Boliden has completed the acquisition of Somincor (Neves-Corvo) and Zinkgruvan

16 Apr 2025 12:34 CEST

The acquisition of Somincor and Zinkgruvan is now complete and the companies
will be consolidated into Boliden as of April 16, 2025.

On December 9, 2024, it was announced that Boliden had entered into an agreement
with Lundin Mining to acquire the Somincor copper and zinc mine in Portugal and
the Zinkgruvan zinc mine in Sweden. The cash consideration paid to the seller on
April 16, 2025, amounted to USD 1.40 billion and consisted of a purchase price
of USD 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 USD 150 million
are tied to commodity prices and satisfaction of certain conditions as outlined
in the press release dated December 9, 2024. The acquisition will almost double
Boliden's zinc concentrate production and significantly strengthen its copper
concentrate production.

"The acquisition consolidates Boliden's position as the leading base metals
company in Europe. These well-invested operations will contribute to value
creation within Boliden from the outset. Just like our existing mines, we will
also work long-term to create further development opportunities, " says Mikael
Staffas, President and CEO of Boliden.

The acquisition was financed through a bridge loan and a directed share issue
that raised approximately SEK 3.75 billion for Boliden. The bridge loan will be
refinanced through a temporary deviation from Boliden's dividend policy as
proposed to the Annual General Meeting and through medium and long-term debt
financing in line with what has previously been communicated.

For further information, please contact:

Klas Nilsson

Director Group Communications

+46 70453 65 88

Klas.Nilsson@boliden.com

Metals for generations to come

Boliden's vision is to be the most climate-friendly and respected metal provider
in the world. We are Europe's producer of sustainable metals and, guided by our
values care, courage and responsibility, we operate within exploration, mines,
smelters and recycling. We are around 7,500 employees and have annual revenues
of approximately SEK 90 billion. The share is listed in the Large Cap segment of
NASDAQ Stockholm.

www.boliden.com

More information:
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643935_Press_release.pdf