Lower mined production impacts Boliden’s first quarter

Boliden’s revenues for the first quarter of the year amounted to SEK 9,249
million (SEK 10,321 m) and the operating profit, excluding process inventory
revaluations, totalled SEK 751 million (SEK 1,258 m). The profit includes
positive non-recurrent effects of SEK 171 million.
“The year-on-year decrease in the profit is due to poorer market terms and lower
production, while the decrease in comparison with the previous quarter is caused
by weaker production in the mines due to low grades,” says Boliden’s President
and CEO, Lennart Evrell.

Mined production of copper and gold fell in comparison with the previous quarter
due to low grades at the Aitik mine, while zinc production increased. The
smelters’ gold production increased, but their production of zinc and copper
fell. Operating expenses remained unchanged.

“On the plus side, cost increases have continued to be low and the Smelters’
earnings are stable. We are also very pleased to currently be in the midst of a
very intensive phase of the Garpenberg mine expansion and this past quarter saw
work start on installing equipment in the new concentrator and underground. The
challenges during the first quarter were posed by the Aitik and Boliden Area
mines: production at Aitik suffered a number of minor disruptions due, in part,
to a severe winter, while in the Boliden Area we have been mining in low grade
areas and the quality of the ore mix consequently fell,” explains Lennart
Evrell.

Global industrial production growth levels during the first quarter were
slightly down on levels in the fourth quarter of 2012. Industrial production and
GNP continued to grow strongly in China, but the growth rate during the first
quarter was lower than in the same quarter of 2012. The global metals and mined
concentrate markets were balanced and Boliden’s sales to industrial customers
remained strong. Metal prices have fallen sharply since the end of the quarter
and official copper stock levels have increased, and metal market trends are
difficult to predict at present.

Boliden's Annual General Meeting (AGM) will be held on 3 May at 3 p.m. CET at
the Stockholm Waterfront Congress Centre.



For further information, please contact:
Marcela Sylvander, Director Group Communications, tel: +46 8 610 1559
Frans Benson, Director Investor Relations, tel: + 46 8 610 1523

Encl. photo Boliden Garpenberg Mine, photo Stefan Berg/Boliden