Interim Report, January - March 2003

· Boliden reports an improved profit after financial items. The profit totalled SEK 54 million for the first quarter of 2003, compared to SEK 17 million for the first quarter of 2002.

· The cash flow for the reporting period was SEK 31 million (SEK -328 m).

· Some of Boliden’s dollar hedges have been closed out, thereby strengthening both the cash flow and the Group’s shareholders’ equity. The close out has not affected the earnings after net financial items.

· A programme designed to boost efficiency and cut costs was launched during Q1 2003. This programme, when combined with programmes already in progress, is expected to yield an annual effect on the result of SEK 300 million, the full impact being felt in 2004.

· As a result of the ongoing drilling programme, parts of the Lappberget deposit at Garpenberg can now be classified as an inferred mineral resource totalling 7.5 million tonnes.

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