range company profile, page-6

Nice one Macrae,

Here's one I cobbled together back in the good old days, around the time when the canmex MOU first came about and the options seemed to have forever until they expired.

CONTENTS:


News articles from multiple news sources::


About Lukas lundin:


Interview with Lukas Lundin:


About Canmex:


Commentary from a Canadian Forum:


Canmex announcement from the 17th of October (last night):


Article about the president of puntland rumoured to be coming to Australia to attend the range EGM:


So What ever Happened to KNOC?


Ranges Announcement, MOU with Canmex:


Good Article on Lukas lundin and the lundin empire:


Hi All


It looks like the rumour about range doing a deal with lundin petroleum was partly true, as Canmex is a shell company that is directed by lukas lundin:


News articles from multiple news sources:


Range resources on Somali oil hunt
October 12, 2006
AUSTRALIAN resources explorer Range Resources has signed a $US50 million ($67.50 million) deal with Canadian-based Canmex Minerals to help it look for oil in Somalia.


Canmex will be the operator of the exploration, which is located in the northeastern state of Puntland, and has to complete a minimum of four exploration wells to secure an 80 per cent stake in the project.


A production sharing agreement is expected to be finalised between Range, Canmex and the Puntland government by the end of next month.


Melbourne-based Range is exploring for oil, gas, nickel and uranium in Western Australia, Peru and Puntland.


Shares in Range gained 0.3 of a cent to 3.2 cents by 1329 AEST.


Australian Financial Review:


Range finds partner


Range Resources has signed a memorandum of understanding with Canmex Minerals. Under the agreement, the Canadian oil and gas company will invest up to $50 million on exploration to earn an 80 per cent stake in Range's two main basins in Puntland, Somalia. Jo Clarke


Sydney Morning Herald


Junior explorer Range Resources was the most traded with 79.9 million shares changing hands worth $2.7 million.


Range rose 0.2c to 3.1c after announcing a $US50 million ($67.5 million) deal for Canadian Canmex to explore Range's blocks in Puntland, Africa.


About Lukas lundin:


Lukas H. Lundin is president of Canmex Minerals Corporation and the Director of Lundin Petroleum.


http://www.lundin-petroleum.com/eng/board_director_lhl.php


Director since 2001 and Member of the Compensation Committe


Born in 1958, Lukas Lundin was raised in Stockholm, Sweden and educated at the Ecole Internationale de Genève in Switzerland. In 1981, Mr. Lundin graduated from the New Mexico Institute of Mining and Technology (engineering).


At age 25 Mr. Lundin headed International Petroleum Corporation's extensive and rapidly growing international operations and was based in the Company's technical office in Dubai, U.A.E. for over 12 years.


From 1990 to June 1995, Mr. Lundin was President of International Musto Exploration Limited and was responsible for Musto's acquisition of the Bajo de la Alumbrera deposit. Bajo de la Alumbrera was the subject of a $500 million takeover by Rio Algom and North Limited and is now one of the largest gold/copper producers in the world. Mr. Lundin was also responsible for Argentina Gold and the discovery of the multi-million ounce Veladero gold deposit. Veladero was the subject of a $300 million takeover by Homestake in 1999. In addition, Mr. Lundin was a senior director of Lundin Oil AB and was instrumental in the $480 million takeover of Lundin Oil by Talisman Energy in 2001. Mr. Lundin is currently director of a number of publicly traded resource companies and is based out of Vancouver, Canada.


Historical connections with the Lundin Family and other assignments within the Lundin Group:


Lukas Lundin is the first child of Adolf Lundin and he serves on the Board of Atacama Minerals Corp., Red Back Mining Inc., Canadian Gold Hunter Corp., International Uranium Corporation, Lundin Mining Corporation, Tenke Mining Corp., Fortress Minerals Corp., Tanganyka Oil Company, Valkyries Petroleum Corp. and Vostok Nafta Investement Inc. He owns 708 478 shares in Lundin Petroleum


Interview with Lukas Lundin:


Please find below a section from Lukas Lundin's interview with KITCO. If you have the time it is worth it to read the full interview. Hopefully it will give you some insight into the type of people that are involved. Time will tell how all this will play out for us....


Full interview: http://www.kitcocasey.com/xleague/viewExplorer1.php?id=11&t=bio (<---- read this interview!!!!)


Section of Lukas Lundin's interview with KITCO


XL:


Any lessons that you can cross over from those experience to your business work?


Lukas:


I guess the lesson is "stay focused". Everyone asks me what it was like doing the Dakar, and I tell them it's kind of like going to the monastery. That sounds strange, but you're so focused and so concentrated on that road so as not to crash that it must be like living in a monastery. Business is the same way - stay focused on what you do, and don't do anything you don't understand. If someone explains something and you don't understand, don't do it. People have tried to explain gold hedging to me and I don't understand it. So, I won't do it.


XL:


Sounds wise. What about accomplishments that you're most proud of in your career?


Lukas:


The great thing is, when the smaller shareholders make money. It's almost more fun to see those people make money than yourself. And the other thing that's fun is, when you create these big projects and you create a lot of job opportunities. Like Alumbrera, the area around the mine was very poor, but by the time you create the mine you have about 500 workers and that probably expands by about 10 times to equal 4,000 or 5,000 jobs in the surrounding area. Tenke Fungurume is going to change the Congo. Those things are quite exciting. You can make a difference - they make money, you make money, everyone does. The worst thing is when stocks go up and down. I hate that.


XL:


Well, yours seem to go up more often than down.


Lukas:


Well, you take a lot of risks in life and you have some failures. You try to manage the risks.


About Canmex:


http://www.kitcocasey.com/xleague/xLeagueDispatch.php?id=28


In the right hands, a shell can be a beautiful thing. Because they generally trade for pennies, they tend to experience large run-ups when their handlers finally drop in a great property and market interest suddenly ramps up.


Below are three X-leaguer shells that we could well be writing about next January as we look back at the winners in 2006.


Canmex Minerals (V.CXM)


Canmex isn't, strictly speaking, a cheap shell. At a current market cap of C$23.5 million, it's actually more expensive than many resource companies that have active projects. So what makes us think this one could be in for big gains? Simply put: the Lundin premium. Lukas has been so successful in making people money that his companies inevitably trade at a premium to their peers. His shells are no exception. We understand that management has been scouring the world for projects to put into this vehicle, and we expect that once they do, $23 million will look like a steal.


Other lundin companies:


QUOTE


The Lundin History of Success
Company 2002 2006
Valkyries Petroleum Share Price C$0.45 C$16.00
Market Cap C$4 million C$750 million
Over 4.5 years - 2 175% return


Lundin Petroleum Share Price U$0.41 U$11.55
Market Cap U$101 million U$3.8 billion
Over 4.75 years - 1 775% return


Tanganyika Oil Share Price C$0.55 C$14.10
Market Cap C$13.5 million C$700 million
Over 4.75 years - 2 265% return


Vostok Nafta Share Price U$4.28 U$58.82
Market Cap U$119 million U$3.9 billion
Over 4.75 years - 1 039% return


Commentary from a Canadian Forum:


If you had followed the Lundin companies over the years, the buy and swap amongst the group has been prolific. The most recent is all the North American assets held by Valkries just got transferred to NMM, to compliment their other N.A. assets."


RRS are effectively dealing with Lundin which means finance will be there imo.


http://www.stockhouse.ca/bullboards/viewmessage.asp?stat_num=11453345...


" The Lundin Group is financially capable of doing one, two or all of the above, at the same time. The key here is the fact that Canmex is Lukas' pet shell company; and over the past few years has stated many times at various trade shows that whatever he places in CXM it will be big and it will be good.


http://www.stockhouse.ca/bullboards/viewmessage.asp?stat_num=10940141...


Canmex announcement from the 17th of October (last night):


Press Release Source: Canmex Minerals Corporation


Canmex Appoints Richard Schmitt as President and CEO
Tuesday October 17, 3:58 pm ET


VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 17, 2006) - Canmex Minerals Corporation ("Canmex" or "the Company") (TSX VENTURE:CXM - News) is pleased to announce the appointment of Mr. Richard Schmitt as President and CEO of the Company. Mr. Schmitt brings over 29 years of diverse international experience in the upstream oil and gas industry with expertise in exploration, exploitation, operations, new ventures and demonstrated strength in strategic planning and negotiations. Mr. Schmitt obtained a B.Sc. Hon. in geological sciences from the University of Aston and has held senior management positions with Occidental Petroleum, Canadian Occidental and Clyde Petroleum, among others. Mr. Schmitt has spent a significant part of his career managing and developing projects in the prolific oil basins of Yemen and his expertise and experience in this region will be of great benefit to Canmex as the Company pursues a major oil exploration program in Puntland, Somalia, an area geologically and structurally similar to Yemen but, as of yet, virtually unexplored.
ADVERTISEMENT


In addition, Mr. Keith Hill, formerly President of Valkyries Petroleum Corp. will be joining the Board. As well, Mr. Ian Gibbs, formerly Chief Financial Officer of Valkyries Petroleum Corp., will be joining the Board and has been appointed Chief Financial Officer of Canmex. Mr. Lukas Lundin will step down as a Director and President


Some info about the two new directors:


Keith Hill


Position: Director


Keith C. Hill was appointed to the Board on December 18, 2002. Mr. Hill also currently serves as President of Valkyries Petroleum Corp.


Mr. Hill previously served as General Manager for Lundin Oil AB's Malaysian operations and was General Manager of the Lundin Sudan 5A project during the period in which the giant Thar Jath field was discovered. He has over 17 years of experience in the oil industry including international new venture management and exploration positions at Occidental Petroleum Corporation and Shell Oil Company. His educational background includes a B.Sc. in Geophysics and M.Sc. in Geology from Michigan State University and an M.B.A. in International Business and Finance from the University of St. Thomas in Houston, TX. Mr. Hill is currently President of Valkyries Petroleum Corp. and has been a director of Tanganyika since December 18, 2002.


http://72.14.235.104/search?q=cache:kav74s...en&ct=clnk&cd=1


Ian Gibbs


Position: Director


Born in Canada in 1968, Ian Gibbs is a Canadian Chartered Accountant and a graduate of the University of Calgary where he obtained a bachelor of commerce degree. He worked for PriceWaterhouseCoopers' Calgary office in the areas of audit and taxation from 1991 to 1995. From 1996 until 1999, he worked in Nizhnevartovsk, Russia as the Chief of International Finance for a subsidiary of Canadian Fracmaster, a Canadian company providing services to the Russian oil and gas industry. From 2000 to 2004 Mr. Gibbs worked in Almaty, Kazakhstan as the Country Controller and Business Systems Manager for First International Oil Corporation, a private U.S. oil and gas exploration and production company. Since 2004, Mr. Gibbs has held the Chief Financial Officer position for Valkyries Petroleum Corp and has been a director of Fortress since June 2005.


http://72.14.235.104/search?q=cache:cDOUta...en&ct=clnk&cd=1


Article about the president of puntland rumoured to be coming to Australia to attend the range EGM:


http://www.garoweonline.com/stories/publish/article_5512.shtml


GAROWE, Somalia Oct 17, 2006 (Garowe Online) - Confidential sources in Dubai have informed Garowe Online that the President of the Somali State of Puntland, Mohamud "Adde" Muse, embarked on a secret trip to Malaysia, where he is scheduled to meet with Abdullahi Yusuf Mohamed "Harare," the energy minister of the Baidoa-based interim government.


Minister Abdullahi Harare, who is a businessman suspected of printing and flooding Somali markets with fake currency, is the son of the former Somali energy minister, Mr. Yusuf Mohamed Harare, who died in 2005 in Australia.


President Adde Muse's unannounced trip to Malaysia to meet with Energy Minister Abdullahi Harare is connected to his political push to have the Somali government ratify a recent deal signed between two foreign companies - Range Resources, Ltd., and Canmex Minerals - to explore natural resources in Puntland.


On October 11, Australia-based Range announced that they signed a memorandum of understanding with Canada-registered Canmex, giving the latter an 80% stake in the Puntland exploration project.


In that same press release, Range claimed to have received Somali President Abdullahi Yusuf's approval for the deal with Canmex.


Furthermore, reports indicate that there is a possibility President Adde Muse will make a brief trip to Perth, Australia, to participate at an event marking Range's takeover of Consort Private, the first company President Adde signed the "Puntland Agreement " with.


So What ever Happened to KNOC?


this is from the Financial report release in Sept -


QUOTE


The Korean National Oil Company (KNOC)
contacted the Company in late 2005 expressing an interest regarding the exploration and development opportunities in Puntland. KNOC's preference is to be part of a Consortium with another company as an operator in the area. To that end, the Company has had discussions with several parties and is hopeful that a significant joint venture partner will be obtained in the first quarter of 2006.


and this is from ranges latest announcement -


QUOTE


Of the Canmex 80% farm in right, 20% (in one or both basins) is available to farm
out to third parties on terms to be agreed between Range and Canmex. Any
sign on bonuses with third parties will be split 60% Range , 40% Canmex.


Ranges Announcement, MOU with Canmex:


MAJOR MOU SIGNED TO FARM US$50M INTO PUNTLAND


The Board of Range Resources Limited (ASX: RRS) is pleased to announced that it has


signed a non-binding Memorandum of Understanding('MOU') with a subsidiary of


Canmex Minerals Corporation ('Canmex') in relation to an 80% farm in right in the Nogal


Basin and Darin Basin Blocks.


In order to achieve its strategic vision of finding and delineating the vast oil potential of


Puntland, the Company has sought the assistance of a Joint Venture partner with the


technical and financial capability to undertake this task. Range believes that Canmex


meets these criteria, and, combined with its strong understanding of Northern Somalia


and Yemen, will be successful explorers and operators.


CANMEX


Canmex is a subsidiary of Canmex Minerals Corporation (CXM) a Vancouver based


company listed on the Toronoto Stock Exchange. . The Board and management of


Canmex have been involved in exploration, development and production operations in


a number of the major oil and gas provinces of the world including the Middle East,


Papua New Guinea, Malaysia, Vietnam, United Kingdom, Libya, Sudan, Albania,


Somalia and Russia. Canmex have demonstrated to the Board that they have the


financial capability and a strong technical team to undertake the exploration and


operator functions.


Heading up Canmex's exploration effort in Puntland will be Rick Schmitt. Rick is a


Petroleum Geologist with 29 years of diverse international experience in most of the


world's major petroleum provinces. His expertise includes exploration, exploitation,


operations and new ventures as well as strategic planning and negotiations. Of


particular relevance, Rick has worked extensively in the Horn of Africa and Yemen. Prior


to joining Canmex he lived in Yemen for five years as President and


General Manager of a major international oil company's Yemen operations. He had


previously held senior positions with Nexen, notably as Vice President and General


Manager of Australia/Indonesia and General Manager of International Exploration and


Production. Rick is a UK graduate in Geological Sciences and is a Member of the


American Association of Petroleum Geologists and the Canadian Society of Exploration


Geophysicists. His knowledge and experience of the Yemen oilfields will be invaluable


in exploring the Puntland basins which are seen as analogous to the Yemen Basins. The


Company looks forward to working with him and his group towards creating exploration


and drilling success in Puntland.


Key Terms of the MOU


The key terms of the MOU with Canmex are as follows:


a) Main conditions precedent of all necessary regulatory approvals (see Puntland


Government and TFG sign off referred to below), final due diligence and formal


documentation (a production sharing agreement between the Puntland


Government, Range and Canmex is expected to be finalised in the next 4


weeks). Targeted completion date is 15 November with a drop dead date of 31


December 2006;


b) Canmex will be the Operator of the on shore oil and gas exploration effort with


an obligation to spend US$50m to earn an 80% interest in the two main basin


areas in Puntland (the Nogal and Darin Basins). The US$50m includes a minimum


of 4 exploration wells to be completed (2 in each basin), a sign on bonus to be


confirmed upon finalization. There is a further US$3.5m payment upon


commercial production. Range free carried until exploration moneys spent;


c) Of the Canmex 80% farm in right, 20% (in one or both basins) is available to farm


out to third parties on terms to be agreed between Range and Canmex. Any


sign on bonuses with third parties will be split 60% Range , 40% Canmex.


PUNTLAND AND TFG APPROVALS


Both the Puntland Government and the Transitional Federal Government of Somalia


have provided Range and Canmex with their absolute support of the MOU, which is


reinforced in official letters sent to both Companies;


"The Puntland Government is extremely encouraged by the continued exploration and


development that Range is bringing to our state and the proposed farm in with Canmex


is obviously another significant step forward. With over US$45m committed over the


next few years, the Government believes that Range and Canmex have put together a


partnership that will unlock the considerable hydrocarbon potential of Puntland and


deliver the returns to all key stakeholders working together to bring Puntland back on to


the African stage....


the Puntland Government has reviewed the proposed commercial terms of the farm in


joint venture with Canmex Minerals Corporation and in principle supports and approves


all key aspects of the transaction."


Mohamud Hersi - President of Puntland State of Somalia.


www.rangeresources.com.au


"The Transitional Federal Government of Somalia in principle supports and fully endorses


the activites of Range Resources Limited and Canmex Minerals Corporation. Further, the


TFG acknowledges and agrees with the key terms of Range's Contract of Works and the


Range/Canmex PSA agreement will be recognized and upheld within any national


framework of mining petroleum legislation enacted as part of the Somali Unification


Process which the TFG is involved in."


Abdullahi Yusuf Ahmed - President of the Transitional Federal Government of Somalia.


The Company looks forward to finalising the Canmex Partnership and unlocking the


significant hydrocarbon potential of Puntland.


Good Article on Lukas lundin and the lundin empire:


http://www.theglobeandmail.com/servlet/sto...ory/TPBusiness/


-- Lukas Lundin and his family's Lundin Mining Group of companies are to mining in Canada what IKEA is to home furnishing. Both are Swedish, and both have a business model that they replicate again and again to their advantage.


For IKEA, that means making money in suburban centres among families and twentysomethings, while Mr. Lundin has at times earned his keep in war-torn countries and others red-flagged on the Foreign Affairs security advisory list, sometimes dealing with dictators.


But even though Mr. Lundin has been a Vancouver-based global resource owner for more than 15 years, he has finally arrived as a major local player with rising visibility and money to spare. He now ranks among the few big-time B.C. mining figures such as Robert Friedland and Frank Giustra. Mr. Lundin, his father Adolf and brother Ian also own Lundin Petroleum AB, one of the largest oil and gas companies in Sweden.


Evidence of the good times includes a party costing more than $100,000 that Mr. Lundin threw at his Whistler home for staff, associates and friends to celebrate a good year in 2005. There are also philanthropic gifts that include a million-dollar-plus donation to clean up the historic Britannia mine that stands out as environmental problem and eyesore on the scenic drive to Whistler, and a new foundation, Lundin for Africa, which has raised $1.5-million to open orphanages and provide fresh water.


Critics might suggest that is the least he can do, as the Lundin family has drawn heat at times for owning mining assets in troubled regions such as the Democratic Republic of Congo (DRC), which has suffered more than 10 years of ethnic clashes and five million war-related deaths. The Lundins counter that major finds are often in areas that are unpopular with the general public.


No Guts No Glory, a biography of Adolf Lundin by a Swedish business journalist, says that Lundin-owned Tenke Mining Corp.'s investment in the DRC originated in negotiations between the former president and dictator Mobutu Sese Seko and Adolf Lundin. The talks led to a deal for the famous Tenke Fungurume copper and cobalt mine in which the Lundins beat out larger worldwide mining concerns. Ten years later, Tenke Mining brought in U.S. giant Phelps Dodge Corp. as a majority partner and just received government approval to start production.


Earlier this week, Lundin Mining Corp. also invested $5.2-million in Sunridge Gold Corp. of Vancouver to be used for its copper, gold and zinc projects in another troubled African country, Eritrea, which has unresolved border issues with Ethiopia. The Eritrean government also shows signs of instability with respect to foreign investment in this sector as it shut down all mining exploration in that country just over a year ago to review its position on the issue. It has since reinstated mining as usual.


Owning projects in troubled and dangerous political regions used to differentiate Mr. Lundin and a small group of mining players from the pack, but analysts say this is about to change. Demand from Asia is forcing mining companies to choose between starting the development process on weaker deposits in friendly areas on the assumption that strong metal prices will continue or pushing ahead with better deposits in less comfortable areas, such as central Asia, according to David Coffin, editor of the Hard Rock Analyst, a mining newsletter. Phelps Dodge, for example, just announced it will open its first new copper mine in the United States.


For those interested in adding political uncertainty and risk to their portfolio of economic concerns, Mr. Lundin's business model, which has been based on finding and investing in distressed and undervalued mining assets in troubled or unfriendly environments, is worth watching. In fact, Mr. Lundin might be the mining equivalent of TV home renovator Bob Vila, because he tends to focus not on the traditional and heady fare of exploration, but rather picking up and refurbishing mines at later stages of development.
This business model has worked so well that Mr. Lundin has accumulated a group of 11 Canadian-based mining companies, most with global resource assets, that have increased their combined market capitalization to $3.8-billion in 2005 from $242-million in 2003. He readily admits that a short time ago he was holding "a lot of shells with no projects."


In fact, investors closely follow Mr. Lundin's deals. If "you stuck to the Lundin Group like glue over the past few years when the companies were dirt cheap" you would have made a ton of money, says one broker.


Mr. Lundin has such an eye for value that he helped to develop an Argentinean gold project that has generated money for three separate Vancouver-based mining concerns.


The issues associated with difficult but hot mining areas are high on the agenda for many B.C. miners. While Mr. Lundin makes finding the balance between risk and return look relatively easy, remember, he also just road a motorcycle from Cairo to Cape Town.


He can afford to wait until the right deal comes along.