Boliden Reports Q3 2025 Results: Lower Guidance at Tara, Slower Ramp-Up at Odda Smelter

On October 22nd, Boliden released its third-quarter 2025 results, showing a quarter-on-quarter increase in overall lead and zinc concentrate production.

At the Tara mine, milled volumes were broadly in line with the previous quarter, but the ramp-up progressed more slowly than expected due to seasonal factors, slower-than-planned development work, and an unplanned power outage. Boliden revised down its full-year milled ore guidance from 1.8 Mt to 1.6 Mt. SMM expects this to reduce annual zinc concentrate output by around 5,000–10,000 tonnes (metal) and lead concentrate output by about 2,000 tonnes (metal).

At the Odda smelter, refined zinc production declined compared with Q2 2025, as operations were negatively affected by a shortage of intermediates. Ramp-up progress was slower than expected, and SMM estimates Odda’s 2025 output at around 170,000–180,000 tonnes of refined zinc.