MINEX Forum

Tag: mining acquisition

  • Adriatic Metals Boosts Q2 Output But Lowers Full-Year Forecast Amid Dundee Takeover

    Adriatic Metals Boosts Q2 Output But Lowers Full-Year Forecast Amid Dundee Takeover

    Adriatic Metals (ASX, LON: ADT) reported notable gains in silver and gold production for the second quarter of 2025, while trimming its full-year production outlook ahead of its acquisition by Canada’s Dundee Precious Metals (TSX: DPM).

    The company, which operates the Vareš silver-zinc-lead project in Bosnia and Herzegovina, said silver equivalent output reached 1.7 million ounces in Q2—up 23% from the previous quarter. This included 720,449 ounces of silver and 4,840 ounces of gold, reflecting strong performance gains compared to Q1.

    Zinc and lead output also increased, and Adriatic confirmed that commercial production officially began at the Vareš operation on July 1. The Veovača tailings facility, completed in March, started receiving tailings in April, with a newly constructed connecting road going operational in June.

    Despite the operational momentum, Adriatic revised its full-year silver equivalent production forecast downward to 9.5–10.5 million ounces, compared to the earlier estimate of 12–13 million ounces. The company attributed the revision to operational and logistical ramp-up adjustments, while noting that the new range still reflects year-on-year growth.

    Adriatic ended the quarter with a cash balance of $59 million, down from $76 million at the end of March.

    The quarterly update follows Adriatic’s acceptance of a $1.25 billion acquisition offer from Dundee Precious Metals. The merger will see the combined entity headquartered in Toronto, with Adriatic’s UK office set to close.

    “Following the board’s recommendation to accept the proposed acquisition of Adriatic by Dundee Precious Metals, we remain committed to maintaining positive operational momentum throughout this transactional period,” said CEO Laura Tyler.

    Dundee’s acquisition of Adriatic is expected to strengthen its asset base in Eastern Europe and support long-term growth in gold and silver output across the region.

  • Leviathan Gold Acquires Foca Metals Corp. to Expand Silver and Base Metal Exploration in Bosnia

    Leviathan Gold Acquires Foca Metals Corp. to Expand Silver and Base Metal Exploration in Bosnia

    Leviathan Gold Ltd. (LVX – TSXV, 0GP – Germany) has acquired Foca Metals Corp. (formerly LS Lithium Corp.) through a share exchange agreement dated November 22, 2024. This acquisition secures Leviathan a 100% indirect interest in the Foča Project, a promising exploration site located in Republika Srpska, Bosnia and Herzegovina.

    The Foča Project spans 100.7 square kilometers across three active exploration licenses in a region geologically similar to Adriatic Metals’ Vareš Project. Vareš has reported significant Indicated and Inferred Mineral Resources, highlighting the area’s rich mineral potential within the Central Dinaride metallogenic zone of the Western Tethyan Belt.

    Leviathan’s exploration targets at Foča include:

    • Vrela Prospect: Historical drilling from the 1960s indicated an average thickness of 15 meters of mineralization grading 13.25% Pb+Zn. Recent soil and rock chip sampling confirmed high-grade mineralization extending over 2 kilometers northeast of historic drill sites.
    • Barice Prospect: Recent exploration identified massive sulphide mineralization with rock chip assays of up to 4.48% Cu, 110 g/t Ag, 30.2% Pb, and 6.45% Zn. A coherent Pb, Zn, and Cu soil anomaly was also mapped over a 500-meter strike.

    Leviathan plans to deploy trenching and Induced Polarization geophysical surveys at both prospects to define high-grade and bulk-tonnage drilling targets.

    CEO Luke Norman expressed enthusiasm about the acquisition, highlighting Bosnia’s favorable regulatory environment and the largely underexplored nature of the Central Dinaride Zone. “Despite Adriatic Metals’ success at Vareš and the historic Trepča complex in Kosovo, much of the region remains untouched by modern exploration, creating a significant discovery opportunity,” Norman said.

    Leviathan’s Balkan operating experience, combined with recent legal changes in Republika Srpska, offers a unique first-mover advantage in this promising region. With ongoing government and local support, Leviathan is well-positioned to advance the Foča Project and explore its potential for significant silver and base metal discoveries.

  • Boliden Nears Deal to Acquire Lundin Mining’s European Mines

    Boliden Nears Deal to Acquire Lundin Mining’s European Mines

    Swedish mining company Boliden is reportedly in advanced negotiations to acquire Lundin Mining’s two European mines, according to sources familiar with the matter. The assets under discussion are Zinkgruvan in Sweden and Neves-Corvo in Portugal, both of which have been instrumental to Lundin’s operations but are now up for sale as the Canadian company shifts its focus to Latin America.

    The acquisition would reinforce Boliden’s position as a leading European zinc producer, securing a steady ore supply for its Scandinavian smelting operations. Lundin’s Zinkgruvan mine, operational since 1857, produced 76,349 tons of zincin 2022, while Neves-Corvo yielded 108,812 tons of zinc and 33,823 tons of copper.

    Lundin seeks to raise funds to invest in its South American copper projects, including its partnership with BHP Groupon the Filo Corp. project spanning the Argentina-Chile border. This divestment aligns with Lundin’s strategy to capitalize on growing demand for copper in renewable energy and electric vehicle markets.

    Meanwhile, Boliden is expanding capacity at its Odda smelter in Norway by 75% to 350,000 tons annually and restarting operations at its Tara zinc mine, Europe’s largest, after high costs temporarily halted production.

    Representatives of both companies declined to comment on the deal, emphasizing that discussions are ongoing, and no agreement has been finalized.

  • Boliden AB Nears Deal to Acquire Lundin Mining’s European Mines

    Boliden AB Nears Deal to Acquire Lundin Mining’s European Mines

    Swedish mining giant Boliden AB is reportedly in advanced discussions to acquire Lundin Mining Corp.’s two European mining operations, according to sources familiar with the matter. The assets under negotiation include the Zinkgruvan mine in Sweden and the Neves-Corvo mine in Portugal.

    Lundin’s shares rose 3.7% on Thursday on the Toronto Stock Exchange as of 3 PM, reflecting market optimism about the potential deal. If finalized, the acquisition would bolster Boliden’s standing as one of Europe’s leading zinc producers, ensuring a steady supply of raw materials for its expanding smelting operations in Scandinavia.

    Lundin Mining, a Canadian firm, decided to put the two mines up for sale earlier this year to focus on developing copper projects in South America. These mines, among Lundin’s oldest assets, accounted for about 20% of its revenue last year. Lundin has been aggressively pursuing opportunities in Latin America, teaming up with BHP Group Ltd. in July to acquire Filo Corp., a company owning a major copper project along the Argentina-Chile border.

    Meanwhile, Boliden is working to increase production capacity at its Odda smelter in Norway by 75%, aiming for 350,000 tons annually. The company is also resuming operations at the Tara mine, Europe’s largest zinc mine, which had been temporarily shut down due to high operational costs.

    The Zinkgruvan mine, operational since 1857, produced 76,349 tons of zinc in 2022, while Neves-Corvo contributed 108,812 tons of zinc and 33,823 tons of copper. Both mines represent significant additions to Boliden’s portfolio.

    Spokespeople for Boliden and Lundin declined to comment, and sources cautioned that negotiations are ongoing, with no guarantee of a final agreement.

  • Strickland Metals Limited Acquires Rogozna Project in Serbia

    Strickland Metals Limited Acquires Rogozna Project in Serbia

    Strickland Metals Limited has finalized a binding share sale and purchase agreement (SPA) with ISIHC Ltd, a subsidiary of Ibaera Capital Fund LP, for the complete acquisition of Betoota Holdings Ltd (Betoota). Betoota, the proprietor of Zlatna Reka Resources d.o.o., possesses 100% ownership of the Rogozna Project, spanning four exploration licenses across approximately 184 km2 in the Trepca mining district of the southern Republic of Serbia. The project boasts a JORC compliant Inferred Mineral Resource amounting to 5.44 million oz Au Eq, supported by extensive historical drilling of 100,000 m, indicating significant exploration potential. Outgoing Chief Executive Officer Andrew Bray expressed enthusiasm over the acquisition, highlighting the strategic utilization of the company’s robust financial position to unlock substantial value for Strickland shareholders. The acquisition, primarily facilitated through the issuance of escrowed Strickland scrip, constitutes approximately 19.4% of the post-transaction capital structure. Serbia’s established mining jurisdiction and the project’s considerable upside potential in gold, copper, and zinc underscore the strategic significance of this acquisition. Strickland Chairman Anthony McClure commended Bray for his instrumental role in leading the company’s growth and expressed confidence in leveraging the strong balance sheet for further value creation.