Boliden Successfully Acquires Two European Mines from Lundin Mining

[Boliden Completes Acquisition of Two European Mines from Lundin Mining]

On April 16, Boliden announced the completion of its acquisition of two Lundin Mining assets, the Neves-Corvo copper-zinc mine in Portugal and the Zinkgruvan zinc mine in Sweden. The transaction, valued at a total consideration of USD 1.4 billion, was finalized and paid on April 16, 2025. Following the completion of all necessary regulatory approvals, both mines have now officially been integrated into the Boliden Group as of the same date.

According to SMM sources, Boliden has already begun receiving output from both mines. There has been personnel transition activity between Zinkgruvan and Boliden's mines, and the handover is reported to be proceeding smoothly, with no significant impact on mine output expected during the transition period.

In 2024, Zinkgruvan produced approximately 82 kt of zinc in concentrate, 31 kt of lead in concentrate, and 4 kt of copper in concentrate. Neves-Corvo produced around 110 kt of zinc in concentrate, 64 kt of lead in concentrate, and 28 kt of copper in concentrate.

According to SMM estimates, with the restart of the Tara mine and the addition of these two new operations, Boliden's self-owned zinc in concentrate output could reach 440kt in 2025, with lead output reaching 100 kt - both representing near doubling year-over-year increases, and significantly improve feedstock self-sufficiency for its smelters. Copper concentrate production will also see a notable boost.