Swedish mining giant Boliden ups profit on improved operations
(Kitco News) - Sweden-based mining company Boliden (Nasdaq Stockholm: BOL) announced Friday that its annual free cash flow increased by more than 680%, from 635 million Swedish kronor ($76 million) in 2019 to 4,957 million kronor ($595 million) in 2020.
The company’s net profit grew by 18%, from 5,788 million kronor ($695 million) in 2019 to 6,801 million kronor ($816 million) in 2020.
Boliden said that the company’s positive results were achieved mainly due to higher grades at operating mines and overall good production results at both mining and smelting business segments.
"At our mines, development in Kevitsa is particularly positive, while production at the smelters has been characterized by a high level of stability," said President and CEO Mikael Staffas.
According to Wikipedia, Boliden is a Swedish mining and smelting company focusing on production of copper, zinc, lead, gold and silver. The name comes from the Boliden mine, some 30 km northwest of the Swedish town of Skellefteå, where gold was found in 1924.