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Boliden announces 4Q20 results

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Global Mining Review,

Revenues for 4Q20 amounted to SEK 16 170 million and operating profit, excluding revaluation of process inventory, totalled SEK 3043 million. Free cash flow totalled SEK 2750 million. For the full year, revenues amounted to SEK 56 321 million and operating profit, excluding revaluation of process inventory, totalled SEK 8438 million.

"A very good quarter. At our mines, development in Kevitsa is particularly positive, while production at the smelters has been characterised by a high level of stability," said Mikael Staffas, President and CEO.

The operating profit in Business Area Mines increased to SEK 1858 million, mainly due to higher grades and overall good production. The milled volume in Kevitsa increased by more than 30% compared to 4Q19 and in Garpenberg 3 million t were milled in 2020, which is in line with the current environmental permit. Aitik's milled volume was in line with the previous year, but has not yet reached the new design capacity. The Boliden Area's earnings were positively affected by a good ore mix with a high proportion of gold, while production in Tara was affected by maintenance and some disruptions. The Kylylahti mine was closed down during the quarter, and the mine is now being prepared for reclamation and the concentrator is being mothballed.

Within Business Area Smelters, operating profit, excluding revaluation of process inventory, increased to SEK 1109 million as a result of higher volumes. In Rönnskär, production of most metals increased compared to the corresponding period last year due to good process stability and new capacity. In Harjavalta, copper production was also higher than in 4Q19 after completed investments, while production of nickel in matte was slightly lower. Zinc production in both Kokkola and Odda was characterised by high stability and was higher than in the previous year. Production in Bergsöe was lower than the corresponding period last year due to poorer supply and lower quality of input materials.

At the start of 2021, Boliden submitted an application for membership in the International Council on Metals and Mining. The aim of membership is to work with other member companies to develop the industry's work on various aspects of sustainability.

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