Swedish integrated miner Boliden has agreed to purchase zinc and copper mines in Portugal and Sweden from Canada's Lundin Mining Corporation (TSX:LUN) for up to $1.52 billion.
The deal will nearly double Boliden’s zinc concentrate output and increase copper production by 43%.
The acquisition secures critical ore supplies for its smelting operations amid growing competition for resources.
Boliden CEO Mikael Staffas described the transaction as a strategic fit, enhancing margins and cementing the company’s status as one of Europe’s top zinc producers.
Financing will involve a bridge loan, with half refinanced via a share issue and the rest through long-term debt.
Lundin will receive $1.37 billion upfront and up to $150 million if certain conditions are met, using proceeds to focus on growth in Latin America.
The transaction is expected to close mid-2025.