Boliden expects higher grades, increased production for 2026

Boliden has issued its production guidance for 2026, forecasting higher ore grades and increased production volumes across its seven mining units. Investments for 2026 are expected to decrease to SEK 15 bn, with SEK 6.5 bn allocated to mine sustaining activities, though the Odda project has incurred some cost overruns. Significant improvements are anticipated in Aitik with a copper grade of 0.18% and 41 Mton processed, and Garpenberg is set to increase throughput to 3.7 Mton with 2.9% zinc and 95 g/ton silver, following an expanded environmental permit.

The Odda expansion project’s commissioning has been extended by two months, with first production expected in Q1 2026. Planned maintenance shutdowns within the Smelter business area are projected to impact operating profit by -450 MSEK. An ongoing assessment of metal recovery in Rönnskär’s electrolyser is expected to result in a positive one-time impact of approximately 400 MSEK on operating profit in Q4 2025 due to adjusted yield estimates.

Kevitsa is expected to face higher mining tax costs of 20-30 MEUR, while copper grades will increase to 0.24%. The Boliden area expects lower gold grades but higher processing volumes of 1.8 Mton. Exploration programs in Somincor and Zinkgruvan are also underway, aiming for long-term value creation.