Boliden’s Q1: Strongly positioned in a challenging market

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
Rönnskär 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.

For further information, please contact:
Marcela Sylvander, Group Communication, tel: +46 (0)733 244 551
Sophie Arnius, Investor Relations, tel: +46 (0)70 590 8072

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)