Vancouver, April 16, 2025 – Lundin Mining Corporation (TSX: LUN; Nasdaq Stockholm: LUMI) has officially completed the sale of two of its European operations — the Neves-Corvo mine in Portugal and the Zinkgruvan mine in Sweden — to Swedish mining major Boliden AB (OM: BOL). The transaction closed with $1.4 billion in cash proceeds, including accrued interest dating back to August 31, 2024.
The deal, originally announced in December 2024, includes contingent payments of up to $150 million tied to commodity prices and milestone achievements, bringing the total potential consideration to $1.52 billion. View the original press release here.
Strategic Realignment Toward the Vicuña District
Jack Lundin, President and CEO of Lundin Mining, emphasized the strategic importance of the sale:
“The sale of Neves-Corvo and Zinkgruvan marks the close of a pivotal chapter for Lundin Mining, one that elevated our profile and laid the groundwork for the growth we are now poised to deliver.”
The company is now shifting its focus toward high-potential copper assets in South America, particularly its expanding presence in the Vicuña District, which spans the border region between Chile and Argentina. With a streamlined portfolio and strengthened balance sheet, Lundin says it is “well-positioned” to drive long-term value for shareholders.
Explore our past article on the Vicuña District copper rush
About the Assets Sold
Neves-Corvo: A copper and zinc mine located in the Iberian Pyrite Belt of southern Portugal. It has been a flagship asset for Lundin since its acquisition in 2006. Zinkgruvan: An underground zinc-lead-silver mine in central Sweden, operating since the 19th century and producing significant volumes of high-grade ore.
Both mines are expected to continue operating under Boliden’s portfolio, reinforcing its position as a key supplier of zinc and base metals in Europe. Boliden’s recent strategy update can be viewed here.
Boliden Strengthens Its European Footprint
This acquisition fits into Boliden’s broader strategy to secure high-quality, low-risk assets in politically stable jurisdictions. It also aligns with Boliden’s increasing focus on environmental, social, and governance (ESG) standards in European mining.
Read our latest analysis on Europe’s shifting mining strategy
Looking Ahead: South America in the Spotlight
With this transaction behind it, Lundin Mining is doubling down on its projects in Latin America, especially in Argentina, Chile, and Brazil. The company’s growth strategy hinges on the expansion of copper production, a metal critical for the ongoing energy transition.
Lundin’s regional focus is also evident in its involvement in the Josemaría and Filo del Sol projects, major developments poised to influence the future of copper supply in South America.
