Full Year Report 2000

BOLIDEN LIMITED REPORTS FOURTH QUARTER 2000 RESULTS

(All dollar amounts are in United States dollars)

Overview

•Continued improvement in operations, particularly mining operations.

•Rönnskär +200 expansion project continues to ramp-up. Full production expected in March 2001.

•Continued progress with Capital Management Program. After year-end:
-Agreement of purchase and sale signed to sell 50% interest in Norzink.
-Letter of intent signed to sell Lomas Bayas and Fortuna de Cobre.
-Letter of intent signed to sell BCZ copper tubing business.
-Agreement in principle reached to sell Gusum brass and copper tubing business.

•$418.6 million ($382.6 million net of taxes) write-down and unusual charges related to investments in Lomas Bayas and Fortuna de Cobre and Fabrication business.

•Refinancing discussions initiated with lenders under unsecured long-term debt facilities.

•Thomas Cederborg appointed President and CEO.

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More press releases & news

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.