Tillkännagivande • Apr 16

Boliden AB (publ) (OM:BOL) completed the acquisition of Sociedade Mineira de Neves-Corvo, S.A. and Zinkgruvan Mining AB from Lundin Mining Corporation (TSX:LUN) for $1.6 billion.

Boliden AB (publ) (OM:BOL) has signed a definitive agreement to acquire Sociedade Mineira de Neves-Corvo, S.A. and Zinkgruvan Mining AB from Lundin Mining Corporation (TSX:LUN) for $1.5 billion on December 9, 2024. A consideration for up to $1.52 billion in cash which is cash and debt-free basis, consisting of $1.37 billion in upfront cash consideration at closing and up to $150 million in contingent consideration, Up to $50 million in contingent payments at Zinkgruvan is tied to underlying zinc prices. Boliden will pay Lundin 50% of the incremental revenue realized in each of the two calendar years between 2025 and 2026 where the average realized zinc price on an annual calendar year exceeds $1.40/lb zinc, as per the LME reference prices, provided a minimum annual production of 135 million pounds of payable zinc is achieved. Incremental revenue is calculated using total payable sales volumes of zinc for an annual calendar year period and tax affected using Sweden's current corporate income tax rate. The Zinkgruvan Contingent Payment is subject to a maximum payout of $25 million per calendar year. Total consideration at closing may also be subject to other customary adjustments in the event of non-permitted leakage from the Lock-Box. The terms of the agreement incorporate a Lock-Box completion mechanism, with the purchase price based on a cash-free and debt-free enterprise value of $1.3 billion, and assuming a normalized level of working capital. Based on the Lock-Box financial statements as of August 31, 2024, the upfront cash consideration to be paid at closing is $1.37 billion. The upfront cash consideration will also accrue interest at a 5% annual interest rate from August 31, 2024 to closing and is payable to the Company at closing. As part of acquisition, Mineral Resources and Mineral Reserves for those assets have been included in the Mineral Reserve and Mineral Resource statement and will be removed once the transaction is completed. The proceeds from the Transaction will strengthen the Company's balance sheet and support its growth plans in the Vicuña District. Post completion, Boliden will operate seven mining areas and five smelters, mainly focused on the value chains for zinc and copper. Up to $100 million in contingent payments at Neves-Corvo is tied to underlying copper and zinc prices (Neves-Corvo Contingent Payment). Boliden will pay Lundin Mining 60% of the incremental revenue realized in each of the three calendar years between 2025 and 2027 where the average realized price on a semi-annual calendar period exceeds $4.50/lb copper and/or $1.30/lb zinc as per the London Metal Exchange (LME) reference prices. In 2023, Neves-Corvo mine generated EBITDA approximately $91 million and Zinkgruvan mine generated EBITDA approximately $104 million. The upfront cash consideration will be fully financed through a bridge loan provided by BNP PARIBAS, RBC Capital Markets (RBC) and Skandinaviska Enskilda Banken AB (SEB), and the remaining amount in medium and long-term debt financing. Boliden’s intention is to refinance the bridge loan by securing additional medium and long-term debt financing and issuing new equity through a share issue. During the quarter, a new multilateral bridge loan agreement was signed. The loan amounts to $1,400 million and secures the upfront cash consideration of the acquisition. The take-out of the bridge loan is expected to be roughly 50% long-term debt and approximately 50% equity. Extraordinary General Meeting on January 23, 2025, authorized the Board of Directors to issue new shares with or without preferential rights for existing shareholders. The purpose of a share issue shall be to raise proceeds to achieve an efficient capital structure and refinance approximately half of the bridge loan secured to finance the acquisition of Neves-Corvo and Zinkgruvan. As part of acquisition, Net debt is expected to reduce significantly with the closing of the sale of Neves-Corvo and Zinkgruvan. The Transaction is anticipated to close in mid-2025, subject to the completion of customary conditions and regulatory approvals, including but not limited to merger control approvals by the EU Commission and approval of the Swedish Inspectorate of Strategic Products under the Swedish FDI Act, and the change of control approval by the Portuguese Directorate-General for Energy and Geology (Direção-Geral de Energia e Geologia) under the Neves-Corvo Concession Contract. The Transaction is not subject to shareholder approval or any financing conditions. As of March 19, 2025, the transaction is expected to be completed in April 2025. As of April 1, 2025, the EU Commission has approved Boliden's acquisition of the mines Somincor-Sociedade Mineira de Neves-Corvo, S.A. ("Neves-Corvo") in Portugal and Zinkgruvan Mining Aktiebolag ("Zinkgruvan") in Sweden. Through the approval, Boliden has received all necessary regulatory approvals to complete the transaction. The regulatory approvals now received include merger control approval by the EU Commission, approval by the Swedish Inspectorate of Strategic Products under the Swedish FDI Act, the change of control approval under the Neves-Corvo Portuguese Concession Contract and the Fundamental Permits Approval. As of April 1, 2025, is expected to be completed in the coming weeks, following the satisfaction of the remaining conditions to closing. The Transaction is expected to be immediately accretive to Boliden’s earnings per share from completion of the Transaction and contribute with >10% to Cash EPS. RBC Capital Markets Inc. acted as financial advisor for Boliden AB. Evercore Group L.L.C. acted as financial advisor for Boliden AB. Ernst & Young Capital Advisors, LLC acted as financial advisor to Boliden AB. Ulrich Ziche, Maria Dahlin Kolvik, Johan Cederblad, Niclas Winnberg, Victor Ericsson, Jesper Schönbeck and Amanda Knutsson of Vinge and Alex Gorka, Patrick Sullivan, Neil Rosen, Shira Dveris (Corporate), Christine Jackson, Alex Hodgson (Commercial) and David Davachi of Osler, Hoskin & Harcourt LLP acted as legal advisors to Boliden. Cecilia Lohmander, Sylvia Lindén and Tobias Öhd of Kilpatrick Townsend & Stockton Advokat AB acted as legal advisor to Lundin Mining Corporation in connection with sales to Boliden AB. BMO Nesbitt Burns Inc. acted as financial advisor to Lundin Mining Corporation. Boliden AB (publ) (OM:BOL) completed the acquisition of Sociedade Mineira de Neves-Corvo, S.A. and Zinkgruvan Mining AB from Lundin Mining Corporation (TSX:LUN) for $1.6 billion on April 16, 2025. The cash consideration paid to the seller on April 16, 2025, amounted to $1.40 billion and consisted of a purchase price of $1.30 billion on a debt- and cash free enterprise value basis as of August 31, 2024 (locked-box date), adjusted for interest from the locked-box date and other customary adjustments. Future contingent payments of up to $150 million are tied to commodity prices and satisfaction of certain conditions as outlined in the press release dated December 9, 2024.

Metals and Mining Tillväxt i branschen	26.40%
Intäkternas tillväxttakt	7.24%
Avkastning på eget kapital	15.75%
Nettomarginal	12.23%
Nästa resultatuppdatering	30 Oct 2026

Datum	Intäkter	Intäkter	G+A Kostnader	FoU-kostnader
30 Jun 26	103,658	12,675	2,172	1,250
31 Mar 26	100,210	11,032	2,018	1,266
31 Dec 25	93,509	9,404	1,958	1,292
30 Sep 25	91,163	8,051	1,977	1,206
30 Jun 25	91,384	8,038	1,997	1,179
31 Mar 25	91,847	11,074	2,028	1,173
31 Dec 24	89,207	10,022	2,041	1,136
30 Sep 24	84,176	8,684	1,988	1,102
30 Jun 24	81,379	7,760	1,983	1,069
31 Mar 24	77,073	4,671	1,893	1,111
31 Dec 23	78,554	6,073	1,841	1,151
30 Sep 23	81,377	6,995	1,775	1,174
30 Jun 23	81,461	8,346	1,746	1,204
31 Mar 23	84,587	10,982	1,736	1,133
31 Dec 22	86,437	12,410	1,683	1,048
30 Sep 22	80,616	12,368	1,501	1,036
30 Jun 22	77,041	11,459	1,397	989
31 Mar 22	73,365	10,493	1,271	958
31 Dec 21	68,636	8,701	1,149	965
30 Sep 21	67,050	8,518	1,181	872
30 Jun 21	64,696	8,753	1,164	812
31 Mar 21	60,194	7,909	1,149	785
31 Dec 20	56,321	6,799	1,194	749
30 Sep 20	53,123	5,806	1,183	715
30 Jun 20	50,742	5,178	1,196	786
31 Mar 20	50,099	4,962	1,218	771
31 Dec 19	49,936	5,786	1,194	740
30 Sep 19	49,506	6,292	1,147	777
30 Jun 19	50,846	6,171	1,132	708
31 Mar 19	52,170	7,078	1,134	700
31 Dec 18	52,454	7,198	1,105	705
30 Sep 18	53,531	7,580	1,042	734
30 Jun 18	52,649	7,773	969	705
31 Mar 18	50,132	7,196	906	676
31 Dec 17	49,531	6,854	887	659
30 Sep 17	48,049	6,433	954	603
30 Jun 17	46,154	6,091	1,013	580
31 Mar 17	44,197	5,250	1,026	555
31 Dec 16	40,316	4,237	1,020	530
30 Sep 16	37,878	2,699	994	515
30 Jun 16	37,909	2,210	968	514
31 Mar 16	38,684	2,400	965	514
31 Dec 15	40,242	2,640	962	496
30 Sep 15	40,158	3,187	961	454

Uppgifter	Senast uppdaterad (UTC-tid)
Analys av företag	2026/09/11 04:15
Aktiekurs vid dagens slut	2026/08/18 00:00
Intäkter	2026/06/30
Årlig intjäning	2025/12/31

Paket	Uppgifter	Tidsram	Exempel US-källa
Företagets finansiella ställning	10 år	Resultaträkning Kassaflödesanalys Balansräkning	SEC Form 10-K SEC Form 10-Q
Analytikernas konsensusuppskattningar	+3 år	Prognos för finansiella poster Analytikernas prismål	Rapporter från analytiker Blue Matrix
Marknadspriser	30 år	Aktiekurser Utdelningar, splittar och åtgärder	ICE Marknadsdata SEC Form S-1
Ägarskap	10 år	Största aktieägare Insiderhandel	SEC Formulär 4 SEC Formulär 13D
Förvaltning	10 år	Ledningsgrupp Styrelse och verkställande direktörer	SEC Form 10-K SEC Form DEF 14A
Viktiga utvecklingstendenser	10 år	Företagsmeddelanden	SEC Formulär 8-K

Analytiker	Institution
null null	ABG Sundal Collier
Amos Fletcher	Barclays
Richard Hatch	Berenberg

Boliden Tidigare resultatutveckling

Tidigare kriterier kontrolleras 4/6

Viktig information

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Boliden AB (publ) (OM:BOL) agreed to acquire Sociedade Mineira de Neves-Corvo, S.A. and Zinkgruvan Mining AB from Lundin Mining Corporation (TSX:LUN) for $1.52 billion.

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