Boliden (BOL) CMD 2025 summary

Strategic direction and market context

• Emphasizes a strong foundation for future growth, leveraging a century of achievements, a robust business model integrating mining and smelting, and supporting the energy transition with metals.

• Maintains a leading position in Europe for base metals, reinforced by recent acquisitions, ongoing major investments, and integration of Somincor and Zinkgruvan.

• Navigates global uncertainties, including geopolitical tensions, volatile financial outlooks, and rapid technological changes impacting demand for key metals.

• Focuses on stable jurisdictions, strong ESG credentials, and a portfolio of future growth projects such as Garpenberg expansion and innovative cementitious products.

• Long-term planning prices for key metals have been updated, reflecting market trends and supporting investment decisions.

Sustainability and ESG leadership

• Sustainability is central, with 17 years fatality-free and a strong safety culture, supporting operational stability and talent retention.

• On track for climate targets: scope 1 and 2 emissions down 13%, with scope 3 programs in place and new baselines post-acquisitions.

• Electrification, renewables, and decarbonization initiatives drive progress, highlighted by the Kristineberg Trolley project and energy efficiency measures.

• Biodiversity and permitting success are linked to ESG performance, with 14 permits granted since 2022 and a 2030 biodiversity target with digitalized metrics.

• All major mines progressing towards full GISTM conformance by August 2025, supporting responsible mining standards.

Smelter operations and innovation

• Smelter profitability supported by stable demand, attractive premiums, and strong free metals revenue despite falling treatment charges.

• Odda zinc smelter expansion to 350 ktonnes/year is in final commissioning, with full production ramp-up in H2 2025 and expected annual EBITDA of EUR 150 million.

• Odda Leach product and Cementum/SCMentum projects aim to reduce waste, recover precious metals, and offer low-carbon cementitious materials, with a 300,000-ton plant investment decision expected in late 2024 or H2 2025.

• Rönnskär tankhouse rebuild to restore SEK 1 billion annual EBITDA, with additional SEK 500 million in cost reductions through efficiency measures.

• Major investments include new roasting furnace, sulphuric acid plant, expanded leaching, purification, tankhouse, and foundry at Odda.