Boliden: Boliden’s Q3: Improved Terms and Lower Grades at Aitik
October 22 2014 - 6:14AM
Business Wire
Regulatory News:
Boliden’s (STO:BOL)(TSX:BLS) revenues during the quarter
totalled SEK 9 287 million (SEK 8 471 m) and the operating
profit, excluding revaluation of process inventory, was SEK 711
million (SEK 603 m). Higher zinc prices and a weaker Swedish krona
compensated for lower grades and maintenance shutdowns.
“It was an eventful quarter. The new facilities at Garpenberg
are performing well and market terms have improved. But at the same
time, after two quarters of higher copper grades at Aitik, we are
now mining ore sections with lower grades. We have also, as
previously announced, suffered a tank breakdown at the Kokkola
smelter which had impact on the production in the quarter. In
October, we were granted permission to increase production at the
Aitik mine to 45 million tonnes per year and we took over the
Finnish copper mine Kylylahti, along with an extensive portfolio of
exploration rights,” says Boliden’s President & CEO, Lennart
Evrell.
Boliden Smelters reported a return to full production at Odda
after an extended period of limited production and this, together
with the cost-cutting measures implemented at R�nnskär, had a
positive effect on profits. Rising zinc prices resulted in higher
realised treatment charges and increases in the values of “free
metals”.
Boliden Mines was affected by the fact that mining at Aitik
occurred in areas with lower copper and gold grades. The Business
Area was, however, positively affected by higher zinc prices, a
weaker Swedish krona, and increased volumes from Garpenberg, where
the ramping up of production is proceeding according to plan and is
expected to total 2,1million tonnes for 2014 as a whole.
“Analysing the metals market is difficult, and there are
indications of a slight fall in demand and an increase in supply.
Boliden will continue to implement measures that enhance efficiency
and targeted action programmes that boost competitiveness. We have
concluded a new collective agreement for the Tara mine and are now
implementing the new organisation, while at R�nnskär, work
continues with stabilisation of production processes and reductions
in costs,” 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 4,800 employees and an annual turnover of
approximately SEK 34 billion. Its share is listed on NASDAQ OMX
Stockholm, segment Large Cap.
www.boliden.com
This information was brought to you by Cision
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BolidenMarcela Sylvander, Group Communicationstel: +46 733 244
55 12orSophie Arnius, Investor Relationstel: +46 70 590 80 72
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