Boliden has finalized its acquisition of the Somincor copper-zinc mine in Portugal and the Zinkgruvan zinc mine in Sweden from Lundin Mining. The deal, completed on April 16, 2025, includes a cash consideration of $1.4 billion, with $1.3 billion paid on a debt- and cash-free basis as of the locked-box date of August 31, 2024, and adjusted for interest and customary terms. An additional contingent payment of up to $150 million remains tied to commodity price performance and other conditions.
The acquisition nearly doubles Boliden’s zinc concentrate production and provides a significant boost to its copper output. Both assets are described as “well-invested operations,” and Boliden expects them to contribute immediately to value creation.
Financing for the acquisition included a bridge loan and a directed share issue that raised approximately SEK 3.75 billion. The company plans to refinance the bridge loan through a temporary adjustment to its dividend policy and medium- to long-term debt instruments.
