Sweden’s Boliden singled out its Portuguese mine when it reported third-quarter results on Thursday, 29 October. “Among our mines, Somincor has really integrated well into Boliden and had a very strong production,” chief executive Mikael Staffas said in the interim report. Somincor – Sociedade Mineira de Neves-Corvo, which runs the copper-zinc mine in Castro Verde, Beja district, came to Boliden together with Sweden’s Zinkgruvan on 16 April 2025.
The Portuguese numbers
The mine produced 9,764 tonnes of copper in concentrate in July–September, up 24% from 7,901 tonnes a year earlier and 13% from 8,631 tonnes in the second quarter. It is the highest figure in the eight quarters of Somincor data Boliden publishes, which go back to the end of 2024. Copper ore milled rose to 673,000 tonnes from 559,000 a year earlier, at a head grade of 1.8%.
Zinc was flat. Production of zinc in concentrate was 28,901 tonnes, 1% below the third quarter of 2025 but 4% above the second quarter, from 538,000 tonnes of zinc ore at a 6.6% grade. The mine also produced 2,020 tonnes of lead and 14,953 kg of silver. Its rolling twelve-month cash cost fell to 289 US cents per pound of copper, from 298 in the second quarter and 323 a year earlier.
| Somincor (Neves-Corvo) | Q3 2026 | Q2 2026 | Q3 2025 |
|---|---|---|---|
| Copper ore milled (kt) | 673 | 626 | 559 |
| Zinc ore milled (kt) | 538 | 522 | 530 |
| Copper in concentrate (t) | 9,764 | 8,631 | 7,901 |
| Zinc in concentrate (t) | 28,901 | 27,879 | 29,300 |
| Silver (kg) | 14,953 | 14,340 | 13,419 |
| C1 cash cost, USc/lb Cu (R12) | 289 | 298 | 323 |
Source: Boliden interim report Q3 2026, quarterly data per unit (Mines).
Over the first nine months Somincor milled 1.87 million tonnes of copper ore, 81% of Boliden’s full-year guidance of 2.3 million tonnes at 1.7% copper, and 1.55 million tonnes of zinc ore against guidance of 2.2 million tonnes at 6.7% zinc. Copper output for the nine months reached 26,386 tonnes. Boliden also said depreciation fell because it has extended the life-of-mine plans for Somincor and Zinkgruvan, in line with its 2025 mineral resources and reserves statement.
A strong quarter for the group
Group revenue rose 39% to SEK 30,442 million (21,971) and operating profit to SEK 5,416 million (3,237), helped by higher metal prices and better terms. Earnings per share were SEK 13.69 (8.07), although free cash flow fell to SEK 1,121 million (2,284). Elsewhere, Kevitsa in Finland set a milled-volume record and Garpenberg in Sweden improved according to plan, while Tara in Ireland had difficult ground conditions. Boliden expects capital expenditure of SEK 15.5 billion this year and will publish full 2027 guidance on 8 December.
Nexa makes Boliden bigger in zinc
The quarter’s strategic news was outside Europe. On 27 August Boliden agreed to buy Votorantim’s 64.68% stake in Nexa Resources, a zinc and silver producer with five mines and three smelters in Brazil and Peru, paying 0.250 new Boliden shares per Nexa share, which would leave Votorantim with about 7% of Boliden. Shareholders vote at an extraordinary general meeting on 23 November, and closing is expected in the first quarter of 2027. Staffas said the deal will make Boliden “a global leader within zinc”. Neves-Corvo, one of Europe’s larger zinc producers, will sit inside a much larger zinc portfolio.
Why it matters for the corridor
Neves-Corvo is the largest single Nordic industrial asset in Portugal and the main reason copper has become one of Portugal’s biggest exports to Sweden: concentrate from the Alentejo feeds Boliden’s smelters, and NorthSouth HQ has tracked it in Swedish import data. Higher throughput and a longer mine plan mean more work for the Portuguese contractors, equipment dealers and service firms around Castro Verde, and Nordic suppliers such as Sandvik and Epiroc already serve the mine from local bases. The next markers are the Nexa vote on 23 November and the 2027 guidance on 8 December, which will show whether Boliden plans to hold Somincor’s copper rate into next year.
Sources: Boliden, “Boliden Q3 2026: Solid performance across Mines and Smelters” (29 October 2026) and the Q3 2026 interim report (PDF). Percentage changes calculated by NorthSouth HQ.