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Lundin Mining Announces Sale of Neves-Corvo and Zinkgruvan for Total Consideration of up to $1.52 Billion
Lundin Mining Announces Sale of Neves-Corvo and Zinkgruvan for Total Consideration of up to $1.52...
About this update from Lundin Mining Corporation
[{"type":"text","content":"\n\n\n\n Lundin Mining Announces Sale of Neves-Corvo and Zinkgruvan for Total Consideration of up to $1.52 Billion\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n\n\n\n\n\n\n\n VANCOUVER, BC\n \n\n ,\n \n\n Dec. 9, 2024\n \n\n /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI)\n \n Lundin Mining Corporation\n \n (\"Lundin Mining\" or the \"Company\") announces today it has signed a definitive agreement to sell its Neves-Corvo operation in\n \n Portugal\n \n and Zinkgruvan operation in\n \n Sweden\n \n to Boliden AB (OM: BOL) (\"Boliden\") for up to\n \n $1.52 billion\n \n in total consideration (the \"Transaction\"). Unless otherwise stated, all numbers are presented in\n \n United States\n \n dollars.\n \n\n Under the terms of the agreement, Lundin Mining will receive upfront cash consideration of\n \n $1.37 billion\n \n upon closing, based on a cash-free and debt-free enterprise value of\n \n $1.3 billion\n \n as of an\n \n August 31, 2024\n \n lock box date (\"Lock-Box\"). In addition, Lundin Mining will receive up to\n \n $150 million\n \n in contingent cash consideration upon satisfaction of certain conditions outlined below. The Transaction is not subject to shareholder approval or any financing conditions.\n \n\n The proceeds from the Transaction will strengthen the Company's balance sheet and support its growth plans in the Vicuña District.\n \n\n\n\n Jack Lundin\n \n , President and CEO, commented\n \n \"Neves-Corvo and Zinkgruvan have played a significant role in catalyzing the Company to become a multi-asset base metals producer of global scale. I want to thank the teams for their dedication and hard work over the years; the Company would not be where it is today without these two long-life mining operations. We believe these operations will be an excellent strategic fit under Boliden's operatorship, and the employees and local stakeholders will benefit from the new ownership and highly experienced management team.\n \n\n \"The sale will further strengthen our balance sheet to support the Company's growing portfolio in\n...