What defined Boliden’s 2024?

“Every year is special in its own way, but clearly this year has been particularly special. We have looked back on our now 100 years of operations, and we have also worked hard and put a lot of effort into laying the foundations for another century of competitive operations. Production has generally been stable, not least with our Finnish smelters as well as the Garpenberg and Boliden Area mines performing very well. In parallel, several projects have also developed positively. In terms of the more general trend, it can be noted that metal prices have developed positively, even though there is no sign of a strong industrial cycle globally. The cost inflation that has characterized the economy for a long period has more or less disappeared during the year, while Europe took clear steps towards prioritizing competitiveness and raw material supply, which is of course welcome.”

Which events are particularly important to highlight?

“Although all the regulatory approvals are not yet in place, the acquisitions of the Neves-Corvo and Zinkgruvan mines will naturally be very significant for Boliden’s development. Production of zinc concentrate will almost double, and production of copper concentrate will also receive a substantial boost. There are many reasons for the acquisitions, but to put it simply, we have a very positive view of what these two mines will contribute, both short and long term. Alongside this, it is also important to emphasize that we have completed the reinforcement of the dam at Aitik to make it compliant with the Global Industry Standard on Tailings Management. The expansion of operations at the Kristineberg mine in the Boliden Area is well under way and we have restarted operations at our Tara mine. At the Odda smelter, significant parts of the expansion have also been completed and the production rate has returned to the original 200 ktonnes of zinc per year. However, delays and cost overruns have occurred in the project, which has meant that ramping up to the new annual production rate of 350 ktonnes of zinc has been delayed. Finally, 2024 was also another year of fatality-free operations, now amounting to 17 years in a row.”

How do you see the market for our base metals?

“Demand for base metals remains strong. Zinc, copper, nickel and many of our other metals are and will continue to be key components in the development of society. If we succeed in operating and continuously developing our units in a competitive manner, the future looks bright. Prices and terms go up and down in this industry, so short-term developments are always difficult to assess. What is clear, however, is that we have made extremely conscious choices, including which metals we are active in and the investments we have chosen to make, which we are also very satisfied with.”

What is most important for Boliden’s continued competitiveness?

“Our operations should be characterized by continuous productivity development and a corporate culture where safety is a top priority. Important prerequisites for achieving this are that responsibility is delegated throughout the organization and that decisions are made as close to those affected as possible. Of course, there are many other factors that also have a bearing on the value creation of the businesses, but if any single factor is to be highlighted, it is the trust we give to each business unit to create its own future based on its own conditions. It may seem simple, but ensuring that decisions are made in the right part of the organization is a continuous process to which we pay great attention.”

What investment projects might be considered in the future?

Our focus is on making the best use of our existing assets. In recent years, we have put a lot of energy into futureproofing and improving several of our existing businesses. When all approvals hopefully fall into place, we will devote a lot of energy to incorporating the acquired businesses into our organization. This, in parallel with commissioning and scaling up production at Odda and ensuring that the new plan for mining at Tara is completed, is of course also in focus in 2025. In addition, the major investments at Rönnskär and in the Boliden Area are also continuing. Of course, we are also continuing with project development in the slightly longer term to have options also in the future, both in our mining and smelting operations.”

How do you see Boliden’s long-term development?

“Our vision is to be the most climate-friendly and respected metal provider in the world. My assessment is that in recent years we have taken many steps in the right direction. The last few years have by no means been perfect, sometimes we have been lucky, some - times unlucky and sometimes we have failed to follow the plans we set out. But in the vast majority of cases, we have actually done what we said we would do in a way that I am very satisfied with. Challenges have been overcome and opportunities have been seized. We have a business and employees to be proud of! A big thank you to all our colleagues and all those involved in our activities for the past 100 years. We look to the future with optimism and confidence in our ability to continue to provide the metals necessary to improve society for generations to come.”