Boliden has finalized an agreement with Lundin Mining to acquire the Neves-Corvo mine in Portugal and the Zinkgruvan mine in Sweden. The deal includes an upfront cash payment of $1.3 billion, with potential contingent payments of up to $150 million. This acquisition, which bolsters Boliden’s mine production and enhances its zinc and copper concentrate supply, is subject to regulatory approvals.

Mikael Staffas, Boliden’s President and CEO, stated: “Adding these two cash flow-generating zinc and copper mines in Portugal and Sweden aligns strategically with our operations. Optimizing these assets and integrating their production with our existing smelters will create both immediate and long-term value. Additionally, these acquisitions offer significant potential for near-mine exploration in regions with strong mining prospects.”

The Neves-Corvo mine, located approximately 200 km southeast of Lisbon in Portugal's Iberian Pyrite Belt, is an underground operation producing zinc, copper, lead, and silver. In 2023, it generated 108,812 tonnes of zinc, 33,823 tonnes of copper, 5,600 tonnes of lead, and 1.9 million ounces of silver in concentrate. Similarly, the Zinkgruvan mine in Sweden, situated 200 km southwest of Stockholm, is an underground zinc-copper-lead-silver mine. Its 2023 output included 76,349 tonnes of zinc, 4,434 tonnes of copper, 26,284 tonnes of lead, and 2.3 million ounces of silver in concentrate.

Upon completion, Boliden will operate seven mining areas and five smelters, primarily focused on zinc and copper value chains. These mining areas span Sweden, Finland, Ireland, and now Portugal. The acquisition, alongside the expansion of the Odda smelter and the restart of the Tara mine, will significantly enhance Boliden’s production capabilities. Zinc concentrate production will increase from 35% to 70% of smelting capacity, while copper concentrate production will grow from 30% to 40%.

The addition of the Neves-Corvo and Zinkgruvan mines is expected to boost Boliden’s production of metals in concentrate by 95% for zinc and 43% for copper, based on 2023 figures. The mines are projected to contribute an annual EBITDA of $300–350 million over the next five years, assuming consensus market prices and terms.

Regulatory approvals, including merger control and other standard closing conditions, are required to finalize the transaction. Completion is anticipated by mid-2025, further solidifying Boliden’s position as a leader in zinc and copper production.

Boliden aims to be the world's most climate-friendly and respected metal provider. As Europe's leading producer of sustainable metals, Boliden operates across exploration, mining, smelting, and recycling, driven by its core values of care, courage, and responsibility. The company employs approximately 6,000 people and generates annual revenues of around SEK 80 billion.