Subject: ACC
Boliden's Second Quarter: Strong Result due to Continued Favourable Prices and Terms
BOLIDEN, Sweden, July 20, 2018 /PRNewswire/ -- Boliden's second quarter was characterised by continued favourable prices and terms, resulting in improved profits. Revenues for the period totalled SEK 14,071 m (11,554) and the operating profit was SEK 2,468 m (1,916). The free cash flow totalled SEK 1,718 m (2,152).
"This was a strong quarter, despite grades falling short of the very high grades noted in the first quarter which was expected. The reduction in volume was, however, offset by improved prices and terms, and by the success of Smelters' measures to improve process stability and its expansion projects," says Boliden's President & CEO, Mikael Staffas.
The quarter on quarter improvement in Mines' profit was primarily due to a stronger USD and to the increase in milled volume at Aitik. Lower grades at Aitik and Tara did, however, have a negative effect on the profit. Aitik's new crusher came on line at the end of the second quarter and the ramping up work is proceeding according to plan. Kevitsa's copper grades were high and the nickel grades were the highest ever noted for a single quarter.
The quarter on quarter decline in Smelters' profits was primarily due to planned maintenance shutdowns at Harjavalta and Kokkola. Improved process stability had a positive effect on volumes. Harjavalta came close to matching its copper production record, while Rönnskär and Bergsöe were affected by some disruptions to production. Production increased at both of the zinc smelters.
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 5,700 employees and a turnover of SEK 50 billion. The Boliden share is listed on NASDAQ OMX Stockholm, segment Large Cap.
For further information, please contact:
Olof Grenmark, Director Investor Relations, tel: +46-8-610-15-23, +46-70-291-57-80
Klas Nilsson, Director Group Communications, tel: +46-70-453-65-88
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SOURCE Boliden
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