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Boliden announced a significant 40 MEUR investment in enhancing infrastructure at the Port of Pori to improve concentrate handling to Harjavalta. This initiative, part of a larger investment plan exceeding SEK 7 billion in 2021, focuses on upgrading environmental performance and operational efficiency. Key developments include the construction of a new weighing and sampling facility, a warehouse, and improvements to quay infrastructure, all expected to be operational by early 2023. The investment aims to bolster productivity, competitiveness, and sustainability.
Boliden announced a successful share split of 2:1 effective May 27, 2021, resulting in an increase of shares from 273,511,169 to 547,022,338. On May 31, 2021, the Swedish Companies Registration Office confirmed the registration of 273,511,169 redemption shares. Shareholders will receive SEK 6 per redeemed share, distributed automatically on record date June 2, 2021, with payments around June 7, 2021. Boliden is noted for its sustainable development focus in mining and smelting, with an annual turnover of SEK 50 billion.
Boliden reported Q1 revenues of SEK 17,083 m, up from SEK 13,210 m in the previous year, with operating profit reaching SEK 2,449 m compared to SEK 1,504 m. The company's free cash flow totaled SEK 2,165 m, a significant increase from -845 m in Q1 2020. The growth was driven by higher metal prices, particularly copper, which positively impacted the Business Area Mines operating profits, up to SEK 1,631 m. However, production disturbances affected Aitik's milled volume.
Boliden has restored full production capacity in its Aitik and Tara mines following disruptions caused by COVID-19 and equipment breakdowns. The impact on operating profit in the Business Area Mines for Q1 is now estimated at SEK -300 million, up from the previously forecasted SEK -200 million. In Aitik, a delay in repairs extended the outage of one primary mill by nearly three weeks, resulting in a throughput reduction of over 2 million tonnes. Production at the Tara mine resumed as planned after a brief interruption.
Boliden reported a robust performance for Q4 2020, achieving revenues of SEK 16,170 million, up from SEK 12,972 million. The operating profit surged to SEK 3,077 million, compared to SEK 1,744 million in the prior year. Excluding inventory revaluation, operating profit was SEK 3,043 million. Free cash flow improved significantly to SEK 2,750 million, up from SEK 822 million. Earnings per share rose to SEK 8.60 from SEK 4.97. The Board proposed a total payment of SEK 14.25 per share, consisting of an ordinary dividend and an extra payment.
Boliden has announced a significant investment of EUR 40 million for expanding its nickel operations at Boliden Harjavalta, set to start in 2021. The expansion will increase the annual raw material feed capacity from 310 to 370 ktonnes and includes upgrades to the concentrate dryer and electric smelting furnace. This initiative will enhance productivity and decrease carbon dioxide intensity per tonne of nickel produced by 15-20%. Boliden Harjavalta is the EU's largest nickel smelter, poised to meet rising demands from the battery manufacturing sector.
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