Neves-Corvo mine produced 7,867 tonnes of copper and 20,647 tonnes of zinc in the June quarter
Neves-Corvo is located in the Alentejo district of southern Portugal. Image representative. Credit: JacquieS from Pixabay.
Lundin Mining has reportedly started discussions with potential advisers to explore options, including sale, for the Neves-Corvo mine in southern Portugal.
A potential sale of the copper and zinc mine may value around €1bn, Bloomberg reported.
Currently, deliberations are underway, and the company may choose to retain the asset, sources familiar with the development told the publication.
The potential sale of the mine is expected to generate interest from rival companies.
According to Lundin Mining website, Neves-Corvo produces copper, zinc and lead concentrates. It is located in the Alentejo district of southern Portugal around 220km southeast of Lisbon.
Lundin added the asset to its portfolio following its merger with EuroZinc Mining in 2006. The underground mine is now operated by Lundin Mining’s Portuguese subsidiary Somincor.
The asset also has copper and zinc plants to process ores.
The copper plant can process around 2.6 million tonnes of copper per annum, while the zinc plant has a capacity of around 1.1 mtpa and is being expanded to a similar 2.5 mtpa capacity.
The mine transports copper and zinc concentrates via rail to a dedicated port facility at Setúbal for export.
In the three-month period to June this year, Neves-Corvo produced 7,867 tonnes of copper and 20,647 tonnes of zinc.
Recently, Lundin Mining confirmed that a sinkhole was detected near its Minera Ojos del Salado operations in Chile.