Boliden announces profit for first quarter 2002

•Boliden reports a profit of SEK 17 million (-558 M) after financial items for the first quarter of 2002. The operating profit was SEK 97 million (-88 M), corresponding to an operating margin of 4.0 (-3.0) per cent.

•Increased production at the Rönnskär complex and a stronger USD exchange rate influenced the operating result positively during the period. Lower metal prices, lower treatment and refining charges and reduced production in the mining operations had a negative influence.

•In January Boliden acquired the assets of the Dutch copper-tubing manufacturer HME Nederland for SEK 50 million. The acquisition establishes Boliden as one of Europe's largest manufacturers of copper tubing.

•Production at the Canadian mine Myra Falls was resumed following the implementation of a program aimed at considerably improving efficiency.

•Boliden has hedged further dollar revenues, corresponding to nearly 100 per cent of the anticipated flow for the year 2002. The greater part of the company's gold production has also been hedged up to the end of the first quarter of 2003.

•Boliden's loans under the refinancing agreement signed in 2001 can again be classified as long term.