Boliden reported a 67% increase in third-quarter operating profit to approximately €490 million, supported by higher metal prices and improving production across several European operations. Revenue rose 39% to €2.75 billion, compared with approximately €1.99 billion in the corresponding period a year earlier.
The Swedish mining and metals group announced its results on 29 October 2026, reporting that operating profit excluding process inventory revaluation increased 78% to €443 million. Free cash flow, however, declined to approximately €101 million, from €207 million a year earlier, reflecting continued investment requirements across its mining and smelting portfolio.
Boliden operates mining and processing facilities in Sweden, Finland, Norway, Ireland and Portugal, producing copper, zinc, nickel, lead and precious metals for industrial markets.
Higher metal prices were the principal contributor to the earnings improvement. Prices and commercial terms added approximately €294 million to operating profit excluding inventory revaluation, while lower production volumes reduced the result by approximately €59 million and increased costs had a negative impact of around €58 million.
Mining and Smelting Divisions Report Higher Earnings
The mining division generated approximately €356 million in operating profit, compared with €220 million in the previous year’s third quarter. Stronger copper, zinc, gold and silver prices supported the improvement.
The smelting division recorded operating profit excluding inventory revaluation of approximately €134 million, more than twice the €62 million reported a year earlier. Production trends remained mixed. Copper concentrate output increased 15% year on year to 31,979 tonnes, while zinc production declined 22% to 84,744 tonnes and nickel output fell 12% to 2,854 tonnes. Silver and gold production in concentrate also decreased compared with the corresponding quarter of 2025. Nevertheless, all major metals recorded higher production quarter on quarter, reflecting improved operating conditions, particularly at Garpenberg.
Garpenberg Continues Recovery After Seismic Damage
At Garpenberg in Sweden, Boliden continued restoring mining operations following abnormal seismic activity in March that damaged underground infrastructure and substantially reduced production.
The production ramp-up progressed according to plan, with throughput improving from the second quarter. However, zinc and silver concentrate output remained at approximately one-third of year-earlier levels.
Boliden maintained its production expectations of approximately 1.5 million tonnes of processed ore in 2026, increasing to 2.3 million tonnes in 2027.
The recovery is important for the group’s zinc, silver and lead production. Restoring planned throughput requires rehabilitation of damaged infrastructure, access to unaffected ore bodies and continued management of underground geological conditions.
Aitik Copper Grade Forecast Reduced to 0.16%
At Aitik, Boliden’s major open-pit copper operation in northern Sweden, the company lowered its expected average copper grade for 2026 to 0.16%, from the previous estimate of 0.18%.
The annual ore-processing forecast was simultaneously increased to 42 million tonnes, compared with 41 million tonnes previously.
The revised grade expectation reflects greater waste-rock dilution in mined material, reducing the average copper content delivered to the processing plant. Higher processing volumes could partly offset the lower grade, although treating larger quantities of lower-grade ore also affects energy consumption, grinding requirements, equipment wear and operating costs.
Aitik maintained high overall mining production during the quarter, with copper concentrate output above the previous year’s level. The revised guidance nevertheless places greater emphasis on ore selection, blending and processing efficiency.
Kevitsa and Somincor Increase Their Contribution
In Finland, Kevitsa achieved a new quarterly milling-volume record. Copper and nickel concentrate production increased compared with the previous quarter, although both remained below year-earlier levels.
The operation represents an important source of European copper and nickel, while Finnish mining taxation and the economics of long-term mine development remain relevant to future investment decisions.
In Portugal, Somincor, acquired by Boliden in 2025, delivered higher copper production than both the previous quarter and the corresponding period of the previous year. The company reported progress in integrating the operation into its wider mining portfolio.
Meanwhile, Tara mine in Ireland continued experiencing difficult ground conditions and more extensive refurbishment requirements than anticipated. These challenges contributed to production delays and lower zinc grades.
Rönnskär and Odda Smelter Projects Advance
Boliden reported progress at two major processing investments in Sweden and Norway.
At the Rönnskär copper smelter in Sweden, construction and commissioning of a new electrolytic tankhouse were approaching completion. The investment is intended to restore copper cathode production following the destruction of the previous tankhouse in a fire in 2023.
In Norway, the expanded Odda zinc smelter recorded improved availability of its new roaster towards the end of the third quarter. The ramp-up had taken longer than initially expected, but better equipment performance was supporting increased utilisation.
At Harjavalta in Finland, Boliden achieved a record quarterly nickel-feed volume, indicating stronger performance at the refining facility.
Capital Expenditure Forecast Remains at €1.40 Billion
Boliden maintained its total 2026 capital expenditure forecast at approximately €1.40 billion, while increasing planned sustaining investments in mining operations to approximately €633 million, from €588 million previously.
The additional sustaining expenditure covers waste-rock mining, processing infrastructure and continued tailings-dam development. The company also increased its expected full-year earnings impact from planned smelter maintenance to approximately €45 million, reflecting higher shutdown-related costs.
Alongside its European investment programme, Boliden is preparing to expand its international mining portfolio through an agreement to acquire 64.68% of Nexa Resources, which operates zinc and other base-metal assets in Latin America. The transaction is expected to close in the first quarter of 2027, subject to shareholder and regulatory approvals.
