 producers, whose products include coffee, cocoa, yuca and plantain, now export to Europe, North America and other South American countries.
These are just two examples of how the foundation is improving the lives of people near the Lundin Group of companies' operations. Given the quantities of metals and minerals required to meet future generations' needs, coupled with the complexities of securing and maintaining a social licence to operate, the Lundin Foundation provides a model for the industry on how mining can foster a more sustainable future.