Lundin Mining logo is seen in this undated handout photo. THE CANADIAN PRESS/HO-Lundin Mining *MANDATORY CREDIT*
December 09, 2024 - 5:30 AM
VANCOUVER - Lundin Mining Corp. has signed a deal to sell a pair of mines in Europe to Boliden AB in an agreement valued at up to US$1.52 billion.
Under the terms of the agreement for the Neves-Corvo mine in Portugal and Zinkgruvan mine in Sweden, Lundin Mining will receive US$1.37 billion in cash when the deal closes.
The company will also receive up to an additional US$150 million in contingent payments based on the satisfaction of certain conditions.
Lundin says the proceeds from the deal will strengthen its balance sheet and support its growth plans in the Vicuña District in South America.
Lundin chief executive Jack Lundin says it's an opportune time to optimize company's portfolio with the sale as it moves toward becoming a top-tier copper-dominant mining company.
The sale is anticipated to close in mid-2025, subject to customary conditions and regulatory approvals.
This report by The Canadian Press was first published Dec. 9, 2024.
Companies in this story: (TSX:LUN)
News from © The Canadian Press, 2024