Swedish miner Boliden has entered into a definitive agreement with Lunding Mining to acquire the Neves-Corvo mine in Portugal and the Zinkgruvan mine in Sweden for up to US$1.5 billion in total consideration.
“The addition of two cash flow generative zinc and copper mines in Portugal and Sweden has a strong industrial logic as well as a strategic fit,” said Mikael Staffas, president and CEO of Boliden.
“Optimizing these well-invested units as well as developing the feed mix to our existing smelters will create short- and long-term value for both our business areas. Going forward we will also have greater development opportunities for near mine exploration in these attractive mining regions.”
The transaction, which is expected to close in mid-2025, will increase Boliden’s zinc concentrate production by 95% and copper concentrate by 43%, based on 2023 production figures.
Source: Boliden