Boliden's First Quarter: Stable Production but Lower Grades
BOLIDEN, Sweden, May 3, 2019 /PRNewswire/ -- Boliden's first quarter was characterised by stable production in both Mines and Smelters. Revenues for the period totalled SEK 13,047 m (13,331) and the operating profit, excluding revaluation of process inventory, was SEK 2,048 m (2,724). The free cash flow totalled SEK -323 m (1,431) due to, amongst other things, lower result and increased investments.
"The period can be summarised as a combination of high production stability and investments in growth at a number of units. The year on year decrease in volumes caused by lower grades was counterbalanced by a strong US dollar," says Boliden's President & CEO, Mikael Staffas.
The operating profit for Boliden Mines decreased to SEK 1,353 m (1,931), primarily due to lower grades at Aitik, Tara and Kevitsa. Mined production and milled volumes did, however, improve year on year, and Garpenberg reported its highest ever milled volumes. Milled volumes in the Boliden Area fell slightly from last year due to the Maurliden pit being almost mined out, but production levels in the Boliden Area's three remaining mines were high. Kylylahti continued to report high levels of nickel and cobalt production, but copper production decreased.
Boliden Smelters' operating profit, excluding revaluation of process inventory, increased to SEK 853 m (640) due to improvements in prices and terms. Improvements in zinc smelting charges in this year's benchmark contracts did not impact the profit in full, however, due to the processing of a large share of concentrates under last year's terms. Copper production fell slightly at Rönnskär, year on year, but gold production increased. Nickel matte production levels at Harjavalta remained both high and stable. Kokkola's process stability has improved, and the feed levels consequently rose, while production levels at Odda remained on a par with last year. Production levels at Bergsöe fell, year on year, due to an unplanned production stoppage.
For further information, please contact:
Klas Nilsson, Director Group Communications, tel: +46-70-453-65-88
Boliden is a metals company with a focus on 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 5,800 employees and a turnover of SEK 50 billion. Its shares is listed on NASDAQ OMX Stockholm, segment Large Cap.
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SOURCE Boliden
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