Boliden: Boliden’s Q1: Strongly Positioned in a Challenging Market
05 May 2015 - 04:06PM
Business Wire
Regulatory News:
Boliden (STO:BOL) (TSX:BLS)
Boliden’s first quarter revenues totalled SEK 10,407 m (8,550)
and the operating profit, excluding the revaluation of process
inventory, was SEK 1,102 m (385). Favourable market conditions and
increased production at the Garpenberg mine resulted in a strong
year on year improvement in profits.
“Consistent investments in mines and smelters producing zinc,
copper and precious metals give Boliden a good position in today’s
challenging market conditions. The main beneficiaries of improved
conditions at the moment are Boliden’s smelters, and the mines have
not achieved the same positive performance. In spite of a slight
fall in production from the levels reported in the strong fourth
quarter of 2014, we still posted healthy profits,” says Boliden’s
President & CEO, Lennart Evrell.
Boliden Mines’ profits improved substantially, year on year, and
were also slightly higher than those for the preceding quarter. The
ramping up at Garpenberg is proceeding according to plan and the
annual production rate for both milled tonnage volumes and ore
production is expected to reach 2.5 million tonnes by the year end.
The Aitik Mine was affected by maintenance work and, as in most
winters, reduced equipment availability in the open pit mine.
Aitik’s milled tonnage volume for 2015 is expected to total 40
million tonnes.
Boliden Smelters’ profits also improved significantly, year on
year, and were on a par with those posted for the preceding
quarter. A stronger USD, coupled with higher treatment charges and
metal premiums, more than compensated for lower metal prices.
Disruptions to processes at the Kokkola zinc smelter and the
R�nnskär copper smelter resulted in a fall in feeds from the high
production levels in the previous quarter.
Boliden anticipates an investment level of just over SEK 4
billion for 2015 and slightly below SEK 4 billion for 2016, after
several intensive years of major expansion projects.
“Our primary focus will continue to be on maintaining
competitive mines and smelters, with stable production levels, good
cost control and good safety and environmental performance. We will
continue to invest in organic growth through the further expansion
of the Aitik mine to 45 million tonnes of copper ore per year and
the Odda zinc smelter to 200,000 tonnes of zinc per year. Both
projects are expected to be completed in 2017,” says Lennart
Evrell.
Boliden is a metals company with a commitment to sustainable
development. Our roots are Nordic, but our business is global. The
company’s core competence is within the fields of exploration,
mining, smelting and metals recycling. Boliden has a total of
approximately 4,900 employees and a turnover of SEK 37 billion. Its
share is listed on NASDAQ OMX Stockholm, segment Large Cap.
www.boliden.com (http://www.boliden.com)
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BolidenMarcela SylvanderGroup Communicationtel: +46 (0)733 244
551orSophie ArniusInvestor Relationstel: +46 (0)70 590 8072
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