Canada’s Lundin sells mines to Boliden for $1.3 billion

VANCOUVER, December 9, 2024 – Canada’s Lundin Mining has sold mines in Sweden and Portugal to Swedish extractives player Boliden for an upfront cash consideration of USD 1.3 billion, the companies said on Monday.

The assets include the Neves-Corvo mine in Portugal and the Zinkgruvan mine in Sweden, both of which produce zinc and copper.

The sale is part of a shift in focus for Lundin away from Europe and towards South America.

Partnering with Australia’s BHP, the Vancouver-headquartered company made investments in two copper-gold-silver projects in Chile earlier this year. The combined value of the deal was around USD 3 billion.

Chile is the global leader in copper production, with 5 million tonnes of output in 2023.

As for Boliden, the deal with Lundin is slated to grow its zinc production by 95% and copper production by 43% over 2023 base levels.

Various forecasts have predicted that global copper demand will rise beyond 30 million tonnes per year by 2030, up from 24.8 million tonnes in 2022.

Photo courtesy of Boliden.

Read our latest insights on: