Latest news with #Boliden
Yahoo
28-05-2025
- Business
- Yahoo
Long term financing for Somincor and Zinkgruvan acquisition in place
STOCKHOLM, May 28, 2025 /PRNewswire/ -- "The acquisition of Somincor and Zinkgruvan is pivotal to the long-term development of Boliden. I am of course very pleased that we now have concluded the financing of the acquisition, fully in line with the intentions at the announcement of the transaction. We are also grateful for the wide support from our relationship banks, shareholders, and other stakeholders", says Håkan Gabrielsson, CFO Boliden. Boliden has entered into Sustainability Linked EUR 700 m Term Loan (Term Loan) with a three-year tenor with the option to be extended by two additional years in total. The loan is provided by BNP Paribas, Royal Bank of Canada, Skandinaviska Enskilda Banken, ING, Nordea, Danske Bank, DNB and Swedbank. The proceeds from the Term Loan will be used to repay the bridge loan agreement which was put in place to finance the acquisition of Somincor copper and zinc mine in Portugal and the Zinkgruvan zinc mine in Sweden. Together with the equity raised by Boliden in March 2025 and the exclusion of dividend in 2025, approved by the Annual General Meeting in April 2025, the Term Loan marks the final step in the take-out financing of the bridge loan agreement which now has been fully repaid. For further information, please contact:Klas NilssonDirector Group Communications+46 70 453 65 This information was brought to you by Cision The following files are available for download: Press release View original content: SOURCE Boliden Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
06-05-2025
- Business
- Yahoo
Boliden updates Green Finance Framework
STOCKHOLM, May 6, 2025 /PRNewswire/ -- Since the launch of Boliden's inaugural Green Finance Framework in May 2022, Boliden has raised its climate ambition throughout the value chain. For example, by being one of the first mining and metals companies in the world, to have its climate targets validated and approved by the Science Based Targets initiative (SBTi). The roadmap to 2030 which primarily focuses on initiatives related to electrification, transition to renewables, process improvements and an enhanced energy mix has been incorporated into the long-term financial plan. In addition, dedicated efforts have been made to expand the Green Transition Metals portfolio of low-carbon products where the climate impact is significantly lower than global averages. With this updated Framework Boliden aims to raise funds from investors to support green investment projects that enable Boliden to achieve its vision to become the most climate friendly and respected metal provider in the world. Key updates in this Framework version include: The International Capital Market Association's (ICMA) Green Bond Principles (GBP) categories now serve as the starting point for mapping eligible Green Projects. Furthermore, eligible Green Projects are grouped and mapped to the single most core ICMA GBP category (instead of several). That is: 'Energy efficiency' is deemed core as it reflects the main activities to achieve Boliden's climate targets by 2030 - main area going forward is expected to be refinancing of the expansion investment in the zinc smelter Odda where production of Low Carbon Zinc is set to increase. Former category for 'Pollution prevention & control' has been broadened and clarified and thus include two-categories; i) pollution prevention; ii) waste management. A new category for renewable energy production has been added. Swedbank acted as the Sustainability Coordinator on the Framework update and S&P Global were engaged to provide an independent second-party opinion. S&P Global has assessed the updated Framework and reconfirms 'Medium Green' shading. For further information, please contact: Klas Nilsson Director Group Communications +46 70 453 65 88 This information was brought to you by Cision The following files are available for download: Press release Cision View original content: SOURCE Boliden
Irish Independent
01-05-2025
- Business
- Irish Independent
Prolonged Tara Mines closure led to €91m loss last year
Owned by Swedish giant Boliden, it is one of the largest zinc mines in the world and the largest in Europe. Operations there were suspended in summer 2023 after a surge in energy costs and lower zinc prices globally left it unable to continue production without incurring significant losses. Most zinc is used to galvanise steel, and demand was also hit by weak construction activity. It cost Boliden about €1m a week to keep the mine under care and maintenance. The loss posted in 2024 followed a €67.5m loss in 2023. A deal was reached with trade unions last year to reopen the mine. That resulted in about 160 voluntary redundancies at Tara, as well as a plan to return to full production within seven months. Newly-filed accounts for Tara Mines Holdings reveal that the cost of the voluntary redundancy scheme was €30m. Production began to ramp up at the end of last year and has continued since. Despite global economic uncertainty, future prices for zinc have continued to rise on the London Metal Exchange for contracts out to the end of 2026. 'Revenue generation for 2024 was limited due to the temporary suspension, so the impact of market factors including the price of zinc, smelting treatment charges and the US dollar exchange rate had less of an impact on the results for the year ended December 2024,' the accounts for Tara Mines say. They note that the average London Metal Exchange price of zinc was up 5pc last year versus 2023, but the average price of lead decreased by 3pc. The US dollar exchange rate strengthened against the euro in the same period. Michelle Bennett, the general manager of Tara Mines, said the group is pleased to have resumed operations after a challenging 18 months. 'We are continuing to make progress on ramping up operations and I'd like to thank our employees for their efforts, which have helped to place the business on a positive trajectory,' she said. 'The current geopolitical uncertainty, and its indirect effects on metal prices, is a reminder that it is important we continue to focus on the factors that we can influence. That includes safe, stable and efficient production, and to build for the future of Tara, which includes continuing with our exploration work on Tara Deep.' The group is engaged in exploration for mineral deposits with the aim of extending the life of the mine. Current ore reserves indicate a mine life through 2033. Revenue at Tara Mines last year was €10.1m, compared to €97.8m in 2023. This relates to two shipments of zinc in December as the mine's operations resumed. It mined and milled 156,000 tonnes of ore in 2024.
Irish Examiner
23-04-2025
- Business
- Irish Examiner
Tara Mines owner sees profits almost double
Tara Mines owner Boliden said it expected to reach peak production at the mine in 2028, following extensive upgrade works. Publishing its quarterly results, the Swedish company said Tara, which is Europe's only zinc mine, continued to ramp up its production in the first quarter after it reopened in October. Boliden said full-year milled volume production for 2025 was expected to be 1.8 Mtonnes. Tara's full production target is 2.2 Mtonnes per annum and it is expected to be reached by 2028, the company said. The company operates six other mines and five smelters in the Nordic region and Portugal. Its operating profit nearly doubled to 3.06 billion Swedish crowns (€281m) in the quarter. Tara Mine was closed in June 2023, with 650 workers being laid off. A deal was reached between a group of unions representing workers and Boliden to resume operations last year, which saw the number of workers reduced to 400. Boliden also mines base metals such as copper, gold and silver, does not have any direct mining or smelting operations in the United States and said the impact of the announced global tariffs had so far been limited. "But the big effect on us is the indirect effect," chief executive Mikael Staffas said in an interview with Reuters. Global metal prices and currencies have fluctuated more than usual after the end of the first quarter, resulting in deteriorating base metal prices and a weaker dollar, Staffas said in the earnings statement, adding strong precious metal prices had only partially offset those effects. Copper prices are still at a better level than a year ago, and Boliden is positioned to operate smoothly even if the conditions worsen, he said. JPMorgan analysts said in a research note given the company's higher capital expenditure plans and headwinds like weaker prices, currency effects and scheduled smelter maintenance, they saw a "significant downside" to consensus estimates for second-quarter operating earnings. Boliden raised its capital expenditure forecast to 15.5 billion crowns this year, instead of the previously targeted 14 billion, reflecting the recently closed acquisition of the Somincor mine in Portugal and the Zinkgruvan mine in Sweden. Additional reporting Reuters
Irish Times
23-04-2025
- Business
- Irish Times
Tara Mines owner Boliden tops earnings estimates in first quarter
Tara Mines owner Boliden reported first-quarter earnings above market estimates on Wednesday, helped by higher metal prices and a stronger dollar, but warned that trend had reversed since the start of April. The company, which operates seven mines and five smelters in the Nordic region, Ireland and Portugal, said its operating profit nearly doubled to 3.06 billion Swedish crowns (€280 million) in the quarter. That beat analysts' average forecast of SKr2.59 billion. Boliden, which mines base metals such as copper and zinc, as well as gold and silver, does not have any direct mining or smelting operations in the United States and said the impact of the announced global tariffs had so far been limited. 'But the big effect on us is the indirect effect,' chief executive Mikael Staffas said in an interview with Reuters. READ MORE Global metal prices and currencies have fluctuated more than usual after the end of the first quarter, resulting in deteriorating base metal prices and a weaker dollar, Mr Staffas said in the earnings statement, adding strong precious metal prices had only partially offset those effects. Copper prices are still at a better level than a year ago, and Boliden is positioned to operate smoothly even if the conditions worsen, he told Reuters. JPMorgan analysts said in a research note that, given the company's higher capital expenditure plans and headwinds like weaker prices, currency effects and scheduled smelter maintenance, they saw a 'significant downside' to consensus estimates for second-quarter operating earnings. Boliden raised its capital expenditure forecast to SKr15.5 billion this year, instead of the previously targeted SKr14 billion, reflecting the recently closed acquisition of the Somincor mine in Portugal and the Zinkgruvan mine in Sweden from Lundin Mining. (c) Copyright Thomson Reuters 2025
