Boliden Completes All Regulatory Approvals for Acquisition of Neves-Corvo and Zinkgruvan Mines

[Boliden Announces Completion of All Approvals needed for Acquisition of Neves-Corvo and Zinkgruvan Mines]

Swedish mining company Boliden AB announced today that the European Commission has approved its acquisition of the Neves-Corvo mine in Portugal and the Zinkgruvan mine in Sweden. With this approval, Boliden has now secured all regulatory clearances required to complete the transaction.

The approvals obtained include:

EU merger control clearance;

Approval by the Swedish Inspectorate of Strategic Products under the Swedish Foreign Direct Investment (FDI) Act;

Change of control approval under the Neves-Corvo Portuguese Concession Contract;

The Fundamental Permits Approval.

The acquisition was initially announced on December 9, 2024, and is expected to close in the coming weeks, subject to the fulfillment of the remaining conditions.

Neves-Corvo and Zinkgruvan, both lead-zinc mines formerly owned by Lundin Mining, produced a combined 192,000 tonnes of zinc metal in concentrate and 37,400 tonnes of lead metal in concentrate in 2024. According to Lundin Mining's production guidance published earlier, total 2025 production from the two mines is expected to be around 195,000 tonnes of zinc metal in concentrate and 37,000 tonnes of lead metal in concentrate.