In January 2009, Boliden hedged part of its USD/SEK foreign exchange exposure. The hedge refers to the part of the metal production in 2009 and 2010 that was already hedged in USD*.
The currency exposure was hedged at average rates of USD/SEK 8.30 for 2009 and 8.26 for 2010. The hedging amounts to a total of USD 1,102 million, corresponding to substantial part of the currency risk for the two years.
"In combination with our previous metal price hedging, the foreign exchange hedging provides us with protection against a weakening in the US dollar against the Swedish krona," says Boliden's CFO, Johan Fant.
*Boliden has previously hedged the metal prices for most of its planned mine production of copper, lead, gold and silver for 2009 and 2010 (Boliden Interim Report jan-june 2008, Boliden press release, January 3, 2007).
For further information, please contact:
Johan Fant, CFO, Boliden AB, tel: +46 70 8195 919
Stefan Lundewall, IR, Boliden AB, tel: +46 8 610 1520, +46 70 208 3213