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Boliden Interim / Quarterly Report 2021
2895_10-q_2021-10-22_e6d67381-c22a-4c3f-b379-d5516c8c4168.pdf
Interim / Quarterly Report
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| Quarter | Nine months | 12 months Full year | |||||
|---|---|---|---|---|---|---|---|
| SEK m | 3-2021 3-2020 2-2021 | 2021 | 2020 | Oct-Sep | 2020 | ||
| Revenues | 15,906 | 13.550 17.891 | 50.880 40.151 | 67,051 | 56,321 | ||
| Operating profit ex. revaluation of process inventory |
2.419 | 2.258 | 2,616 | 7.484 | 5,396 | 10.527 | 8.438 |
| Operating profit | 2,305 | 2,622 | 2,785 | 7,869 | 5,858 | 10,945 | 8.935 |
| Profit after financial items | 2,244 | 2.559 | 2.727 | 7,690 | 5,654 | 10,703 | 8,668 |
| Net profit | 1.800 | 2.035 | 2,191 | 6.168 | 4.448 | 8,521 | 6.801 |
| Earnings per share, SEK | 6.57 | 7.44 | 8.00 | 22.54 | 16.26 | 31.14 | 24.86 |
| Free cash flow | 962 | 1.878 | 2,013 | 5,140 | 2,207 | 7,890 | 4.957 |
| Net debt. | 1,081 | 5,054 | 1,999 | 1,081 | 5,054 | 1,081 | 2,236 |
| Return on capital employed, % | 21.1 | 17.2 | |||||
| Return on equity, % | 18.3 | 15.8 | |||||
| Net debt/equity ratio, % | 2 | 11 | ਪ | 2 | 11 | 2 | 5 |
The smelter in Odda and surroundings.
- Operating profit excluding revaluation of process inventory improved to SEK 2,419 m (2,258).
- Free cash flow was SEK 962 m (1,878).
- Continued high metal prices but slightly lower than in the previous quarter.
- Production disruptions in Mines and Smelters.
Revenues increased to SEK 15,906 m (13,550).
| Quarter | Nine months | ||||
|---|---|---|---|---|---|
| SEK m | 3-2021 | 3-2020 | 2-2021 | 2021 | 2020 |
| Mines | 1.936 | 1.638 | 2.192 | 5.759 | 2.736 |
| Smelters | 611 | 835 | 789 | 2.349 | 2.866 |
| Other / eliminations | -129 | -215 | -364 | -624 | -206 |
| The Group | 2.419 | 2.258 | 2.616 | 7.484 | 5.396 |
| Quarter | |||
|---|---|---|---|
| SEK m | 3-2021 | 3-2020 | 2-2021 |
| Operating profit | 2,305 | 2,622 | 2,785 |
| Revaluation of process inventory | -114 | 364 | 168 |
| Operating profit ex. revaluation of process inventory | 2,419 | 2,258 | 2,616 |
| Change | 161 | -197 | |
| Analysis of change | |||
| Volumes | -451 | -415 | |
| Prices and terms | 744 | -92 | |
| Metal prices | 951 | -319 | |
| By-product prices | 10 | -5 | |
| TC/RC terms | -103 | -14 | |
| Metal premiums | 25 | -2 | |
| Exchange rate effects | -138 | 248 | |
| Costs (local currencies) | -196 | 228 | |
| Depreciation | 22 | 36 | |
| Other | 42 | 45 | |
| Change | 161 | -197 |
Operating profit excluding revaluation of process inventory increased to SEK 2,419 m (2,258). The improvement is mainly due to higher metal prices. Volumes decreased as a result of lower milled volume, lower grades, the loss of Kylylahti which was mined for the last time at the end of last year, and lower volumes of free metal in the smelters. Costs increased as a result of major planned maintenance shutdowns, higher energy prices and wage inflation. Depreciations decreased as a result of lower production of metal in concentrate.
Operating profit excluding revaluation of process inventory was SEK 197 m lower than the previous quarter, mainly as a result of lower volumes in both Business Areas. Also, the negative impact on earnings from planned maintenance shutdowns was SEK 260 m higher than in the previous quarter.
Profit after financial items was SEK 2,244 m (2,559). Net profit was SEK 1,800 m (2,035), corresponding to earnings per share of SEK 6.57 (7.44). Return on capital employed and equity for the past 12 months were 21.1% and 18.3% respectively.
| And In the later of the first | |
|---|---|
| SEK m | |
| 80.000 | |
| 70,000 | |
| 000:000 | |
| 50,000 | |
| 40,000 | |
| 30,000 | |
| 20,000 | |
| 10,000 | |
| ing the loss to the last | |
Investments totaled SEK 1.5 billion (1.3) and are predicted to total close to SEK 7 billion for the full year. Total investments for 2022 are estimated at slightly above SEK 10 billion, of which investment in the expansion in Odda accounts for SEK 2.5 billion. Maintenance investments are estimated at SEK 4.5 billion for 2021 and SEK 5 billion for 2022. Maintenance investments include mine development, waste rock mining, ongoing dam raising and replacement investment.
| Quarter | Nine months | 12 months Full year | |||||
|---|---|---|---|---|---|---|---|
| SEK m | 3-2021 | 3-2020 2-2021 | 2021 | 2020 | Oct-Sep | 2020 | |
| Cash flow from operating activities before change in |
|||||||
| working capital | 3.342 | 3.246 | 3.516 | 10.222 | 8.251 | 14,273 | 12.303 |
| Change in working capital | -841 | -95 | -109 | -1.072 | -1.445 | -675 | -1.048 |
| Cash flow from operating activities |
2.501 | 3.152 | 3.406 | 9,149 | 6.806 | 13.598 | 11.255 |
| Cash flow from investment activities |
-1.540 | -1.274 | -1.393 | -4.010 | -4.599 | -5.708 | -6.297 |
| Free cash flow | 962 | 1.878 | 2.013 | 5.140 | 2.207 | 7.890 | 4.957 |
Free cash flow decreased to SEK 962 m (1,878), mainly due to higher inventories.
Net financial items were SEK -61 m (-63). Average interest on loans was 1.6% (1.4).
The net debt/equity ratio at the end of the quarter was 2% (11) and net debt was SEK 1,081 m (5,054). In addition, net reclamation liability was SEK 2,356 m (2,283).
The average term of approved loan facilities was 2.8 years (3.9), and the fixed interest term on unutilized loans was 2.5 years (3.2). At the end of the quarter, Boliden's current liquidity, in the form of cash and cash equivalents and unutilized binding credit facilities with a term of more than one year, totaled SEK 14,069 m (10,599).
Global industry production rose by 5% during the third quarter compared to last year. Treatment charges on the spot market rose slightly from low levels as the supply of concentrate increased. Base metal prices increased, with the exception of copper.
| Quarter | Nine months | ||||
|---|---|---|---|---|---|
| 3-2021 | 3-2020 | 2-2021 | 2021 | 2020 | |
| Zinc. USD/tonne | 2.991 | 2.335 | 2.916 | 2.886 | 2.145 |
| Copper. USD/tonne | 9.372 | 6.519 | 9.700 | 9.188 | 5.849 |
| Nickel, USD/tonne | 19.125 | 14.210 | 17.359 | 18.036 | 13.068 |
| Lead, USD/tonne | 2.340 | 1.873 | 2.128 | 2.164 | 1.800 |
| Gold, USD/troz | 1.790 | 1.909 | 1.814 | 1.801 | 1.736 |
| Silver, USD/troz | 24.4 | 24.3 | 26.7 | 25.7 | 19.2 |
| USD /SEK | 8.65 | 8.87 | 8.41 | 8.49 | 9.40 |
| EUR/SEK | 10.20 | 10.36 | 10.14 | 10.15 | 10.56 |
The zinc price was 3% higher than the previous quarter.
Global zinc demand increased by 1% compared to the previous quarter, and 5% compared to last year. Steel industry production of galvanized steel increased.
Global metal production increased by 3% compared to both the previous quarter and last year.
Spot treatment charges rose during the quarter but remained significantly lower than in benchmark contracts.
The copper price was 3% lower than the previous quarter, but remained at a historically high level.
Global demand fell by 1% compared to the previous quarter and was evenly split between China and the rest of the world. However, it increased at an annual rate of 4%.
Smelter production increased by 4% compared to the previous quarter.
| 25,000 | |
|---|---|
| 20,000 | |
| 15,000 | |
| 10,000 | |
| 5,000 | |
| 0 | a 1 a a n n |
The nickel price increased by 10% compared to the previous quarter. In the middle of September, the metal traded at the highest price since 2014. The demand for stainless steel increased during the third quarter as did the production of batteries for electric vehicles, which contributed to a global increase in demand for nickel at an annual rate of 16%.
The price of lead rose by 10% during the quarter. The demand for lead remained good and increased by 6% compared to the previous quarter.
The expectation that the United States Federal Reserve would raise interest rates affected the gold price negatively, causing it to be 1% lower than in the previous quarter. The silver price fell by 9%, mainly due to reduced demand from the electronics industry.
Sulphuric acid prices continued to rise during the third quarter. Limited supply on the export market combined with continued strong global demand contributed to the price rise.
Boliden has five mining areas – Aitik, Boliden Area, Garpenberg, Kevitsa and Tara. The Business Area includes exploration and mine development, mining operations, reclamation and treatment of closed mines.
- High metal prices but slightly lower compared to the previous quarter
- Lower grades and production disruptions
- Operating profit was SEK 1,936 m (1,638)
| Quarter | Nine months | ||||
|---|---|---|---|---|---|
| SEK m | 3-2021 | 3-2020 | 2-2021 | 2021 | 2020 |
| Revenues | 5.144 | 4.864 | 5,550 | 15.421 | 12.520 |
| Gross profit | 5.115 | 4.835 | 5.678 | 15.627 | 12.692 |
| Operating expenses | 2.183 | 2,110 | 2.355 | 6,769 | 6.828 |
| Depreciation | 1.053 | 1.093 | 1.091 | 3.147 | 3,125 |
| Operating profit | 1.936 | 1.638 | 2.192 | 5.759 | 2.736 |
| Investments | 1.016 | 874 | 942 | 2.736 | 3.389 |
| Capital employed | 28,869 | 30.352 | 28.679 | 28,869 | 30.352 |
| 1 | |||||
|---|---|---|---|---|---|
| 3-2021 | 3-2020 | 2-2021 | |||
| 1,936 | 1,638 | 2,192 | |||
| 298 | -256 | ||||
| -466 | -435 | ||||
| 810 | -76 | ||||
| 689 | -318 | ||||
| 157 | -3 | ||||
| -36 | 245 | ||||
| -116 | 176 | ||||
| 32 | 41 | ||||
| 38 | 38 | ||||
| 298 | -256 | ||||
| Quarter |
Operating profit increased to SEK 1,936 m (1,638). The improvement is due to higher metal prices and lower treatment charges. Volumes had a negative impact as a result of lower milled volumes and lower grades in Aitik and the Boliden Area, and the loss of Kylylahti, which was mined for the last time last year. Costs increased due to higher energy prices and wage inflation. The third quarter last year included an impact on earnings of SEK -50 m from a fire in Kevitsa.
Operating profit was SEK 256 m lower than the previous quarter as a result of lower volumes, primarily lower milled volumes in Garpenberg and lower grades in Kevitsa as well as overall lower prices and terms. Costs were lower as a result of seasonally lower wage costs and the lower mined production. Depreciations decreased due to reduced production of metal in concentrate.
| Quarter | Nine months | |||||||
|---|---|---|---|---|---|---|---|---|
| 3-2021 | 3-2020 | ೪೪ | 2-2021 | % | 2021 | 2020 | ಲ್ಲಿ | |
| Zinc, tonnes | 65.278 | 76.720 | -15 | 72.672 | -10 | 205.505 | 214.237 | -4 |
| Copper. tonnes | 26.964 | 30.777 | -12 | 28.871 | -7 | 80,290 | 93.912 | -15 |
| Nickel, tonnes | 2.915 | 3.058 | -5 | 3.404 | -14 | 9.294 | 8.363 | 11 |
| Lead. tonnes | 12.558 | 13.785 | -9 | 14.972 | -16 | 41.385 | 40.147 | 3 |
| Gold, kg | 1,671 | 2,080 | -20 | 1.737 | -4 | 4.802 | 5.721 | -16 |
| Silver, kg | 98.694 | 96.652 | വ | 97.111 | വ | 288.132 | 257.449 | 15 |
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Produced metal in concentrate was lower than both the previous quarter and last year for all metals except silver. Production problems and high short-term sick leave especially in the open pit mines had a negative impact. Compared to the previous quarter, lower grades in Kevitsa had a negative effect on the production of both copper and nickel in concentrate. The production of zinc in concentrate was hampered by lower milled volumes in Garpenberg and Tara. Lower grades in Tara also had a negative effect. However, the production of silver in concentrate increased slightly compared to both the previous quarter and last year.
Aitik's milled volume declined compared to both the previous quarter and last year. High short-term absence related to the Covid-19 pandemic had a negative effect. However, the production of copper in concentrate increased slightly compared to the previous quarter thanks to slightly higher grades and better recovery. On the other hand, it decreased compared to the previous year as a result of lower grades and poorer recovery. The production of gold in concentrate decreased compared to both the previous quarter and last year. Lower recovery had a negative effect. The copper grade was 0.22% (0.24), and the gold grade was 0.11 g/tonne (0.13). The average copper grade in 2021 is expected to reach 0.21% and gold grades 0.11 g/tonne, which is in line with what has previously been communicated.
The Boliden Area's milled volume was on par with both the previous quarter and last year. A changed mix in throughput with an increased proportion of ore from Kankberg and a reduced proportion of ore from Kristineberg and Renström resulted in a slightly higher gold grade compared to the previous quarter. The converse was true for copper and zinc grades.
Garpenberg's milled volume was lower than both the previous quarter and last year. An unscheduled shutdown in one of the mine's two crushers in July led to ten days production shutdown. The shutdown occurred while the mine's other crusher was out of production. This second crusher will be out of production for the rest of the year due to the renovation of an ore raise. The zinc grade during the second quarter was 3.8% (3.8), and the silver grade was 133 g/tonne (108). The average zinc grade in 2021 is anticipated to reach 3.8% and the silver grade 110 g/tonne, which is in line with what has previously been communicated.
Tara's milled volume was lower than both the previous quarter and the previous year. Production problems and challenges in accessing certain high-grade stopes affected both production and zinc grades negatively.
Kevitsa's milled volume was on par with the previous quarter but slightly lower than last year. Increased short-term absence as a result of the Covid-19 pandemic had a negative effect. Finnish quarantine regulations caused a 4-day production shutdown in the concentrator. The copper grade was 0.30% (0.29), and the nickel grade was 0.20% (0.18).
Boliden has five smelters: the Kokkola and Odda zinc smelters, the Rönnskär copper and lead smelter, the Harjavalta copper and nickel smelter, and the Bergsöe lead smelter.
- Major planned maintenance shutdowns
- Operating profit excluding revaluation of process inventory decreased to SEK 611 m (835)
| Quarter | Nine months | |||||
|---|---|---|---|---|---|---|
| SEK m | 3-2021 | 3-2020 | 2-2021 | 2021 | 2020 | |
| Revenues | 15.661 | 13.259 | 17.502 | 50.075 | 39.403 | |
| Gross profit ex. revaluation of process inventory | 2.697 | 2.854 | 2.879 | 8.542 | 8.877 | |
| Operating expenses | 1.804 | 1.730 | 1.797 | 5.333 | 5.132 | |
| Depreciation | 321 | 315 | 316 | 948 | 947 | |
| Operating profit ex. revaluation of process | ||||||
| inventory | 611 | 835 | 789 | 2,349 | 2.866 | |
| Uperating profit | 498 | 1.199 | 957 | 2.734 | 3.328 | |
| Investments | 520 | 394 | 449 | 1.276 | 1.189 | |
| Capital employed | 24.481 | 21.936 | 23.433 | 24.481 | 21.936 |
| Quarter | |||||
|---|---|---|---|---|---|
| SEK m | 3-2021 | 3-2020 | 2-2021 | ||
| Operating profit | 498 | 1,199 | 957 | ||
| Revaluation of process inventory | -114 | 364 | 168 | ||
| Operating profit ex. revaluation of process inventory | 611 | 835 | 789 | ||
| Change | -224 | -178 | |||
| Analysis of change | |||||
| Volumes | -86 | -181 | |||
| Prices and terms | -48 | 9 | |||
| Metal prices | 158 | -79 | |||
| By-product prices | 10 | -5 | |||
| TC/RC terms | -260 | -11 | |||
| Metal premiums | 25 | -2 | |||
| Exchange rate effects | 20 | 106 | |||
| Costs (local currencies) | -85 | -7 | |||
| Depreciation | -8 | -5 | |||
| Other | এ | 7 | |||
| Change | -224 | -178 |
Operating profit excluding revaluation of process inventory decreased to SEK 611 m (835). Volumes were affected by a lower volume of free metal and lower feed as a result of more extensive maintenance. This combined with higher energy prices resulted in higher costs. In all, prices and terms had a somewhat negative impact. A fire in Harjavalta at the beginning of the quarter affected operating profit by SEK -80 m.
Operating profit excluding revaluation of process inventory was SEK 178 m lower than the previous quarter, mainly as a result of lower volumes. Costs were on par with the previous quarter despite seasonally lower wage costs. Higher energy prices and more extensive planned maintenance shutdowns had a negative effect on costs.
| Quarter | Nine months | |||||||
|---|---|---|---|---|---|---|---|---|
| 3-2021 | 3-2020 | 0/0 | 2-2021 | 0/0 | 2021 | 2020 | 0/0 | |
| Zinc, tonnes | 116.785 | 117.389 | -1 | 117.577 | -1 | 356.315 | 362.103 | -2 |
| Copper, tonnes | 85.872 | 91.796 | -6 | 94.840 | -9 | 277.474 | 280.046 | -1 |
| Lead. tonnes | 15.518 | 13.840 | 12 | 19.167 | -19 | 54.648 | 53.169 | ട |
| Nickel in matte, tonnes |
3.666 | 4.476 | -18 | 7.282 | -50 | 16.950 | 18.715 | -9 |
| Gold, kg | 3.812 | 4.190 | -9 | 4.130 | -8 | 13.452 | 12.838 | 5 |
| Silver, kg | 145.460 | 141.460 | 3 | 133.304 | 9 | 424,969 | 441.920 | -4 |
| Sulphuric acid, tonnes |
362.387 | 408.741 | -11 | 448.024 | -19 | 1.263.654 | 1.279.893 | -1 |
Copper and zinc production declined compared to both the previous quarter and last year as a result of more extensive maintenance and production disruptions. However, silver production rose year-over-year relative to both periods thanks to higher grades in input material. The converse was true for gold. The production of nickel in matte was significantly lower than both the previous quarter and last year due to maintenance shutdowns.
Rönnskär's base metal production showed small variations compared with both the previous quarter and last year. However, concentrate feed was lower than both the previous quarter and last year as a result of a planned maintenance shutdown and lower deliveries from Aitik. Secondary feed was affected by low availability of electronic secondary raw materials, which also had a negative effect on the volume of free metals. Gold production was lower than last year as a result of lower input grades.
Harjavalta's production was affected by a fire and an extensive planned maintenance shutdown. The fire, which occurred in the middle of July, entailed a minor shutdown in the copper and nickel feeds. With the exception of silver, the production of all metals declined compared with the previous quarter and last year. The production of nickel in matte decreased compared with the previous quarter and last year as the annual maintenance shutdown was more extensive than planned. The shutdown will also affect nickel production during the fourth quarter. However, investments currently in progress to mitigate bottlenecks will gradually enable a 20% increase in the production of nickel in matte.
Kokkola's zinc production was on par with both the previous quarter and last year. A lower proportion of internal concentrate deliveries due to disrupted production in Garpenberg and Tara had a negative effect on the raw materials mix. The production of silver in concentrate was positively affected by input grades that were higher than the previous year.
Odda's zinc production was lower than both the previous quarter and last year. A change in the raw materials mix and disruptions in the foundry had a negative effect.
Bergsöe's production was lower than the previous quarter but higher than last year.
Planned maintenance shutdowns were carried out during the quarter, affecting operating profit by SEK -310 m (-220). The maintenance shutdowns in Smelters during 2021 are estimated to affect operating profit by SEK -560 m (-345) of which SEK -200 m (-100) in the fourth quarter. The maintenance shutdown in Harjavalta during the fourth quarter has been extended. This means earnings will be affected by SEK 50 m more than previously announced.
Sales during the first nine months of the year totaled SEK 50,880 m (40,151). Operating profit excluding revaluation of process inventory increased to SEK 7,484 m (5,396), mainly due to higher metal prices.
The negative effect on volumes is primarily due to lower volumes in Mines. Lower milled volumes and grades in Aitik and the loss of Kylylahti had a negative effect. In Smelters, lower volumes of free metals had a negative effect.
Costs increased compared to last year as a result of higher maintenance and energy costs and general cost inflation.
Depreciations increased mainly as a result of higher production of metal in concentrate in Kevitsa.
Production disturbances and breakdowns in Tara and Aitik during the first quarter affected operating profit by SEK -300 m and the fire in Harjavalta during the third quarter this year affected operating profit by SEK -80 m. The second and third quarters last year included a total impact on earnings of SEK -130 m associated with a fire in Kevitsa.
| Nine months | ||||
|---|---|---|---|---|
| SEK m | 2021 | 2020 | ||
| Operating profit | 7,869 | 5,858 | ||
| Revaluation of process inventory | 385 | 463 | ||
| Operating profit ex. revaluation of process inventory | 7,484 | 5,396 | ||
| Change | 2,088 | |||
| Analysis of change | ||||
| Volumes | -970 | |||
| Prices and terms | 3,492 | |||
| Metal prices | 5,616 | |||
| By-product prices | 30 | |||
| TC/RC terms | -215 | |||
| Metal premiums | -22 | |||
| Exchange rate effects | -1.918 | |||
| Costs (local currencies) | -330 | |||
| Depreciation | -94 | |||
| Other | -10 | |||
| Change | 2,088 |
Net financial items totaled SEK -179 m (-204), while net profit totaled SEK 6,168 m (4,448). Earnings per share were SEK 22.54 (16.26). Investments during the first nine months totaled SEK 4,018 m (4,603).
| ₂ | ||||||
|---|---|---|---|---|---|---|
The average number of employees (full-time equivalents) was 6,124 (6,119). The accident frequency was higher than the previous quarter but slightly lower year-over-year. Boliden continues to focus on the development of proactive risk management and has increased its involvement in occupational health & safety issues to improve safety for employees and contractors alike.
Boliden follows government guidelines in the countries concerned in respect of the Covid-19 pandemic and is actively engaged in protecting health and reducing the spread of infection and worry among its employees. This takes place as part of the Group's established systematic occupational health & safety work. The improved pandemic situation enables a gradual return to normal procedures, which will involve more safety inspections, physical meetings with contractors, more efficient risk management in the field and more frequent exchanges of experience.
The Covid-19 pandemic has entailed higher levels of sick leave. However, this was lower than both the previous quarter and last year.
Carbon dioxide intensity was lower than the previous quarter and the corresponding quarter last year. Under the Group's climate program, constant efforts are made to reduce carbon dioxide emissions. Sulphur dioxide discharges were lower than the previous quarter but slightly higher year-over-year. Initiatives to reduce sulphur dioxide emissions are in progress.
No serious environmental incident occurred during the quarter.
₂
The Parent Company Boliden AB conducts limited operations and is in a tax arrangement with Boliden Mineral AB; Boliden AB has one employee who is compensated by Boliden Mineral AB. The Income Statement and Balance Sheet for the Parent Company are presented on page 19.
Boliden has received an environmental permit for an expansion of the annual production rate in Garpenberg. Today, production in Garpenberg totals around 3 Mtonnes annually, which has also been the maximum permissible volume under the existing environmental permit. Among other things, the new environmental permit means that capacity reinforcements in the transport infrastructure may begin with the aim of reaching a production volume of 3.3 Mtonnes in 2023. The environmental permit follows the failure of an appeal for leave to review the permit in the Land and Environment Court of Appeal, thereby upholding the previous judgment of the Land and Environment Court. The decision may be appealed to the Supreme Court by no later than November 1, 2021.
On April 29, Boliden received an environmental permit from the Land and Environment Court to open a new open pit mine in Liikavaara next to the Aitik mine. The permit was appealed by several parties. On October 8, the Land and Environment Court of Appeal announced that leave to appeal had not been granted. The ruling is an important step towards Boliden being able to mine higher grade ore from Aitik than would otherwise have been the case, and for around 10 years. However, for mining to commence in Liikavaara, certain other approvals must also be in place according to e.g. the Minerals Act, the Roads Act and construction and planning legislation. The ruling may be appealed to the Supreme Court by no later than November 5, 2021.
The Swedish Energy Agency has approved a grant to Boliden totaling SEK 67 m to develop and demonstrate the fossil-free electrified underground mine of the future. The project, which forms part of the Kristineberg mine expansion toward the Rävliden mineralization, involves e.g. the introduction of an electric trolley underground. An application to expand production in the Kristineberg mine has been submitted to the Land and Environment Court.
Significant risks and uncertainty factors for the Group and the Parent Company include market and external risks, financial risks, operational and commercial risks, and legal risks. The global economic climate in general and global industrial production in particular, affect demand for zinc, copper and other base metals. For further information about risks and risk management, we refer to Boliden's Annual and Sustainability report for 2020: Risk Management, on pages 54 to 57.
During the quarter, Boliden worked to minimize the spread of infection to protect the health of employees and contractors. However, the Covid-19 pandemic has led to increased short-term absence due to illness and certain logistics disruptions. While the company is planning for normal business operations during future quarters, elevated risks linked to the effects of Covid-19 remain. Future maintenance shutdowns are a particular hazard in this respect.
The Consolidated Accounts have been prepared in accordance with the International Financial Reporting Standards (IFRS) approved by the EU, and with the Swedish Financial Reporting Board recommendation, RFR1, complementary accounting rules for Groups, which specifies the supplementary information required in addition to IFRS standards, pursuant to the provisions of the Swedish Annual Accounts Act. This Interim Report for the Group has been prepared in accordance with IAS 34, Interim Financial Reporting, and the Swedish Annual Accounts Act, and for the Parent Company in accordance with the Swedish Annual Accounts Act. The accounting principles and calculation methods have remained unchanged from those applied in the 2020 Annual and Sustainability Report.
For a number of years, Boliden has presented certain financial metrics in interim reports that are not defined under IFRS, and it considers these metrics to provide valuable supplementary information as they more clearly evaluate the company's performance. Not all companies calculate financial metrics in the same way, so the metrics used by Boliden are not always comparable with those used by other companies, and these metrics should, therefore, not be regarded as a replacement for metrics defined in accordance with IFRS. The financial metrics that Boliden uses and which are not defined in accordance with IFRS regulations are: Operating profit (EBIT) excluding revaluation of process inventory, Operating profit (EBIT), Free cash flow, Net debt, Return on capital employed, Return on Equity, Net debt/Equity ratio, Equity/Assets ratio and Net reclamation liability. For definitions, explanations and calculations of the financial metrics used by Boliden, see www.boliden.com.
The undersigned hereby affirms that this Interim Report provides a true and fair overview of the Parent Company's and Group's operations, positions and performance, and describes the material risks and uncertainty factors faced by the Parent Company and the companies that make up the Group.
Stockholm, October 22, 2021
Mikael Staffas President and CEO
Boliden AB (publ) Box 44, SE 101 20 Stockholm, Sweden Phone +46 8-610 15 00 www.boliden.com Co. Reg. No. 556051-4142
The Interim Report has not been subject to special review by the Company's auditors.
Calendar
- · February 11, 2022 Interim Report for the fourth quarter and year-end 2021
- April 28, 2022 Interim Report for the first quarter of 2022 and AGM in Skellefteå
- July 21, 2022 O Interim Report for the second quarter of 2022
- October 21, 2022 Interim Report for the third quarter of 2022
Presentation of the report
The interim report will be presented via webcast/telephone conference
Time and date:
Friday, October 22, 09:30 (CET)
The presentation will be by webcast via www.boliden.com
To participate in the conference call, call one of the following numbers 3 to 5 minutes before the conference begins and use the code 69409035#.
Telephone number from Sweden:08-5664 2651 (also dial area code) Telephone number from the UK: +44 33 330 00804 Telephone number from the USA: +1 631 913 1422
Contacts:
Mikael Staffas President and CEO Phone: +46 8-610 15 00
Håkan Gabrielsson CFO Phone: +46 8-610 15 00
Olof Grenmark Director, Investor Relations Phone: +46 8-610 15 23, +46 70-291 5780
Bcause - Boliden's charity fund, a story about care and responsibility
Boliden has long had a local involvement in club activities and non-profit organizations. The Beause charity fund was stated in 2014 as part of its ambition to also contribute globally and be part of something much bigger. Beause relies on trom Boliden's employes, and from the company. Money collected is spent each year on more projects in the following areas: Health and development in children and young people; a healthy, safe work environment, and ecological and nature conservation.
Most of the 2020 Beause donation was made to the nonprofit Ocean Cleanup, which is developing new technology for clearing plastic waste from the oceans. The donation goes to Ocean Clean System 002, also known as Jenny, which is a system for cleaning up the oceans quickly. The Great Pacific Garbage Parch, located between Hawaii and Califomia, will be the first of five ocean areas polluted by gabage that Ocean Cleanup plans o get under control by 2040, when the organization expects 90% of the floared away. If the plastic is allowed to drift around, it will impact our ecosystems, health and economies. The first full-scale cleaning system, System, System 002, is currently being deplyed in the Great Pacific Garbage Patch, a large area of the Pacific Ocean polluted by garbage.
Plan International Finland with its 'My body, my future' program in Uganda also received a share of the International works to protect teenage girls from child marriage and to give their own bodies and lives in a society free from violence and which values girls.
Thanks to the previous year's contribution from Beause, Finn Church Aid is also developing its program in Sanger and the Battambang province in Cambodia and introducing reading clubs in several schools This is part of a long-term development effort; since 2016, Bcause has supported Fim Church Aid in projects that include a school for the deaf in Asmara and a school in Keren, Eritrea.
Photo: Ocean Cleanup testing its new Ocean System 002 in August 2021
Consolidated Income Statements
| Quarter | Nine months | 12 months | Full year | |||||
|---|---|---|---|---|---|---|---|---|
| SEK m | 3-2021 | 3-2020 | 2-2021 | 2021 | 2020 | Oct-Sep | 2020 | |
| Revenues | 15,906 | 13,550 | 17,891 | 50,880 | 40,151 | 67,051 | 56,321 | |
| Cost of goods sold | -13,220 | -10.557 | -14,555 | -41,655 | -32,972 | -54,200 | -45,516 | |
| Gross profit | 2,686 | 2,993 | 3,336 | 9,225 | 7,179 | 12,851 | 10,805 | |
| Selling expenses | -134 | -108 | -128 | -383 | -359 | -529 | -505 | |
| Administrative expenses | -125 | -134 | -171 | -445 | -482 | -638 | -675 | |
| Research and development costs |
-221 | -163 | -237 | -677 | -554 | -871 | -749 | |
| Other operating income and expenses |
98 | 34 | -15 | 149 | 75 | 132 | 59 | |
| Results from participations in associated companies |
1 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Operating profit | 2,305 | 2,622 | 2,785 | 7,869 | 5,858 | 10,945 | 8,935 | |
| Financial income | 0 | O | 2 | 3 | 1 | 5 | 3 | |
| Financial expenses | -61 | -63 | -61 | -182 | -205 | -247 | -270 | |
| Profit after financial items | 2,244 | 2,559 | 2,727 | 7,690 | 5,654 | 10,703 | 8,668 | |
| Tax | -444 | -524 | -536 | -1,521 | -1,206 | -2,182 | -1,867 | |
| Net profit | 1,800 | 2,035 | 2,191 | 6,168 | 4,448 | 8,521 | 6,801 | |
| Net profit attributable to: | ||||||||
| Owners of the Parent Company | 1,798 | 2,034 | 2,189 | 6,165 | 4,446 | 8,517 | 6,799 | |
| Non-controlling interests | S | 1 | 1 | 4 | 2 | 4 | 2 |
Earnings and Equity per share
| Quarter | Nine months | 12 months | Full year | ||||
|---|---|---|---|---|---|---|---|
| SEK m | 3-2021 | 3-2020 | 2-2021 | 2021 | 2020 | Oct-Sep | 2020 |
| Earnings per share 1, SEK | 6.57 | 7.44 | 8.00 | 22.54 | 16.26 | 31.14 | 24.86 |
| Ordinary dividend per share, SEK | 8.25 | ||||||
| Redemption per share, SEK | 6.00 | ||||||
| Equity per share 2, SEK | 176.36 | 160.96 | 169.32 | 176.36 | 160.96 | 176.36 | 166.81 |
| Number of shares | 273.511.169 273.511.169 273.511.169 | 273.511.169 273.511.169 | 273.511.169 | 273.511.169 | |||
| Average number of shares | 273,511,169 273,511,169 273,511,169 | 273,511,169 273,511,169 | 273,511,169 | 273.511.169 |
1 As no potential shares exist, there is no dilution effect.
2 Equity divided by the number of shares.
Key ratios – The Group
| Quarter | Nine months | 12 months | Full year | |||||
|---|---|---|---|---|---|---|---|---|
| SEK m | 3-2021 | 3-2020 | 2-2021 | 2021 | 2020 | Oct-Sep | 2020 | |
| Heturn on capital employed 1, % | 21.1 | 17.2 | ||||||
| Heturn on equity 2, % | 18.3 | 15.8 | ||||||
| Equity/assets ratio, % | 64 | 64 | 63 | 64 | 64 | 64 | 63 | |
| Net debt/equity ratio 3, % | 2 | 11 | ব | 2 | 11 | 2 | ഹ | |
| Net reclamation liability 4, SEK m | 2,356 | 2.283 | 2.319 | 2,356 | 2.283 | 2.356 | 2,205 | |
| Net debt, SEK m | 1,081 | 5,054 | 1.999 | 1,081 | 5,054 | 1,081 | 2,236 |
1 Dperating profit divided by average capital employed.
2 Profit atter tax divided by average equip.
3 Net of interestbearing provisions and liabilities less financial a
Consolidated Statements of Comprehensive Income
| Quarter | Nine months | 12 months Full year |
|||||
|---|---|---|---|---|---|---|---|
| SEK m | 3-2021 | 3-2020 | 2-2021 | 2021 | 2020 | Oct-Sep | 2020 |
| Profit for the period | 1,800 | 2,035 | 2,191 | 6,168 | 4,448 | 8,521 | 6,801 |
| Other comprehensive income | |||||||
| Items that will be reclassified to the Income Statement | |||||||
| Change in market value of derivative instruments | 8 | -26 | 11 | 26 | -75 | 26 | -76 |
| Fiscal effect on derivative instruments | -2 | 6 | -2 | -5 | 16 | -6 | 16 |
| I ransfers to the Income Statement | -2 | 0 | -6 | -5 | 0 | -4 | 2 |
| Tax on transfers to the Income Statement | 0 | 0 | 1 | 1 | 0 | 1 | O |
| Sum cash flow hedging | 5 | -20 | 5 | 16 | -59 | 17 | -58 |
| The period's translation difference on overseas operations | 138 | 84 | -239 | 356 | 5 | -459 | -810 |
| Profit on hedging of net investments in overseas operations | -16 | 2 | 24 | -34 | 151 | 82 | 267 |
| Tax on the period's profit from hedging instruments | 3 | O | -5 | 7 | -32 | -18 | -57 |
| Sum translation exposure | 125 | 85 | -220 | 329 | 123 | 395 | -600 |
| Total items that will be reclassified | 130 | 65 | -216 | 346 | 64 | -378 | -659 |
| Items that will not be reclassified to the Income Statement | |||||||
| Revaluation of defined benefit pension plans | -36 | -36 | |||||
| Tax attributable to items that will not be reversed to the Income Statement |
8 | 8 | |||||
| Total items that will not be reclassified | -28 | -28 | |||||
| Total other comprehensive income | 130 | કિર્ડ | -216 | 346 | 64 | -405 | -687 |
| Total comprehensive income for the period | 1,930 | 2,100 | 1,975 | 6,514 | 4,512 | 8,116 | 6,115 |
| Total comprehensive income for the period attributable to: | |||||||
| Owners of the Parent Company | 1,928 | 2,099 | 1,974 | 6,510 | 4,511 | 8,112 | 6,112 |
| Non-controlling interests | 2 | 1 | 1 | 4 | 2 | বা | 2 |
Consolidated Balance Sheets
| 30 Sep | 30 Sep | 31 Dec | |
|---|---|---|---|
| SEK m | 2021 | 2020 | 2020 |
| Intangible assets | 3,560 | 3,564 | 3,506 |
| Property, plant and equipment | 43,852 | 44,356 | 43,605 |
| Participations in associated companies | 9 | 9 | 9 |
| Other shares and participations | 7 | ട് | റ |
| Deferred tax assets | 93 | 105 | ਰਪ |
| Derivative instruments | 10 | 12 | 6 |
| Long-term receivables | 420 | 136 | 425 |
| Total non-current assets | 47,951 | 48,185 | 47,650 |
| Inventories | 16,203 | 13,880 | 14,238 |
| Trade and other receivables | 3,478 | 2,675 | 3,631 |
| Tax receivables | 22 | 282 | 242 |
| Derivative instruments | 206 | 96 | 137 |
| Other current receivables | 1,324 | 1,498 | 1,533 |
| Cash and cash equivalents | 6,258 | 2,627 | 5,060 |
| Total current assets | 27,490 | 21,058 | 24,842 |
| Total assets | 75,441 | 69,243 | 72,492 |
| Equity | 48,253 | 44,036 | 45,638 |
| Pension provisions | 1,178 | 1,124 | 1,159 |
| Other provisions | 4,926 | 4,778 | 4,880 |
| Deferred tax liabilities | 3,323 | 3,299 | 3,296 |
| Liability to credit institutions | 5,987 | 6,255 | 5,951 |
| Other interest-bearing liabilities | 139 | 169 | 153 |
| Derivative instruments | 3 | 23 | 17 |
| Total non-current liabilities | 15,555 | 15,648 | 15,456 |
| Liability to credit institutions | O | 100 | O |
| Other interest-bearing liabilities | 44 | 52 | 50 |
| Trade and other payables | 8,068 | 6,004 | 6,607 |
| Other provisions | 254 | 181 | 254 |
| Current tax liabilities | 231 | 126 | 173 |
| Derivative instruments | 78 | 124 | 37 |
| Other current liabilities | 2,958 | 2,974 | 4,277 |
| Total current liabilities | 11,633 | 9,560 | 11,398 |
| Total equity and liabilities | 75,441 | 69,243 | 72,492 |
Consolidated Statements of Changes in Equity
| 30 Sep | 30 Sep | 31 Dec | |
|---|---|---|---|
| SEK m | 2021 | 2020 | 2020 |
| Opening balance | 45,638 | 41.440 | 41,440 |
| Total comprehensive income for the period | 6.514 | 4.512 | 6,115 |
| Dividend | -2.256 | -1.915 | -1,915 |
| Redemption | -1.641 | ||
| Dividend to non-controlling interests | -1 | -1 | -1 |
| Closing balance | 48.253 | 44.036 | 45,638 |
| Total equity attributable to: | |||
| Owners of the Parent Company | 48.238 | 44.023 | 45.625 |
| Non-controlling interests | 15 | 12 | 13 |
| As of Sentember 30, 2021, the hedge reserve after tax effect totaled SFK 5 m (-12). |
Consolidated Statements of Cash Flow
| Quarter | Nine months | 12 months | Full year | ||||
|---|---|---|---|---|---|---|---|
| SEK m | 3-2021 | 3-2020 | 2-2021 | 2021 | 2020 | Oct-Sep | 2020 |
| Operating activities | |||||||
| Profit after financial items | 2,244 | 2,559 | 2,727 | / , ലെവ | 5,654 | 10, 703 | 8,668 |
| Adjustments for items not included in the cash flow: | |||||||
| - Depreciation, amortisation and write-down of assets |
1,380 | 1,416 | 1,418 | 4,128 | 4,0995 | 5,726 | 5,693 |
| - Provisions | 6 | O | 7 | 18 | 15 | 17 | 15 |
| - Revaluation of process inventory | 114 | -364 | -168 | -385 | -463 | -419 | -497 |
| - Other | 3 | -19 | -2 | 0 | 3 | 32 | 35 |
| Tax paid/received | -404 | -346 | -466 | -1,229 | -1,050 | -1,786 | -1,608 |
| Cash flow from operating activities before changes in working capital |
3,342 | 3,246 | 3,516 | 10,222 | 8,251 | 14,273 | 12,303 |
| Cash flow from changes in working capital | -841 | -95 | -109 | -1,072 | -1,445 | -675 | -1,048 |
| Cash flow from operating activities | 2,501 | 3,152 | 3,406 | 9,149 | 6,806 | 13,598 | 11,255 |
| Investment activities | |||||||
| - Acquisition of intangible assets | -2 | -5 | -6 | -19 | -17 | -46 | -43 |
| - Acquisition of property, plant and equipment | -1,536 | -1,269 | -1,388 | -3,999 | -4,586 | -5,669 | -6,256 |
| - Disposal of property, plant and equipment | 0 | O | O | 0 | 0 | 0 | O |
| - Acquisition/disposal of financial assets | -2 | O | 0 | 8 | 3 | 7 | 2 |
| Cash flow from investment activities | -1,540 | -1,274 | -1,393 | -4,010 | -4,599 | -5,708 | -6,297 |
| Cash flow before financing activities (free cash flow) |
962 | 1,878 | 2,013 | 5,140 | 2,207 | 7,890 | 4,957 |
| Dividend | -3,858 | -3,898 | -1,915 | -3,898 | -1,915 | ||
| Loans raised | 8,176 | 8,176 | |||||
| Amortisation of loans | -16 | -1,235 | -15 | -44 | -7,215 | -362 | -7,533 |
| Cash flow from financing activities | -16 | -1,235 | -3,913 | -3,942 | -953 | -4,260 | -1,271 |
| Cash flow for the period | 946 | 643 | -1,900 | 1,198 | 1,254 | 3,630 | 3,686 |
| Cash and cash equivalents at the beginning of the period |
5,312 | 1,984 | 7,211 | 5,060 | 1,373 | 2,627 | 1,373 |
| Exchange rate difference on cash and cash equivalents |
O | 0 | 0 | O | 0 | O | O |
| Cash and cash equivalents at period-end | 6,258 | 2,627 | 5,312 | 6,258 | 2,627 | 6,258 | 5,060 |
Income Statements the Parent Company
| Quarter | 9 months | 12 months | Full year | ||||
|---|---|---|---|---|---|---|---|
| SEK m | 3-2021 | 3-2020 | 2-2021 | 2021 | 2020 | Oct-Sep | 2020 |
| Revenues | 101 | - | 103 | 305 | - | 305 | l |
| Administrative expenses | -112 | -139 | -363 | -363 | |||
| Operating profit | -11 | - | -36 | -58 | -58 | ||
| Dividends from subsidiaries | 4,000 | - | 4,000 | - | 4,000 | ||
| Tax | - | ||||||
| Profit for the period | 3,989 | l | -36 | 3,942 | l | 3,942 | ı |
The Parent Company, Boliden AB, conducts limited operations, is in a tax agreement with Bolden Mineral AB, and has one employee who is compensated by Boliden Mineral AB. Boliden AB had no sums to report under Other comprehensive income for the third quarter of 2021.
Balance Sheets the Parent Company
| 30 Sep | 30 Sep | 31 Dec | |
|---|---|---|---|
| SEK m | 2021 | 2020 | 2020 |
| Participations in subsidiaries | 3.911 | 3.911 | 3.911 |
| Non-current financial receivables, subsidiaries | 12.981 | 12.884 | 12.884 |
| Current financial receivables, subsidiaries | 60 | ||
| Total assets | 16,952 | 16.796 | 16.796 |
| Equity | 16.090 | 16.046 | 16.046 |
| Non-current liabilities to credit institutions | 750 | 750 | 750 |
| Current liabilities, subsidiaries | 112 | ||
| Total liabilities and equity | 16,952 | 16,796 | 16.796 |
| 30 Sep 2021, SEK m | Reported value | Fair value |
|---|---|---|
| Other shares and participations | 7 | 7 |
| Trade and other receivables | 3,478 | 3,478 |
| Derivative instruments | 216 | 216 |
| Cash and cash equivalents | 6,258 | 6,258 |
| Total assets | 9,959 | 9,959 |
| Liabilities to credit institutions | 5,987 | 5,993 |
| Trade and other payables | 8,068 | 8,068 |
| Derivative instruments | 81 | 81 |
| Total liabilities | 14,136 | 14,142 |
| 30 Sep 2020, SEK m | Reported value | Fair value |
| Other shares and participations | 6 | 6 |
| Trade and other receivables | 2,675 | 2,675 |
| Derivative instruments | 108 | 108 |
| Cash and cash equivalents | 2,627 | 2,627 |
| Total assets | 5,416 | 5,416 |
| Liabilities to credit institutions | 6,355 | 6,363 |
| Trade and other payables | 6,004 | 6,004 |
| Derivative instruments | 147 | 147 |
| Total liabilities | 12,506 | 12,514 |
The fair value of derivatives is based on bid and ask prices listed on the closing date and by discounting estimated cash flows. Market prices for metals are taken from locations where metal derivatives are traded, i.e. the London Metal Exchange (LME) and the London Bullion Market Association (LBMA). Discount rates are based on current market rates per currency and time to maturity for the financial instrument. Exchange rates are obtained from the Riksbank (Swedish Central Bank). When presenting the fair value of liabilities to credit institutions, the fair value is calculated as discounted agreed amortizations and interest payments at estimated market interest margins. As of September 30, 2021, the interest terms of current loan agreements were adjudged to be on par with market rates in the credit market. Thus in essence, fair value corresponds to the carrying amount.
The carrying amounts of trade receivables and payables are considered to be the same as their fair value due to their short time to maturity, the fact that provisions are made for doubtful trade receivables, and that any penalty interest will be invoiced. Boliden's financial instrument holdings, which are reported at fair value in the balance sheet, are all classified as level 2 items in the fair-value hierarchy, with the exception of a small amount of level 3 holdings in other shares and participations. See also under Accounting Principles in the Annual and Sustainability Report.
The sale of metal concentrates, metals, intermediate products and by-products is recognized upon delivery to the customer in accordance with the terms and conditions of sale, i.e. revenue is recognized when control passes to the purchaser.
The Group's metal concentrates are invoiced provisionally upon delivery. Definitive invoicing takes place once all relevant parameters (concentrate, quantity, metal content, impurity content and metal price) for the price setting period have been determined.
Customers are invoiced for the Group's metals and intermediate products upon delivery. The Group eliminates price risks associated with sales and purchases by hedging the difference between purchased and sold quantities on a daily basis.
Customers are invoiced for by-products when control is transferred, which takes place upon delivery.
| Quarter | ||||||||
|---|---|---|---|---|---|---|---|---|
| Mines | Smelters | Other | The Group | |||||
| SEK m | 3-2021 | 3-2020 | 3-2021 | 3-2020 | 3-2021 | 3-2020 | 3-2021 | 3-2020 |
| Finished metals | 13,619 | 11,578 | - | 13,619 | 11,578 | |||
| Metal in concentrate | 234 | 275 | 0 | O | 234 | 275 | ||
| Intermediates | 1,714 | 1,441 | - | 1,714 | 1,441 | |||
| By-products | 302 | 233 | - | 302 | 233 | |||
| Uther sales | O | O | 35 | 23 | 0 | 1 | 35 | 23 |
| Total external revenues | 234 | 275 | 15,671 | 13.274 | O | 1 | 15.906 | 13,550 |
| Internal revenues | 4.910 | 4.589 | -11 | -15 | 119 | 50 | ||
| Total revenues per segment | 5,144 | 4,864 | 15,661 | 13,259 | 119 | 51 | 15,906 | 13,550 |
| SEK m | Nine months | |||||||
|---|---|---|---|---|---|---|---|---|
| Mines | Smelters | Other | The Group | |||||
| 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |
| Finished metals | 42,278 | 33.644 | 42.278 | 33.644 | ||||
| Metal in concentrate | 771 | 699 | 0 | O | - | 771 | 699 | |
| Intermediates | 6.857 | 5.001 | - | 6,857 | 5,001 | |||
| By-products | 0 | 887 | 735 | 887 | 735 | |||
| Other sales | 7 | 0 | 86 | 70 | 0 | O | 88 | 70 |
| Total external revenues | 772 | 699 | 50.108 | 39,452 | O | O | 50,880 | 40,151 |
| Internal revenues | 14.649 | 11.821 | -33 | -49 | 365 | 158 | ||
| Total revenues per segment | 15,421 | 12,520 | 50,075 | 39,403 | 365 | 157 | 50.880 | 40,151 |
The table below presents an estimate of how changes in market terms will affect the Group's operating profit over the next 12 months. The calculation is based on listings on September 30, 2021 and on Boliden's planned production volumes. The sensitivity analysis does not take into account the effects of metal price hedging, currency hedging, contracted treatment charges, or the revaluation of process inventory in Smelters.
| Change in metal prices, +10% |
Effect on operating profit, SEK m |
Change in TC/RC,+10% |
Effect on operating profit, SEK m |
Change in USD, +10% |
Effect on operating profit, SEK m |
||
|---|---|---|---|---|---|---|---|
| Copper | 900 | TC Zinc | 60 | USD /SEK | 1.780 | ||
| Zinc | 835 | TC/RC Copper | 55 | EUR/USD | 1,245 | ||
| Gold | 305 | TC Lead | -10 | USD /NOK | 125 | ||
| Nickel | 240 | ||||||
| Silver | 220 | ||||||
| Lead | 145 | ||||||
| Palladium | 90 | ||||||
| Platinum | 45 |
The table below shows a weighted index of the prices, terms and currencies that have the greatest impact on Boliden's profits, together with a weighted currency index and a weighted metal price and treatment charge index. Currencies and metal prices have often displayed a negative correlation that has had an equalizing effect on the Boliden-weighted index and on Boliden's earnings.
Quarterly data per segment
| SEK m | 4-2019 | 1-2020 | 2-2020 | 3-2020 | 4-2020 | 1-2021 | 2-2021 | 3-2021 |
|---|---|---|---|---|---|---|---|---|
| THE GROUP | ||||||||
| Revenues | 12,972 | 13,210 | 13,391 | 13,550 | 16,170 | 17,083 | 17,891 | 15,906 |
| Operating expenses | 3,998 | 4,035 | 4,142 | 3,850 | 4,181 | 3,986 | 4,182 | 3,992 |
| Depreciation | 1,309 | 1,258 | 1,415 | 1,411 | 1,608 | 1,320 | 1,413 | 1,379 |
| Operating profit ex. revaluation of process | ||||||||
| ınventory | 1,721 | 1,504 | 1,634 | 2,258 | 3,043 | 2,449 | 2,616 | 2,419 |
| Operating profit | 1,744 | 1,435 | 1,801 | 2,622 | 3,017 | 2,779 | 2,785 | 5,305 |
| Investments | 3,255 | 1,823 | 1,505 | 1,275 | 1 ,703 | 1,087 | 1,393 | 1,538 |
| Capital employed | 49,809 | 52,600 | 51,747 | 52,130 | 51,007 | 51,707 | 51,718 | 52,773 |
| MINES | ||||||||
| Revenues | 4,293 | 3,416 | 4,240 | 4,864 | 5,606 | 4,727 | 5,550 | 5,144 |
| Gross profit | 4,094 | 3,563 | 4,294 | 4,835 | 5,540 | 4,834 | 5,678 | 5,115 |
| Operating expenses | 2,239 | 2,304 | 2,414 | 2,110 | 2,345 | 2,232 | 2,355 | 2,183 |
| Depreciation | 970 | аза | 1,094 | 1,093 | 1,278 | 1,004 | 1,091 | 1,053 |
| Operating profit | 890 | 318 | 779 | 1,638 | 1,858 | 1,631 | 2,192 | 1,936 |
| Investments | 2,583 | 1,442 | 1,073 | 874 | 1,050 | 778 | 942 | 1,016 |
| Capital employed | 28,719 | 30,027 | 29,825 | 30,352 | 29,009 | 29,040 | 28,679 | 28,869 |
| SMELTERS | ||||||||
| Revenues | 12,612 | 13,128 | 13,015 | 13,259 | 15,880 | 16,912 | 17,502 | 15,661 |
| Gross profit ex. revaluation of process | ||||||||
| inventory | 2,812 | 3,113 | 2,910 | 2,854 | 3,186 | 2,966 | 2,879 | 2,697 |
| Operating expenses | 1,716 | 1,709 | 1,693 | 1,730 | 1,790 | 1,732 | 1,797 | 1,804 |
| Depreciation | 336 | 315 | 317 | 315 | 326 | 311 | 316 | 321 |
| Operating profit ex. revaluation of process inventory |
759 | 1,117 | 914 | 835 | 1,109 | 949 | 789 | 611 |
| Operating profit | 782 | 1,048 | 1,082 | 1,199 | 1,143 | 1,279 | 957 | 498 |
| Investments | 670 | 371 | 424 | 394 | 646 | 307 | 449 | 520 |
| Capital employed | 21,175 | 22,560 | 21,843 | 21,936 | 21,977 | 22,786 | 23,433 | 24,481 |
| OTHER / ELIMINATIONS | ||||||||
| Revenues | -3,933 | -3,335 | -3,865 | -4,573 | -5,316 | -4,555 | -5,162 | -4,899 |
| Operating expenses | 43 | 55 | 35 | 10 | 46 | 22 | 30 | 6 |
| Operating profit, internal profit | 118 | ല്ല | -28 | -204 | 131 | -110 | -322 | -111 |
| Operating profit, other | -47 | -28 | -32 | -11 | -56 | -21 | -43 | -18 |
| Investments | 3 | 9 | 8 | 7 | 7 | 2 | 2 | 2 |
| Capital employed | -85 | 13 | 79 | -158 | 21 | -119 | -393 | -576 |
| 2021 |
|---|
| 4-2019 | 1-2020 | 2-2020 | 3-2020 | 4-2020 | 1-2021 | 2-2021 | 3-2021 | |
|---|---|---|---|---|---|---|---|---|
| Financial performance 1, the Group | ||||||||
| Revenues, SEK m | 12,972 | 13,210 | 13,391 | 13,550 | 16,170 | 17,083 | 17,891 | 15,906 |
| Operating profit before depreciation, SEK m | 3,053 | 2,693 | 3,216 | 4,034 | 4,685 | 4,100 | 4,197 | 3,684 |
| Operating profit ex. revaluation of process | ||||||||
| inventory, SEK m | 1,721 | 1,504 | 1,634 | 2,258 | 3,043 | 2,449 | 2,616 | 2,419 |
| Operating profit, SEK m | 1,744 | 1,435 | 1,801 | 2,622 | 3,077 | 2,779 | 2,785 | 2,305 |
| Profit after financial items, SEK m | 1,667 | 1,369 | 1,726 | 2,559 | 3,013 | 2,719 | 2,727 | 2,244 |
| Net profit, SEK m | 1,360 | 1,067 | 1,346 | 2,035 | 2,353 | 2,178 | 2,191 | 1,800 |
| Earnings per share, SEK | 4.97 | 3.90 | 4.92 | 7.44 | 8.60 | 7.96 | 8.00 | 6.57 |
| Free cash flow, SEK m | 822 | -845 | 1,174 | 1,878 | 2,750 | 2,165 | 2,013 | 962 |
| Net debt/equity ratio, % | 13 | 15 | 17 | 11 | ട് | O | 4 | 2 |
| Production of metal in concentrate 2 | ||||||||
| Zinc, tonnes | 72,851 | 63,567 | 73,950 | 76,720 | 71,896 | 67,554 | 72,672 | 65,278 |
| Copper, tonnes | 28,057 | 29,059 | 34,076 | 30,777 | 33,745 | 24,455 | 28,871 | 26,964 |
| Nickel, tonnes | 2,282 | 2,635 | 2,670 | 3,058 | 3,700 | 2,974 | 3,404 | 2,915 |
| Lead, tonnes | 13,818 | 12,540 | 13,822 | 13,785 | 13,950 | 13,855 | 14,972 | 12,558 |
| Cobalt, tonnes | 191 | ട്ടാ | 215 | 231 | 237 | 128 | 147 | 145 |
| Gold, kg | 1,671 | 1,654 | 1,987 | 2,080 | 2,242 | 1,394 | 1,737 | 1,671 |
| Gold, troy oz. | 53,709 | 53,164 | 63,882 | 66,874 | 72,077 | 44,813 | 55,849 | 53,728 |
| Silver 3, kg | 96,495 | 80,256 | 80,541 | 96,652 | 96,524 | 92,327 | 97,111 | 98,694 |
| Silver 3, '000 troy oz. | 3,102 | 2,580 | 2,589 | 3,107 | 3,103 | 2,968 | 3,122 | 3,173 |
| Palladium, kg | 175 | 167 | 211 | 236 | 244 | 260 | 285 | 236 |
| Platinum, kg | 235 | 239 | 317 | 341 | 379 | 352 | 396 | 338 |
| Tellurium, kg | 11,713 | 5,101 | 12,576 | 11,387 | 12,678 | 10,086 | 9,599 | 11,502 |
| Metal production, Smelters | ||||||||
| Zinc, tonnes | 122,322 | 127,296 | 117,418 | 117,389 | 126,730 | 121,953 | 117,577 | 116,785 |
| Copper, tonnes | 86,590 | 95,243 | 93,007 | 91,796 | 91,787 | 96,762 | 94,840 | 85,872 |
| Lead, tonnes | 6,973 | 7,113 | 6,099 | 7,472 | 7,226 | 7,090 | 6,144 | 7,102 |
| Lead alloys, tonnes (Bergsöe) | 14,464 | 14,018 | 12,099 | 6,368 | 13,975 | 12,873 | 13,023 | 8,416 |
| Nickel in matte, tonnes | 7,089 | 7,124 | 7,114 | 4,476 | 6,733 | 6,002 | 7,282 | 3,666 |
| Gold, kg | 3,526 | 4,051 | 4,597 | 4,190 | 5,699 | 5,510 | 4,130 | 3,812 |
| 113,360 | 130,248 | 147,783 | 134,703 | 183,227 | 177,150 | 132,768 | 122,564 | |
| Gold, troy oz. Silver, kg |
104,860 | 154,440 | 146,020 | 141,460 | 144,140 | 146,205 | 133,304 | 145,460 |
| Silver, '000 troy oz. | 3,371 | 4,548 | 4,634 | 4,700 | 4,286 | |||
| 4,965 428,017 |
4,695 443,135 |
4,6/ / | ||||||
| Sulphuric acid, tonnes Metal prices in USD, average per quarter |
393,167 | 408,741 | 449,985 | 453,243 | 448,024 | 362,387 | ||
| Zinc, USD/tonne | 2,388 | 2,128 | 1,961 | 2,335 | 2,628 | 2,750 | 2,916 | 2,991 |
| Copper, USD/tonne | 5,881 | 5,637 | 5,356 | 6,519 | 7,166 | 8,504 | 9,700 | 9,372 |
| Lead, USD/tonne | 2,045 | 1,847 | 1,673 | 1,873 | 1,901 | 2,018 | 2,128 | 2,340 |
| Nickel, USD/tonne | 15,450 | 12,723 | 12,215 | 14,210 | 15,930 | 17,570 | 17,359 | 19,125 |
| Gold, USD/troy oz. | 1,483 | 1,584 | 1,711 | 1,908 | 1,876 | 1,798 26.26 |
1,814 | 1,740 |
| Silver, USD/troy oz. | 17.32 | 16.90 | 16.38 | 24.26 | 24.39 | 26.69 | 24.36 | |
| Metal prices in SEK, average per quarter | ||||||||
| Zinc, SEK/tonne | 23,000 | 20,576 | 18,978 | 20,718 | 22,681 | 23,095 | 24,520 | 25,869 |
| Copper, SEK/tonne | 56,648 | 54,501 | 51,829 | 57,840 | 61,844 | 71,426 | 81,558 | 81,049 |
| Lead, SEK/tonne | 19,700 | 17,855 | 16,188 | 16,622 | 16,408 | 16,947 | 17,894 | 20,233 |
| Nickel, SEK/tonne | 148,821 | 123,017 | 118,192 | 126,076 | 137,466 | 147,579 | 145,956 | 165,393 |
| Gold, SEK/troy oz. | 14,281 | 15,316 | 16,552 | 16,937 | 16,187 | 15,102 | 15,255 | 15,484 |
| Silver, SEK / troy oz. | 166.82 | 163.45 | 158.46 | 215.21 | 210.48 | 220.53 | 554.43 | 210.70 |
| Exchange rates, average per quarter | ||||||||
| USD/SEK | 9.63 | 9.67 | 9.68 | 8.87 | 8.63 | 8.40 | 8.41 | 8.65 |
| EUR/USD | 1.11 | 1.10 | 1.10 | 1.17 | 1.19 | 1.20 | 1.21 | 1.18 |
| EUR/SEK | 10.66 | 10.66 | 10.65 | 10.36 | 10.28 | 10.12 | 10.14 | 10.20 |
| USD/NOK | 9.12 | 9.47 | 10.01 | 9.13 | 9.04 | 8.51 | 8.37 | 8.77 |
2 Refers to the metal content of the concentrate.
1 For definitions, visit www.boliden.com. 3 Includes silver production in Tara, which is not payable.
Quarterly data per unit - Mines
| 4-2019 | 1-2020 | 2-2020 | 3-2020 | 4-2020 | 1-2021 | 2-2021 | 3-2021 | |
|---|---|---|---|---|---|---|---|---|
| AITIK | ||||||||
| Milled ore, Ktonnes | 10,523 | 10,453 | 10,520 | 10,169 | 10,519 | 8,476 | 10,254 | 10,132 |
| Head grades | ||||||||
| Copper, % | 0.22 | 0.23 | 0.25 | 0.24 | 0.25 | 0.22 | 0.21 | 0.22 |
| Gold, g/tonne | 0.10 | 0.10 | 0.13 | 0.13 | 0.16 | 0.12 | 0.11 | 0.11 |
| Silver, g/tonne | 0.97 | 0.87 | 1.34 | 1.00 | 1.04 | 0.91 | 0.80 | 0.94 |
| Production of metal in concentrate | ||||||||
| Copper, tonnes | 20,789 | 20,973 | 24,392 | 22,345 | 23,402 | 17,014 | 19,457 | 19,811 |
| Gold, kg | 669 | 591 | 802 | 786 | 948 | 563 | 674 | 630 |
| Gold, troy oz. | 21,494 | 18,990 | 25,799 | 25,280 | 30,493 | 18,115 | 21,682 | 20,245 |
| Silver, kg | 8,217 | 6,838 | 11,291 | 7,885 | 8,603 | 5,798 | 6,088 | 7,386 |
| Silver, '000 troy oz. | 264 | 220 | 363 | 253 | 277 | 186 | 196 | 237 |
| THE BOLIDEN AREA | ||||||||
| Milled ore, Ktonnes | 512 | 501 | 421 | 498 | 478 | 424 | 513 | 508 |
| Of which, smelter slag | 67 | 80 | 64 | 67 | 71 | 59 | 70 | 75 |
| Head grades | ||||||||
| Zinc, % | 3.4 | 4.4 | 2.7 | 3.8 | 3.1 | 2.7 | 3.4 | 3.3 |
| Copper, % | 0.34 | 0.43 | 0.35 | 0.38 | 0.38 | 0.37 | 0.40 | 0.26 |
| Lead, % | 0.39 | 0.47 | 0.28 | 0.45 | 0.41 | 0.33 | 0.38 | 0.42 |
| Gold, g/tonne | 1.9 | 1.9 | 2.4 | 2.2 | 2.4 | 1.8 | 1.9 | 2.1 |
| Silver, g/tonne | 52 | ട്ടി | 44 | 69 | 57 | 49 | 50 | 61 |
| Tellurium, g/tonne | 49 | 25 | 71 | 57 | 55 | 47 | 49 | 57 |
| Production of metal in concentrate | ||||||||
| Zinc, tonnes | 14,187 | 16,251 | 9,062 | 15,157 | 11,677 | 8,725 | 13,522 | 12,811 |
| Copper, tonnes | 1,167 | 1,253 | 992 | 1,235 | 1,179 | 1,047 | 1,450 | 820 |
| Lead, tonnes | ala | 668 | 430 | 850 | 799 | 468 | 764 | 947 |
| Gold, kg | 671 | 604 | 712 | 816 | 827 | 504 | 706 | 766 |
| Gold, troy oz. | 21,557 | 19,429 | 22,900 | 26,244 | 26,590 | 16,206 | 22,695 | 24,627 |
| Silver, kg | 18,483 | 18,997 | 11,459 | 23,587 | 19,129 | 13,296 | 17,411 | 20,581 |
| Silver, '000 troy oz. | 594 | 611 | 368 | 758 | 615 | 427 | 560 | e62 |
| Tellurium, kg | 11,713 | 5,101 | 12,576 | 11,387 | 12,678 | 10,086 | 9,599 | 11,502 |
| TARA | ||||||||
| Milled ore, Ktonnes | 654 | 395 | 698 | 652 | 570 | 548 | 605 | 560 |
| Head grades | ||||||||
| Zinc, % | 5.4 | 5.5 | 5.7 | 5.5 | 6.2 | 5.7 | 5.3 | 5.2 |
| Lead, % | 1.1 | 0.9 | 1.0 | 1.0 | 1.2 | 1.0 | 1.0 | 0.9 |
| Production of metal in concentrate | ||||||||
| Zinc, tonnes | 33,655 | 20,923 | 38,247 | 34,103 | 33,735 | 29,634 | 30,528 | 27,480 |
| Lead, tonnes | 4,346 | 2,170 | 4,286 | 3,677 | 4,268 | 3,380 | 3,331 | 2,947 |
| Silver 1, kg | 221 | 538 | 259 | 156 | 265 | 251 | 222 | 437 |
| Silver 1, '000 troy oz. | 7,105 | 7,652 | 8,327 | 5,015 | 8,520 | 8,070 | 7,137 | 14,050 |
1 Silver production in Tara is not payable.
Quarterly data per unit - Mines
| 4-2019 | 1-2020 | 2-2020 | 3-2020 | 4-2020 | 1-2021 | 2-2021 | 3-2021 | |
|---|---|---|---|---|---|---|---|---|
| GARPENBERG | ||||||||
| Milled ore, Ktonnes | 721 | 720 | 769 | 775 | 735 | 817 | 791 | 692 |
| Head grades | ||||||||
| Zinc, % | 3.7 | 3.9 | 3.6 | 3.8 | 3.8 | 3.8 | 3.8 | 3.8 |
| Copper, % | 0.05 | 0.07 | 0.05 | 0.05 | 0.06 | 0.07 | 0.07 | 0.06 |
| Lead, % | 1.47 | 1.61 | 1.42 | 1.42 | 1.47 | 1.48 | 1.62 | 1.50 |
| Gold, g/tonne | 0.28 | 0.32 | 0.33 | 0.32 | 0.26 | 0.31 | 0.32 | 0.28 |
| Silver, g/tonne | 124 | 103 | 101 | 108 | 123 | 118 | 120 | 133 |
| Production of metal in concentrate | ||||||||
| Zinc, tonnes | 24,733 | 26,300 | 26,477 | 27,390 | 26,485 | 29,196 | 28,623 | 24,987 |
| Copper, tonnes | 177 | 256 | 204 | 198 | 215 | 312 | 265 | 177 |
| Lead, tonnes | 8,553 | 9,702 | 9,106 | 9,258 | 8,883 | 10,007 | 10,877 | 8,665 |
| Gold, kg | 145 | 165 | 185 | 177 | 144 | 181 | 181 | 136 |
| Gold, troy oz. | 4,675 | 5,318 | 5,848 | 5,689 | 4,622 | 5,828 | 5,819 | 4,387 |
| Silver, kg | 69,379 | 54,012 | 57,176 | 64,899 | 68,458 | 72,982 | 73,389 | 70,290 |
| Silver, '000 troy oz. | 2,231 | 1,736 | 1,838 | 2,087 | 2,201 | 2,346 | 2,359 | 2,260 |
| KEVITSA | ||||||||
| Milled ore, Ktonnes | 1,959 | 2,103 | 2,066 | 2,430 | 2,588 | 2,370 | 2,206 | 2,239 |
| Head grades | ||||||||
| Copper, % | 0.28 | 0.30 | 0.36 | 0.29 | 0.36 | 0.28 | 0.38 | 0.30 |
| Nickel, % | 0.16 | 0.17 | 0.18 | 0.18 | 0.20 | 0.19 | 0.23 | 0.20 |
| Cobalt, % | 0.012 | 0.012 | 0.013 | 0.012 | 0.013 | 0.01 1 | 0.013 | 0.013 |
| Gold, g/tonne | 0.11 | 0.10 | 0.15 | 0.11 | 0.14 | 0.11 | 0.14 | 0.11 |
| Palladium, g/tonne | 0.13 | 0.12 | 0.15 | 0.14 | 0.13 | 0.16 | 0.20 | 0.16 |
| Platinum, g/tonne | 0.24 | 0.22 | 0.27 | 0.26 | 0.26 | 0.25 | 0.31 | 0.25 |
| Production of metal in concentrate | ||||||||
| Copper, tonnes | 4,769 | 5,504 | 6,820 | 6,455 | 8,622 | 6,082 | 7,699 | 6,157 |
| Nickel, tonnes | 2,121 | 2,325 | 2,450 | 2,810 | 3,487 | 2,974 | 3,404 | 2,915 |
| Cobalt, tonnes | 103 | 105 | 110 | 126 | 154 | 128 | 147 | 145 |
| Gold, kg | ад | 106 | 148 | 144 | 186 | 145 | 176 | 139 |
| Gold, troy oz. | 3,180 | 3,393 | 4,750 | 4,628 | 5,996 | 4,664 | 5,653 | 4,469 |
| Palladium, kg | 175 | 167 | 211 | 236 | 244 | 560 | 285 | 236 |
| Palladium, troy oz. | 5,627 | 5,374 | 6,787 | 7,577 | 7,834 | 8,354 | 9,173 | 7,588 |
| Platinum, kg | 235 | 239 | 317 | 341 | 379 | 352 | 396 | 338 |
| Platinum, troy oz. | 7,570 | 7,693 | 10,192 | 10,954 | 12,200 | 11,317 | 12,715 | 10,870 |
| KYLYLAHTI | ||||||||
| Milled ore, Ktonnes | 153 | 200 | 198 | 164 | 119 | |||
| Head grades | ||||||||
| Zinc, % | 0.45 | 0.26 | 0.33 | 0.21 | 0.15 | |||
| Copper, % | 0.83 | 0.59 | 0.91 | 0.37 | 0.30 | |||
| Nickel, % | 0.23 | 0.29 | 0.25 | 0.28 | 0.30 | |||
| Cobalt, % | 0.20 | 0.17 | 0.19 | 0.14 | 0.11 | |||
| Gold, g/tonne | 0.73 | 1.18 | 0.93 | 1.17 | 1.39 | |||
| Production of metal in concentrate | ||||||||
| Zinc, tonnes | 276 | 92 | 163 | 70 | ||||
| Copper, tonnes | 1,155 | 1,072 | 1,667 | 543 | 326 | |||
| Nickel, tonnes | 160 | 310 | 220 | 247 | 213 | |||
| Cobalt, tonnes | 88 | 154 | 105 | 105 | 83 | |||
| Gold, kg | 87 | 188 | 143 | 157 | 136 | - | ||
| Gold, troy oz. | 2,803 | 6,035 | 4,585 | 5,033 | 4,375 |
Quarterly data per unit - Smelters
| 4-2019 | 1-2020 | 2-2020 | 3-2020 | 4-2020 | 1-2021 | 2-2021 | 3-2021 | |
|---|---|---|---|---|---|---|---|---|
| RÖNNSKÄR | ||||||||
| Feed, tonnes | ||||||||
| Copper | ||||||||
| Copper concentrate | 151.087 | 166,210 | 163,500 | 171.844 | 156,630 | 155,727 | 165,687 | 158.518 |
| Secondary raw materials | 41,547 | 43,630 | 39.768 | 37.104 | 40,706 | 40,577 | 43,342 | 42,318 |
| Of which, electronics | 20,475 | 19,090 | 17.977 | 15.880 | 18,646 | 16,331 | 19,375 | 17,235 |
| Copper, total | 192,634 | 209,840 | 203,268 | 208,949 | 197,336 | 196,304 | 209,029 | 200,836 |
| Lead | ||||||||
| Lead concentrate | 12,275 | 9,885 | 10,236 | 12,394 | 10,508 | 11,059 | 9,832 | 8,755 |
| Secondary raw materials | 428 | 161 | 243 | 170 | 189 | 251 | 270 | 162 |
| Lead, total | 12,703 | 10,046 | 10,479 | 12,564 | 10,698 | 11,310 | 10, 102 | 8,917 |
| Production | ||||||||
| Cathode copper, tonnes | 52,315 | 58,076 | 56,220 | 55,642 | 56,049 | 55,652 | 54,325 | 56,395 |
| Lead, tonnes | 6,973 | 7,113 | 6,099 | 7,472 | 7,226 | 7,090 | 6.144 | 7,102 |
| Zinc clinker, tonnes | 8,264 | 8,431 | 9,424 | 9,599 | 5,967 | 7,733 | 8,482 | 9,531 |
| Gold, kg | 2,999 | 3,141 | 3,485 | 2,852 | 4,028 | 3,026 | 2,547 | 2,576 |
| Gold, troy oz. | 96,129 | 100,968 | 112,055 | 91,705 | 129,491 | 97,270 | 81,880 | 82,815 |
| Silver, kg | 91,100 | 138,700 | 131,400 | 127,000 | 126,600 | 122,205 | 110,944 | 126,500 |
| Silver, '000 troy oz. | 2,929 | 4,459 | 4,225 | 4,083 | 4,070 | 3,929 | 3,567 | 4,067 |
| Sulphuric acid, tonnes | 107,594 | 128,826 | 133,991 | 128,274 | 114,416 | 127,416 | 137,301 | 120,781 |
| BERGSOE | ||||||||
| Feed, tonnes | ||||||||
| Battery raw materials 1 | 15,522 | 15,200 | 13,586 | 7,404 | 14,950 | 13,595 | 12,961 | 8,846 |
| Production, tonnes | ||||||||
| Lead alloys | 14.464 | 14.018 | 12.099 | 6.368 | 13.975 | 12.873 | 13.023 | 8.416 |
1 As of 2020, battery raw material is reported excluding plastics; these were previously included. Adjustments to the been made accordingly.
Quarterly data per unit - Smelters
| 4-2019 | 1-2020 | 2-2020 | 3-2020 | 4-2020 | 1-2021 | 2-2021 | 3-2021 | |
|---|---|---|---|---|---|---|---|---|
| HARJAVALTA | ||||||||
| Feed, tonnes | ||||||||
| Copper | ||||||||
| Copper concentrate | 138,582 | 145,631 | 151,346 | 139,318 | 175,579 | 155,427 | 158,302 | 110.008 |
| Secondary raw materials | 6,935 | 6,014 | 7,289 | 5,442 | 7,320 | 7,622 | 9,603 | 5,399 |
| Copper, total | 145,517 | 151,645 | 158,635 | 144,761 | 182,898 | 163,049 | 167,905 | 115,407 |
| Nickel concentrate | 75,225 | 66,736 | 68,616 | 47,593 | 71,080 | 68,833 | 76,077 | 41,811 |
| Production | ||||||||
| Cathode copper, tonnes | 34,275 | 37,168 | 36,787 | 36,154 | 35,738 | 41,110 | 40,515 | 29,477 |
| Nickel in matte | 7,089 | 7,124 | 7,114 | 4,476 | 6,733 | 6,002 | 7,282 | 3,666 |
| Gold, kg | 536 | 911 | 1,111 | 1,337 | 1,671 | 2,485 | 1,583 | 1,236 |
| Gold, troy oz. | 17,232 | 29,280 | 35,728 | 42,998 | 53,736 | 79,881 | 50,888 | 39,748 |
| Silver, kg | 13,760 | 15,740 | 14,620 | 14,460 | 17,540 | 24,000 | 22,360 | 18,960 |
| Silver, '000 troy oz. | 442 | 506 | 470 | 465 | 564 | 772 | 719 | 610 |
| Sulphuric acid, tonnes | 173,809 | 183.806 | 198,282 | 165,581 | 221.108 | 211,232 | 206,817 | 129,270 |
| KOKKOLA | ||||||||
| Feed, tonnes | ||||||||
| Zinc concentrate incl. waelz | 137,233 | 146,612 | 142,972 | 152,678 | 145,441 | 154,975 | 134,050 | 149,063 |
| Production, tonnes | ||||||||
| 7inc | 71,662 | 79,107 | 71,786 | 72,408 | 73,956 | 74,574 | 70,460 | 74,280 |
| Silver in concentrate, kg | 5,124 | 6,094 | 6,526 | 1,641 | 5,055 | 6,156 | 5,694 | 5,287 |
| Silver in concentrate, '00 troy oz. | 165 | 196 | 210 | 53 | 163 | 198 | 183 | 170 |
| Sulphuric acid | 78,486 | 82,483 | 81,459 | 82.674 | 81,868 | 83,050 | 70,831 | 82,194 |
| ODDA | ||||||||
| Feed, tonnes | ||||||||
| Zinc concentrate, incl. zinc clinker | 98,435 | 100,086 | 88,239 | 97,764 | 96,269 | 95,315 | 93,149 | 88,213 |
| Production, tonnes | ||||||||
| Zinc | 50,660 | 48,189 | 45,632 | 44,981 | 52,774 | 47,379 | 47,117 | 42,505 |
| Sulphuric acid | 33,277 | 32,903 | 29,403 | 32,212 | 32,593 | 31,545 | 33,075 | 30,142 |
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