Boliden Q2 Profit Misses Expectations as Garpenberg Disruption and Odda Zinc Smelter Ramp-Up Delay Weigh

Published: Jul 22, 2026 10:14

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Swedish miner Boliden reported second-quarter adjusted operating profit of SEK2.87 billion, more than double the year-earlier level but below the market consensus of SEK3.26 billion and down from SEK4.43 billion in the first quarter. Higher metal prices and strong performances from the Somincor and Zinkgruvan mines supported earnings, but these gains were offset by disruption at the Garpenberg mine, smelter maintenance and a slower-than-expected ramp-up of the Odda zinc smelter expansion.

Garpenberg had previously suspended operations following abnormal seismic activity and a rockfall, but production has resumed in unaffected areas and the damaged ore hoist has been repaired. Boliden maintained its guidance of 1.5 million tonnes of milled ore in 2026 and 2.3 million tonnes in 2027. Meanwhile, the Odda zinc smelter expansion continues to ramp up more slowly than planned due to issues with a new roaster. The company also lowered its 2026 milled-volume forecast for the Tara mine by 200,000 tonnes to 1.6 million tonnes. Inventory build-up during maintenance shutdowns and the slow Odda ramp-up contributed to a quarterly free cash outflow of SEK2.11 billion and higher net debt.

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