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Boliden drops on production woes

Kitco Media
By Michael McCrae
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Swedish miner Boliden reported a 16% drop in revenues in Q2.

Revenues were SEK 18.4 billion (US$177 million), down 16% compared to the same quarter a year ago.

Free cash flow was negative, SEK -3.7 billion (US$357 million) compared to SEK 2 billion (US$193 million) in Q2 2022.

The company reported several headwinds: low metal prices, dropping grades and inflation pressures.

Free cash flow was affected by the company's Tara Mine, which was place under care and maintenance, and a fire that that damaged the Rönnskär electrolysis plant.

The miner traded 12% lower.

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Michael McCrae

Michael McCrae is leading Kitco's coverage of the mining sector. McCrae, who has both an MBA and CMA, knows how to build digital media properties. He was co-founder and publisher of MINING.com, an award-winning news site. Before coming to media, McCrae worked in IT and banking. Please reach out: mmccrae@kitco.com or (514) 670-1383. You can also follow him at @michaelmccrae.

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