Lundin Mining Corp.’s top executive says several potential buyers are looking at its mines in Europe as the Canadian metals producer looks to sell its oldest assets.
“We have a lot of interested parties looking at our European assets,” chief executive officer Jack Lundin said in a Tuesday interview in Vancouver. “Our European assets have over time become non-core for us, so we’re running a process to see if we can get more value from selling.”
Lundin’s two copper and zinc mining operations in Europe — Sweden’s Zinkgruvan and Portugal’s Neves-Corvo — went on sale earlier this year as the Vancouver-based company turns its focus to Latin America. The mines are Lundin’s oldest assets and generated about 19% of the company’s revenue last year.
The sales process is underway as Lundin presses ahead with projects in South America. The Canadian firm teamed up with BHP Group Ltd. in July to buy Filo Corp. as part of its effort to develop major copper mines in Argentina.
Lundin said he’s aiming to wrap up the process of selling the European operations within a year.
“We don’t want to drag on the process, because it’s distracting and takes time,” he said. “We don’t want this to drag on for more than six to 12 months longer.”
(By Jacob Lorinc)
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