Swedish mining company Boliden is reportedly in advanced negotiations to acquire Lundin Mining’s two European mines, according to sources familiar with the matter. The assets under discussion are Zinkgruvan in Sweden and Neves-Corvo in Portugal, both of which have been instrumental to Lundin’s operations but are now up for sale as the Canadian company shifts its focus to Latin America.
The acquisition would reinforce Boliden’s position as a leading European zinc producer, securing a steady ore supply for its Scandinavian smelting operations. Lundin’s Zinkgruvan mine, operational since 1857, produced 76,349 tons of zincin 2022, while Neves-Corvo yielded 108,812 tons of zinc and 33,823 tons of copper.
Lundin seeks to raise funds to invest in its South American copper projects, including its partnership with BHP Groupon the Filo Corp. project spanning the Argentina-Chile border. This divestment aligns with Lundin’s strategy to capitalize on growing demand for copper in renewable energy and electric vehicle markets.
Meanwhile, Boliden is expanding capacity at its Odda smelter in Norway by 75% to 350,000 tons annually and restarting operations at its Tara zinc mine, Europe’s largest, after high costs temporarily halted production.
Representatives of both companies declined to comment on the deal, emphasizing that discussions are ongoing, and no agreement has been finalized.
