Annual Report 2004

Computers, mobile phones, cars, buildings,
bridges. Metals form an important part of
many of the things that we regard as
necessary to make modern life work.
Boliden's task is to meet society's demand
for high quality base and precious metals.
We do this through innovative and cost-
effective exploration, mining, smelting and
recycling. Every aspect of our operations
is guided by society’s demands for safety,
environmental protection and ethical
business practice.

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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.