About Boliden AB (publ)

Boliden AB (publ), a metals company, explores for, mines, smelts, and recycles metals. Segments The company operates through two segments: Business Area Mines; and Business Area Smelters. Business Area Mines Business Area Mines includes the operations of the Swedish mines, Aitik, the Boliden Area and Garpenberg, the Tara mine in Ireland, and the Kylylahti and Kevitsa mines in Finland. Aitik produces copper concentrate with some gold and silver content. The other Swedish mines produce zinc, copper and lead concentrates with variable gold and silver content. Tara produces zinc and lead concentrates and Kylylahti produces concentrate that contains copper, gold, zinc and silver. Kevitsa primarily produces nickel and copper concentrates. Business Area Mines is also responsible for sales of mined concentrates. Business Area Smelters Business Area Smelters includes the Kokkola and Odda zinc smelters in Finland and Norway, respectively, the Rönnskär and Harjavalta copper smelters in Sweden and Finland, respectively, and the Bergsöe lead smelter in Sweden. The Business Area is responsible for all sales of the smelters’ products and handles all raw material flows between the Group’s mines, smelters and customers. This includes responsibility for purchases of metal concentrates and recycling materials from external suppliers. The zinc smelters’ production primarily comprises zinc metal, but also includes silver in concentrate, aluminium fluoride and sulphuric acid. The copper smelters’ production primarily comprises copper, gold, silver, lead and sulphuric acid. The copper smelters also recycle metal and electronic scrap and smelt nickel. The Bergsöe lead smelter recycles lead metal, mainly from scrap car batteries. Strategy The company’s overall strategy is to create profitable growth and, if possible, expand its mines while continuously adapting the smelters to reflect trends in the market. The company’s strategic development follows the principle that organic development creates greater value than acquired development, and investments are made only when other possibilities have been exhausted. Mines Aitik is major open pit copper mine with ore that contains copper, gold and silver. The Boliden Area consists of the Renström, Kristineberg and Kankberg underground mines and the Maurliden open pit mine, which is approaching the end of its useful life. Kankberg produces gold ore, with tellurium as a by-product. The other mines produce ores containing zinc, copper, lead, gold and silver. Garpenberg produces complex sulphide ores that contain zinc and silver, along with lead, copper and gold as by-products. In 2016, the company acquired the Kevitsa open pit mine in northern Finland. Kevitsa produces concentrate containing nickel, copper, gold, platinum, palladium, and cobalt. The mine has a long lifespan. The Kylylahti underground mine produces copper, gold, zinc, nickel and cobalt. Tara is Europe’s major zinc mine and accounts for half of the company’s zinc concentrate production. Smelters Bergsöe is a major recycling facility for lead batteries and the secondary lead smelter in the Nordic region. The main products are lead and lead alloys. Bergsöe works with Rönnskär and Odda to handle certain materials. Harjavalta is a major copper and nickel smelters. Harjavalta produces gold, silver, and sulphuric acid. Kokkola is the major zinc smelter in Europe and produces approximately 40 different zinc products, including both zinc and zinc alloys for a range of customer segments. Odda produces zinc and zinc alloys. Rönnskär produces copper, gold, silver and lead, along with sulphuric acid, zinc clinker, and various other metals as by-products. Customers The company has three customers within Segment Smelters who account for 14%, 13% and 8%, respectively, of its external revenue. Other customers each represent approximately 5% its total external revenue. The company’s metals are sold primarily to industrial customers, but are also sold to base metal dealers and international metal stocks, such as the London Metal Exchange. The company has a reliance on various large copper customers. Significant Events In November 2020, Boliden and Luleå University of Technology entered into a long-term strategic collaboration agreement. The new agreement means that collaboration will be enhanced in terms of competence provision and competence development, as well as research and innovation towards leading positions within automation and resource utilization. Boliden has long collaborated with Luleå University of Technology, with a focus on developing technology and strengthening competence in mining and smelting operations. History Boliden AB (publ) was founded in 1924.