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Boliden's Q2 net profit falls YOY on continued low metal prices

BolidenAB's net profit attributable to shareholders dropped to 619 millionSwedish kronor, or 2.26 kronor per share, in the second quarter, from 810million kronor, or 2.96 kronor per share, a year ago.

Operating profit fell to 912 million kronor, from 1.09billion kronor. Maintenance shutdowns during the quarter had an impact ofnegative 210 million kronor on the operating profit.

Revenue fell to 9.6 billion kronor, from 10.37 billionkronor, mainly due to lower metal prices, the company said July 19.

The net financial items during the quarter totaled negative95 million kronor, compared to negative 62 million kronor a year ago, about 39million kronor of which was related to the bridge loan for of the Kevitsa nickel-coppermine in northern Finland.

Boliden's production of metals in concentrate in the secondquarter from its six mines — Aitik, Boliden, Garpenberg, Kevitsa, Kylylahtiand Tara — wasup year over year across all commodities.

Production of zinc was up 11% to 84,719 tonnes, copperincreased 8% to 24,028 tonnes, lead improved 4% to 15,748 tonnes, while nickelproduction stood at 960 tonnes, compared to no production in the year-agoquarter.

Production of gold and silver was up 11% and 3%,respectively, to 1,303 kilograms and 116,873 kilograms, while tellurium outputincreased 12% to 10,219 kilograms.

The Renström mine in the Boliden area is expected to havelower output in the third quarter and deterioration in the ore mix quarter overquarter due to an extended maintenance shutdown, and the company expectsmaintenance shutdowns at Rönnskär, Odda and Bergsöe to impact operating profitfor negative 50 million kronor in the third quarter.

In the first six months of the year, net profit attributableto shareholders totaled 1.28 billion kronor, down from 1.71 billion kronor inthe year-ago half.

Revenues in the period, as a result of lower metal prices,fell to 18.45 billion kronor, from 20.78 billion kronor a year ago.

The six-month production of metals in concentrate alsorealized a positive change year over year.

Output for zinc increased 11%, copper was up 7%, and leadimproved 4%. Gold production jumped 12% and silver was up 5% compared to theyear-ago half. Tellurium production increased 5%.

As of July 18, US$1was equivalent to 8.56 Swedish kroner.