Somincor confirms existence of “exploratory contacts”
Just as the government prepares a “critical raw materials” strategy, Somincor, the owner of the Neves Corvo mine in the Alentejo has confirmed that it is considering selling up.
A subsidiary of the Lundin Mining Group, Somincor has released a statement in which it refers to the existence of “exploratory contacts” for the sale of its operation – the largest, in Portugal.
“The registered expressions of interest stem from the international relevance of Somincor’s operation and the existing productive potential in commitment to the workers, the region and the country,” says the statement.
Somincor also said that it has already informed its employees in Neves-Corvo – where it mainly produces copper and zinc concentrates – that Lundin Mining “is evaluating the possibility of selling its position in its European assets.
“Somincor will continue to add value by prospecting for minerals relevant to the energy transition, which contribute to employment, quality of life and local development,” the statement adds.
Somincor’s release comes after a report published by “ECO” online which says Lundin Mining is intent on selling its Castro Verde operation.
According to ECO’s text, the bidding phase for the mine ends today in an operation that is being conducted by the Banque de Montréal (Lundin Mining being based in Canada).
Founded on July 24, 1980, Somincor is the concession holder for Neves-Corvo, which beyond copper and zinc concentrates, also produces silver and lead.
The company, which provides jobs for around 2,000 people, has been a subsidiary of the Swedish-Canadian group Lundin Mining for almost 20 years. It is the largest zinc mine in Europe and the sixth largest copper mine on the European continent, as well as the largest employer in the region.
According to Lundin Mining’s 2023 production report and outlook for the three-year period 2024-2026, 108,812 tonnes of zinc and 33,823 tonnes of copper were produced at Neves-Corvo last year.
In addition to Neves-Corvo, Lundin Mining, which has its headquarters in Toronto, owns the Candelaria and Caserones mines (both in Chile), Chapada (Brazil), Josemaria (Argentina), Eagle (United States) and Zinkgruvan (Sweden).
Source: LUSA
