Boliden Ab Stock Price, News & Analysis

At Boliden's Extraordinary General Meeting held on January 23, 2025, in Stockholm, shareholders approved a significant resolution authorizing the Board of Directors to issue new shares. The authorization allows for multiple share issues until the Annual General Meeting 2025, with or without preferential rights for existing shareholders.

If executed without preferential rights, the new share issuance is capped at 15 percent of the total shares outstanding as of the Extraordinary General Meeting date. The primary purpose of this share issuance is to optimize capital structure and refinance approximately half of the bridge loan used to acquire Neves-Corvo and Zinkgruvan operations.

Boliden (BDNNY) has announced it will release its Q4 2024 Interim Report on February 6, 2025, at 07:45 CET. President and CEO Mikael Staffas and CFO Håkan Gabrielsson will host a press and analyst conference at 09:30 CET at the Klara venue in Stockholm.

The presentation will be accessible via both webcast and telephone conference. Participants joining via telephone must register 5 minutes before the conference start. The presentation materials and recorded webcast will be made available on Boliden's website following the event.

Boliden has announced updated estimates for Mineral Resources and Mineral Reserves at its Kevitsa mine, showing significant increases in both categories. The Mineral Reserve tonnage increased by 15 Mtonnes (19%) to 97,500 Ktonnes, with average grades of 0.22% for nickel and 0.31% for copper. The mine life has been extended to 10 years at a production pace of 10 Mtonnes per year.

For 2025, production grade guidance is set at 0.17% for nickel and 0.23% for copper, temporarily below the life-of-mine average due to mining in certain low-grade areas. The company has also postponed the decision on a potential Stage 5 project by several years. Additionally, 20 Mtonnes previously downgraded from Mineral Reserves in 2023 have been converted back, following changes in the Tailing Storage Facility construction method.

Boliden has released a Sustainability-Linked Finance Framework to support its vision of becoming the most climate-friendly and respected metal provider globally. The framework will facilitate the issuance of Sustainability-Linked Bonds and incorporates climate targets validated by the Science Based Targets initiative (SBTi).

The company aims to reduce GHG emissions by 42% for Scope 1 and 2, and 30% for Scope 3 by 2030, using 2021 as the base year. Danske Bank served as the structuring advisor, while Sustainalytics provided an independent second-party opinion, rating the Key Performance Indicators as 'Very Strong' and the Sustainability Performance Targets as 'Ambitious' and 'Highly Ambitious'.

Boliden has entered into a definitive agreement to acquire Neves-Corvo mine in Portugal and Zinkgruvan mine in Sweden from Lundin Mining for USD 1,300 million, plus potential contingent payments up to USD 150 million. The transaction will significantly boost Boliden's mine production, increasing zinc concentrate production by 95% and copper by 43% based on 2023 figures.

The acquisition will be financed through a bridge loan, with approximately half to be refinanced through a share issue in the first half of 2025. The EBITDA contribution from both mines is estimated at USD 300-350 million annually over the next five years. The transaction is expected to close by mid-2025, subject to regulatory approvals.

Boliden reported strong Q3 2024 results, with high production and improved financial performance. Revenues increased to SEK 22,193 million from SEK 19,396 million in the previous year. Operating profit rose to SEK 3,165 million from SEK 1,912 million, while operating profit excluding process inventory revaluation reached SEK 2,999 million, up from SEK 1,940 million. Free cash flow improved to SEK -495 million from SEK -1,200 million.

Key highlights include improved prices and terms, enhanced production in both Mines and Smelters, and a record milled volume in Garpenberg. Several expansion projects are nearing completion, including those in the Boliden Area, Odda, and Aitik. The company is also progressing with the construction of a new tankhouse in Rönnskär and paste and dewatering facilities in the Boliden Area. Additionally, preparations are underway to restart mine production in Tara.

Boliden, a mining and smelting company, has announced the upcoming release of its Q3 2024 Interim Report on Tuesday, October 22, 2024, at 07:45 (CEST). Following the report's release, a press and analyst conference will be held at 09:30 (CEST) on the same day. The event will feature presentations by Mikael Staffas, Boliden's President and CEO, and Håkan Gabrielsson, the company's CFO.

The conference will take place at Klara, Room Dagerman in Stockholm and will also be accessible via webcast and telephone. Interested parties can join the webcast through a provided link or register for the telephone conference. After the event, presentation materials and a recording of the webcast will be available on Boliden's website.

Boliden and Komatsu have deepened their collaboration on fossil-free mining, presenting a world premiere of a mining truck that can be converted to battery technology. This development follows their previous work on electrification and automation of mining trucks in Boliden's Aitik open pit copper mine. The new truck, called the Power Agnostic 930E, will be introduced in Aitik as the first operation globally to test it in a production environment.

The collaboration aims to further develop technology and implementation possibilities for fossil-free mining operations. This initiative builds on Boliden's existing efforts in Aitik, which include electrified trolley systems to reduce diesel consumption and the conversion of 17 mining trucks to self-driving in an autonomous haulage system (AHS).

Boliden's expansion project at the Odda zinc smelter, aimed at increasing annual production from 200 to 350 ktonnes, faces delays primarily in the roasting facility. The ramp-up towards the new production level will now start at the end of Q1 2025, instead of Q4 2024. This delay results in a EUR 100 million cost increase for the project. Despite this setback, Boliden's total capital expenditures for 2024 remain at SEK 15.5 billion, with 2025 expenditures estimated at SEK 13.5 billion.

The investment is still expected to generate EUR 150 million in annual EBITDA. Odda's production capacity will return to 200 ktonnes from Q1 2025, with full production of 350 ktonnes to be achieved progressively during 2025.