The Neves-Corvo mine started operations over 30 years ago

Alentejan zinc-copper mine “may be sold for a billion euros”

Canadian owner Lundin Mining Corp not saying either way

The Neves-Corvo zinc-copper mine, operating out of Castro Verde, in the Alentejo, may be sold for the equivalent of a billion euros.

Bloomberg broke this story, saying Toronto based owner Lundin Mining Corp is “speaking with potential advisers as it explores options for the Neves-Corvo mine in southern Portugal”.

Sources giving the information however asked not to be identified as it is “confidential”.

The story has since travelled – possibly suiting Lundin Mining’s purpose, which appears to be to “evaluate” any interest which comes from “rival businesses in the sector”. 

The Neves-Corvo mine is the largest active mine in Portugal right now, and one of the biggest employers in the Baixo Alentejo (with around 2,000 people on the payroll).

The mine is run by Somincor – a company in which the Portuguese State used to have a share, but this has since been sold to international investors.

During the second trimester of this year, the Neves-Corvo mine produced 7.9 million tonnes of copper, and 20.6 million tonnes of zinc.

Lundin Mining meantime controls mines in several countries, including Sweden, the United States, Chile and Brazil.

Bloomberg hints at the reason for this ‘possible change’ in Lundin Mining’s interests. The company’s founder Swedish Canadian billionaire Lukas Henrik Lundin, 64, died in July after a two year battle with brain cancer. 

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