Lundin Mining, a Canada-based mining company, announced the sale of its Neves-Corvo mine in Portugal and Zinkgruvan mine in Sweden to Boliden, a Swedish miner, for up to $1.52 billion. The deal includes an upfront payment of $1.37 billion, with additional contingent payments of up to $150 million. Lundin Mining’s president and CEO, Jack Lundin, acknowledged the importance of these mines in the company’s growth and thanked the teams involved.
For Boliden, this acquisition significantly boosts its production capabilities, particularly in zinc and copper concentrate. The deal will increase its zinc concentrate production from 35% to 70% of its smelting capacity and copper concentrate production from 30% to 40%. This will lead to a substantial rise in the production of metals in concentrate, specifically a 95% increase in zinc and a 43% increase in copper, based on 2023 production data. Boliden also sees the transaction as an opportunity to optimize operations and explore future development potential in these regions.
The Neves-Corvo mine, located in the Iberian Pyrite Belt near Lisbon, produced notable quantities of zinc, copper, lead, and silver in 2023. Similarly, Zinkgruvan, located southwest of Stockholm, also contributed significant amounts of zinc, copper, lead, and silver. The transaction is expected to close in mid-2025, pending regulatory approvals.
