CD Capital Natural Resources Fund II ("CD Capital”) successfully monetizes its long-term investment in Lundin Gold for a total consideration of C$130.7 million.
CD Capital is proud to have been the first institutional investor back in 2014 to support the acquisition financing of the now-growing and cash-flowing top-tier gold producer in Ecuador, Fruta del Norte. The purchase proved to be transformative for the company and a strong catalyst for its growth, confirming CD Capital's vision in supporting the leadership of the Lundin Group and the Fruta del Norte project, which has proven to be a world-leading, low cost and expanding gold operation.
Founder & CEO of CD Capital, Carmel Daniele, noted the eventual monetization of the fund’s long-term holding in Lundin Gold, as part of the fund's normal course of business and mandate terms, delivering not only multiple returns to investors, but supporting the high standards of social and environmental governance whilst unlocking a new resource rich region for investment, such as Ecuador. This vision is well exemplified at Fruta del Norte. "Over the last 8 years, we have seen Fruta del Norte deliver time and time again. It has been a truly spectacular investment for CD Capital Fund II’s investors and a fulfilling journey to have seen the transition of Fruta del Norte from an advanced development project into a cash flowing mine, which has transformed people’s lives for the better in the neighbouring communities and for future generations. We look forward to the opportunity of partnering up on similar world-class projects led by top tier management teams with a strong proven track record, such as the Lundin Group, through the combination of our long-term patient institutional capital and our sector expertise to unlock value from exciting future projects in the pipeline.”
Chairman of the board of Lundin Gold, Jack Lundin, commented, "We are grateful for the long-standing support from CD Capital, who proved to be a catalyst for garnering institutional finance for the original acquisition of Fruta del Norte from Kinross in 2014. I would also like to extend a special thanks to CD Capital’s Founder & CEO, Carmel Daniele, for her continued valuable contributions as a Board member of Lundin Gold. It has been an amazing journey and we will continue to unlock more value from this fantastic asset. We look forward to creating further value for CD Capital investors on current and future ventures within the Lundin Group."
About CD Capital Group
Over the past 15 years, London based CD Capital has launched three Private Equity funds, having raised circa US$1 billion in long-term patient capital, predominantly from leading North American institutional investors, including endowments and foundations, family offices and corporate pension funds. CD Capital develops world-class projects globally in precious metals, critical metals for greening the world, as well as fertilisers for global food security. CD Capital has a unique focus on partnering up with repeat management teams that have a strong track record in successfully developing projects in Latin America, such as Brazil, Peru, Argentina, Guatemala as well as Canada, Finland, Greenland and Australia.
CD Capital was founded in 2006 by Ms Daniele, who was one of the first in London to set up a dedicated fund focused on private mining assets and winning the prestigious Mines & Money Fund Manager of the Year award in 2008. Since establishing CD Capital, Ms Daniele has built a world-class investment technical team of industry insiders and has been an active sponsor and employer of women studying mining geology at Imperial College, London, resulting in a successful nomination to the 100 Women in Mining for 2022.
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