Boliden in Advanced Talks to Acquire Lundin Mining’s European Mines

Boliden is currently in advanced negotiations to acquire Lundin Mining's Zinkgruvan mine in Sweden and Neves-Corvo mine in Portugal, according to information obtained by Bloomberg News. The acquisition would allow Boliden to strengthen its position as one of the largest zinc producers in Europe.

These two mines represent some of Lundin Mining's oldest assets, which are now being considered for sale as the company shifts its focus toward expanding copper projects in South America. The decision aligns with Lundin's strategy to prioritize investments in regions with high growth potential for copper, a key metal for the energy transition.

For Boliden, acquiring Zinkgruvan and Neves-Corvo would bolster its zinc production capabilities. Zinc is primarily used in galvanizing steel, which protects against corrosion. This acquisition would complement Boliden's efforts to restart production at the Tara mine, Europe’s largest zinc mine, which had previously been placed on care and maintenance due to rising operational costs.

The Zinkgruvan mine produced 76,349 tonnes of zinc last year, while the Neves-Corvo mine produced 108,812 tonnes of zinc and 33,823 tonnes of copper, according to Lundin Mining's website. If the deal proceeds, it could significantly enhance Boliden's overall zinc production footprint in Europe.