Boliden’s Q3: Improved terms and lower grades at Aitik

Boliden’s 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 Rönnskär, 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 Rönnskär, work continues
with stabilisation of production processes and reductions in costs,” says
Lennart Evrell.


For further information, please contact:
Marcela Sylvander, Group Communications, tel: +46 733 244 55 12
Sophie Arnius, Investor Relations, tel: +46 70 590 80 72

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 (http://www.boliden.com).boliden.com (http://www.boliden.com)