Potential expansion of Boliden’s copper mining

Boliden has launched a pilot study for a new expansion at the Aitik mine and is
now also investigating a new copper mineralisation – Laver – in Norrbotten,
Sweden. Preliminary estimates have classified the Laver deposit as an
Exploration Result, and not – as yet – as a Mineral Resource.
Mine-site exploration, coupled with a healthy trend in metal prices, has
generated an increase in the mineral resources in recent years, not least at
Aitik. Boliden is now, in the wake of the expansion programme conducted between
2010 and 2012, investigating the preconditions for a further increase in
production at the Aitik mine. The initial focus is on increasing production to
45 million tonnes of ore per year, but the potential for a later expansion up to
65 million tonnes will also be evaluated.

“Aitik is currently producing at an
annual rate of 33 million tonnes of ore and is hence nearing the expansion’s
goal of 36 million tonnes of ore per year by 2014. The geological potential is
substantial, our facility is very competitive and we are therefore initiating a
study to evaluate how we can take this further, initially to 45 million tonnes,”
says Lennart Evrell, Boliden’s CEO.

The exploration results at Laver to date
indicate that this is a mineralisation of approximately 500-700 million tonnes
with a copper grade of between 0.15 and 0.25% and a gold grade of between 0.10
and 0.15 g/tonne. The mineralisation also contains silver and molybdenum. The
Laver mineralisation is located approximately 100 km north of Boliden.

“Laver
is an early stage discovery with a substantial potential. The mineral resource
calculation is scheduled for the autumn of 2012 and approximately 7,000 meters
additional drilling is required for this,” says Jan Moström, President of
Boliden’s Business Area Mines.

“Copper mines in the world are becoming deeper
and ore grades are constantly falling, and projects command high acquisition
prices, so it’s exciting that Boliden is developing new possibilities for
organic growth,” says Boliden’s President, Lennart Evrell.

Aitik’ s present
mineral reserve is 710 million tonnes with a average copper grades of 0.25 % and
gold grades of 0.14 g/tonnes. Mineral resources are 1, 670 Mtonnes (measured and
indicated).

Boliden and Qualified Person
The Laver exploration programme is
being supervised by Mr Gunnar Agmalm who is a registered Qualified Person by the
Swedish mining association, SveMin. Gunnar Agmalm, Boliden’s Mineral Reserves
and Project Evaluation Manager, has over 20 years’ experience in the mining and
minerals industry. Documentation detailing the exploration work at Laver,
together with a complete presentation of Aitik’s mineral reserves, can be found
on Boliden’s website, www.boliden.com

For further information, please
contact:

Marcela Sylvander, Director Group Communications, +46 8 610 1559,
+46 733 244 551
Frans Benson, Director Investor Relations, + 46 8 610 1523