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Lundin Mining Corp. is selling two aging European mines for up to US$1.52-billion to Swedish mining company Boliden AB as it improves its balance sheet and raises cash to fund its South American copper growth strategy.
Vancouver-based Lundin is set to receive US$1.37-billion in cash when the deal closes, with an additional US$150-million to come if copper and zinc prices trade above certain levels over the next couple of years.
One of the mines that Lundin is selling, Zinkgruvan in Sweden, has been in operation since 1857 and produces zinc, lead, copper and silver. The other mine, Neves-Corvo in Portugal, produces copper, zinc, lead and silver, and started operations in 1989.
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