This article was posted on the ChosunBiz MoneyMove (MM) site at 3:59 p.m. Oct. 2, 2025.
Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR) is again seeking to sell the Boleo copper mine in Mexico, which began commercial production in 2015. Boleo East is a large-scale mine in which KOMIR invested $1,479.4 million (about 2.0 trillion won). The corporation put the Boleo mine on the market in 2023 but negotiations with potential buyers fell through.
According to investment banking industry sources on the 2nd, KOMIR distributed teaser letters to domestic and foreign potential buyers to sell the Boleo mine. It selected domestic EIP Asset Management and CIBC World Markets, a subsidiary of Canada's Imperial Bank of Commerce, as joint sale advisers. Separately, advisers are reportedly contacting overseas developers directly to ask about acquisition intentions.
The stake for sale is about 94.21% of MMB (Minera y Metalurgica del Boleo) that KOMIR holds directly and indirectly. MMB is the operating company that owns 100% of the Boleo mine project. This time the stake is slightly larger than the 88.06% put on the market in 2023. That appears to be because KOMIR secured part of the consortium's holdings. At the time, LS MnM and LOTTE Energy Materials were listed as participants in the sale brochure, but they do not appear in this teaser.
Under the shareholders' agreement, KBC (Korean Boleo Corporation), another MMB shareholder, and Canada's Camrova Resources Inc. are likely to exercise tag-along rights. An industry source said, "Hyundai Steel, SK Networks and Camrova, which participated in the Boleo East project as a consortium, could also have their holdings acquired through this process." KBC is a company established by domestic corporations to develop the Boleo mine with KOMIR.
Earlier, KOMIR formed a consortium with large domestic companies and invested large sums in the mine development project in 2008. Last year it reportedly repaid nearly 900 billion won in joint guarantee debt to enable the mine sale.
Strategic minerals such as copper, cobalt and zinc are produced at Boleo East in the Mexican mining district. The total reserves are 150 million tons. Annual extraction capacity is 35,000 tons of copper, 1,300 tons of cobalt and 18,000 tons of zinc. A key transaction highlight is its own infrastructure. According to the teaser letter, Boleo East has a dedicated port, its own power facilities and an adjacent highway. It is also reported to have areas where additional exploration is possible. The mine life is more than 15 years.
The seller plans to receive non-binding offers by the 22nd of this month and then select a shortlist of qualified bidders. It will then determine the final buyer through a progressive deal (auction-style bidding) that negotiates with candidates on sale price, payment methods and whether to assume bills.