Annual report 2000

Boliden at a glance

•Boliden is an integrated mining and metals producer operating on three continents. Incorporated in Canada in 1997, we mine, process and market copper and zinc as well as lead and significant amounts of gold and silver.

•We work 12 open pit and underground mines, and own and operate two smelters. Our fabrication division manufactures and sells brass rod, copper tubing and other brass and copper products from facilities in Belgium, the Netherlands, Sweden and the United Kingdom.

•Boliden Contech, our technology sales subsidiary, was established in 1981 to market and sell technology derived from the Company's own mining, smelting and chemical operations.

•Boliden completed a common share rights offering in 2000. The offering was over 97 per cent subscribed, with a total of 107,122,402 common shares issued under the offering for net proceeds of US$142.6 million. The Company's common shares trade on the Toronto Stock Exchange and Swedish depository receipts (each of which represents one common share) trade on the Stockholm Exchange.

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The abnormally high seismic activity in Garpenberg has decreased and mining production at low levels will commence in the second quarter. The first quarter throughput was just under 0.8 Mton instead of the expected slightly over 0.9 Mton at already communicated grades. All inspections are not yet complete but production in the most affected part of the mine is not expected to resume in 2026. Until further notice, Garpenberg's production is therefore estimated to be around 30 percent of the guided capacity of 3.7 Mton per year. For the first quarter of 2026, EBITDA will be negatively affected by approximately SEK -400 million at today's prices and terms.

The shareholders of Boliden AB (p

Boliden has decided to invest in a new hoist system at Garpenberg and an industrial demonstration plant for the production of supplementary cementitious material at Rönnskär. The investments, which amount to SEK 4 billion and SEK 1.5 billion respectively, will strengthen the earnings capacity of both units and lay the foundation for exploiting further future opportunities.