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Boliden’s second quarter: Stable production and rescheduled maintenance shutdowns

Revenues for the second quarter were SEK 13,391 m (12,747), with an operating profit, excluding revaluation of process inventory, of SEK 1,634 m (1,631). Free cash flow amounted to SEK 1,174 m (789).

“A strong quarter from which we take great satisfaction, having achieved stable production and adeptly handled the challenges related to Covid-19. We have managed to minimise the negative impact on our business and, despite lower global market prices for base metals, the result was in line with last year and cash flow increased,” says Mikael Staffas, President and CEO.

The operating profit at Boliden Mines decreased to SEK 779 m (1,149). The decrease in earnings compared to last year was driven by lower zinc and copper prices. Aitik’s milled volume was higher than both the previous quarter and last year. The Boliden Area’s milled volume decreased slightly, while Garpenberg’s milled volume achieved a new record following the completion of an investment programme. The milled volumes at Tara and Kevitsa were also higher than last year. The fire in the primary crushing station at Kevitsa in May affected earnings by approximately SEK -80 m. Repairs are expected to be completed in August.

The operating profit at Boliden Smelters, excluding revaluation of process inventory, was SEK 914 m (387). The improvement in profit is mainly due to significantly less extensive maintenance shutdowns than last year, which has had a positive impact on both volumes and costs. Rönnskär’s copper production decreased slightly compared to the previous quarter, while production of most metals increased at Harjavalta. Zinc production at Kokkola and Odda was slightly lower than in the previous quarter. Production was also lower at Bergsöe.

About Boliden

Boliden is a metals company with a focus on sustainable development. Our roots are Nordic, our market global. Our core competence lies within the fields of exploration, mining, smelting and metal recycling. Boliden has around 6,000 employees and an annual turnover of SEK 50 billion. The share is listed in the Large Cap segment on NASDAQ OMX Stockholm.

Source: Boliden

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