Boliden: Boliden’s Q4: High Production and Favourable Exchange Rates
February 12 2015 - 2:11AM
Business Wire
Regulatory News:
Boliden’s revenues during the fourth quarter totalled SEK 9,614
million (SEK 8,653 m) and the operating profit, excluding the
revaluation of process inventory, was SEK 1,134 million (SEK 548
m). Revenues for 2014 as a whole totalled SEK 36,891 million (SEK
34,409 m) and the operating profit, excluding the revaluation of
process inventory, was SEK 2,605 million (SEK 2,271 m).
“2014 started weakly, gradually improved, and ended with a
strong fourth quarter. The quarter was characterised by high
production levels at the Group’s mines and smelters and by positive
exchange rate effects, which compensated for lower metal prices.
Taking the year as a whole, several of the units achieved record
production levels, our action programmes had the desired outcome,
and profits were given a healthy boost, towards the end of the
year, by exchange rate trends. The ramping-up of the Garpenberg
expansion proceeded according to plan, but the ramping up of
Kokkola’s silver extraction facility fell behind schedule,” says
Boliden’s President and CEO, Lennart Evrell.
Production by Boliden Mines remained high throughout both the
quarter and the year as a whole, but with lower grades in several
of the mines. The Aitik copper mine produced 39 million tonnes of
ore during the year and the milled tonnage volume of the expanded
Garpenberg zinc mine totalled 2.2 million tonnes, of which the
mine’s production accounted for 1.9 million tonnes. The newly
acquired Finnish copper mine, Kylylahti, also helped increase
volumes. Production at the Tara zinc mine was negatively affected
by the ongoing reorganisation work.
Boliden’s smelters enjoyed a strong quarter, with higher
volumes, a stronger USD, and an increased percentage of free
metals. For the full year stronger US dollar and better TC/RC
helped ensure a significant improvement in profits. Production was
strong, with record levels at the Harjavalta copper smelter and
Odda zinc smelter, and the action programme at the R�nnskär copper
smelter resulted in an year on year improvement in the operating
profit of approximately SEK 150 million.
“We have seen an increasingly volatile market since 2015 began,
with the majority of metal prices falling due to a slow-down in the
rate of global growth, coupled with a relatively high output by the
mines, particularly when it comes to copper. Sweden, in common with
many other mining nations, has also experienced a simultaneous
weakening of its currency that has ameliorated the effects of the
falling prices. Capacity increases at many of the world’s mines saw
market condition change to the benefit of smelters and the
detriment of mines during the latter half of the year. Uncertainty
levels are high in the market, but the market trend favours
Boliden’s position, with its mines’ and smelters’ broad metals mix
and production,” says Lennart Evrell.
For further information, please contact:
Marcela Sylvander, Group Communications, tel: +46 (0)733 244 55
12
Sophie Arnius, Investor Relations, tel: +46 (0)70 590 80 72
Boliden is a metals company with a commitment to sustainable
development. Our roots are Nordic, but our business is
global. The company’s core competence is within the fields of
exploration, mining, smelting and metals recycling. Boliden has a
total of approximately 4,900 employees and an annual turnover of
approximately SEK 37 billion. Its shares are listed on NASDAQ
Stockholm, segment Large Cap.
This information was brought to you by Cision
http://news.cision.com
BolidenMarcela Sylvander, +46 (0)733 244 55 12Group
CommunicationsorSophie Arnius, +46 (0)70 590 80 72Investor
Relations
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