STOCKHOLM, Sweden, April 8, 2003 (PRIMEZONE) -- Boliden (TSE:BLS) (Other OTC:BDNNF) has initiated a comprehensive cost-reduction and efficiency program, which, in combination with programs already in progress, is expected to improve results by SEK 300 million per year. The full benefits of the program are expected to be achieved during 2004.
"In the short run, we have to create the right conditions for Boliden to be profitable in times of low metal prices and a weak US Dollar. This is essential if we are to continue to develop our operations, reduce our debt level and build a strong company," said Jan Johansson, Boliden's President and CEO.
Several areas have been identified where savings can be achieved, mainly in administration. The first steps will involve an overhaul of purchasing routines and improvements in the efficiency of materials administration, logistics, workflow, operations control and staffing as well as optimisation of IS/IT. In addition, more efficient environmental- and energy-management systems will be introduced.
Boliden is already running successful programs to reduce costs and raise efficiency at the Myra Falls mine in Canada and in the Business Area Fabrication. Similar programs are now in effect at all Boliden's operations.
For further information please contact: Jan Johansson, President and CEO telephone +46 8 610 16 02, +46 70 555 02 02 Ulf Soderstrom, Vice President Public Relations telephone +46 8 610 15 57, +46 70 618 95 95
Boliden is an international mining and metal-producing company that mines, processes and markets copper, zinc, lead, gold and silver. Boliden owns seven mines and two smelting plants in Sweden and one mine in Canada. The range of activities also includes sales of technology. Copper and brass products are manufactured at plants in Europe. The number of employees is approximately 3 900 and the turnover amounts to approximately 10 billion SEK annually. The Boliden share is quoted on the Stockholm Stock Exchange in Sweden as well as on the Toronto Stock Exchange in Canada.
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