On December 9, 2024, Lundin Mining Corporation announced the sale of its Neves-Corvo operation in Portugal and Zinkgruvan operation in Sweden to Boliden AB for up to $1.52 billion USD (approximately $2.15 billion CAD). The transaction included an upfront cash payment of $1.37 billion USD (about $1.94 billion CAD) and up to $150 million USD (around $211 million CAD) in contingent payments based on copper and zinc prices through 2027.

The deal, expected to close by mid-2025, required regulatory approvals in the EU, Portugal, and Sweden. Proceeds were intended to strengthen Lundin’s balance sheet and support growth in South America.

Osler, Hoskin & Harcourt LLP advised Boliden.