Lundin Mining Sells European Mines for $1.52 Billion to Focus on South American Copper

The sale of Neves-Corvo and Zinkgruvan mines to Boliden will fund Lundin's copper projects in the Vicuña District.

Lundin Mining has agreed to sell its Neves-Corvo mine in Portugal and Zinkgruvan mine in Sweden to Boliden AB for up to $1.52 billion, with $1.37 billion in cash and $150 million in contingent payments tied to future metal prices.
The transaction is expected to close by mid-2025, pending regulatory approvals from European and national authorities.
Proceeds from the sale will be used to strengthen Lundin's balance sheet and support its copper-focused growth strategy in South America, particularly in the Vicuña District spanning Argentina and Chile.
Lundin has partnered with BHP to jointly develop the Filo del Sol and Josemaria copper-gold-silver projects in the region, aiming to establish itself as a leading copper producer.
Boliden sees the acquisition as an opportunity to enhance its zinc production capacity and further develop exploration near the acquired mines.