Competition authorities give the go-ahead to New Boliden

Boliden and Outokumpu have today been given the go-ahead from the
European Commission and other relevant competition authorities in
connection with Boliden's acquisition of Outokumpu's mining and smelting
operations within zinc and copper and the sale of the Fabrication and
Technology Sales units to Outokumpu. The transaction is scheduled to be
completed by the end of the year.

The transaction is still conditional on that the shareholders of
Boliden, at an extraordinary shareholders' meeting on December 18,
authorize the Board of Directors to decide on issuance of new shares in
kind to Outokumpu as well as issuance of new shares with preferential
rights for Boliden's shareholders.

New Boliden is expected to be operational from January 1, 2004. It will
be one of the leading smelting companies in the world and the world's
fourth largest mine producer of zinc. The deal will also create a
stronger company with increased financial and operational flexibility
and enhanced potential for future growth.

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 For further information, please contact:

Boliden
Jan Johansson, President and CEO
tel. +46 8 610 16 02, mobile +46 70 555 02 02
e-mail: [email protected]

Ulf Söderström, VP - Public Relations
tel +46 8 610 15 57, mobile +46 70 618 95 95
e-mail: [email protected]
www.boliden.com

Outokumpu
Eero Mustala, Senior VP - Corporate Communications
tel. + 358 9 421 2435
e-mail: [email protected]

Johanna Sintonen, Vice President - Investor Relations
Tel. +358 9 421 2438, mobile +358 40 530 0778
e-mail [email protected]
www.outokumpu.com