Kvartalsrapport Q3 2023

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===== SIDA 1 =====

• Operating profit excluding revaluation of  
process inventory totaled SEK 1,940 m (3,484). 
• Free cash flow was SEK -1,200 m (97).  
• Decreasing metal prices 
 • Tara mine in care and maintenance 
• Stable milled volumes except in Aitik 
• Low grades 
• Production at Rönnskär ramped up and operating  
according to modified business model.

===== SIDA 2 =====

Revenues decreased to SEK 19,396 m (19,480).  
 
 
Operating profit excluding revaluation of process inventory decreased to SEK 1,940 m (3,484). Prices 
and terms improved slightly. Premiums, a stronger USD and treatment charges contributed to the im-
provement while lower zinc and by-product prices had a negative impact. Volumes decreased as a result 
of lower grades, lower throughput in Aitik, Tara in care and maintenance and Rönnskär operating with-
out the tank house. Costs were lower due to Tara in care and maintenance as well as lower prices for 
energy and consumables. In the third quarter of 2022, an impairment of supplies inventory impacted 
operating profit in the amount of SEK -67 m, while electricity sales in that quarter made a positive 
contribution totaling SEK 170 m.  
Operating profit excluding revaluation of process inventory was SEK 1,106 m higher than the previous 
quarter. This is mainly a result of seasonally lower labor costs, lower planned maintenance costs, less 
costs associated to the fire in Rönnskär and a reduced loss in Tara. In the second quarter of 2023 items 
affecting comparability, lost production, cancelled deliveries and negative inventory effects due to the 
Rönnskär fire had an estimated effect of SEK -563 m on operating profit. The absence of a tank house 
has a major negative impact on Rönnskär’s profitability. The annual negative impact on operating profit is 
estimated to be about SEK 1 billion, compared to 2022, all things equal. 
Profit after financial items totaled SEK 1,668 m (3,404). Net profit was SEK 1,357 m (2,709), 
corresponding to earnings per share of SEK 4.96 (9.90). Return on capital employed and equity for the 
past 12 months were 14.1% and 12.2% respectively.

===== SIDA 3 =====

Capital expenditure totaled SEK 3.6 billion (2.5). For 2023, total capital expenditure is estimated at just 
under SEK 15 billion. This is in line with the estimate previously announced as the negative effect of a 
weaker SEK is offset by specific timing in some projects. For 2024, total capital expenditure is estimated 
at about SEK 14 billion.  
 
Free cash flow totaled SEK -1,200 m (97). Higher working capital and increased capital expenditure had a 
negative effect. The transformation of Rönnskär’s business model, from producing copper cathodes to 
copper anodes, is increasing the running working capital level by about  SEK 1 billion. Process inventory 
tied in the tank house has not yet been released as access to the facility has been restricted. 
 
Net financial items totaled SEK -245 m (-147). Average interest on loans was 4.1% (1.7%). 
Net debt at the end of the quarter was SEK 12,333 m (3,688) and net debt/equity ratio was 22% (7%). In 
addition, net reclamation liability was SEK 3,269 m (2,764).  
The average maturity of committed loan facilities was 3.5 years (3.2). The fixed-interest duration on 
utilized loans was 1.1 years (2.0). At the end of the quarter, net payment capacity in the form of cash and 
cash equivalents and unutilized binding credit facilities with a term of more than one year totaled SEK 
12,212 m (15,827).  
 
During the quarter Boliden issued two new 5-year SEK bonds under the Group’s Medium Term Note 
program, amounting to a total of SEK 800 m; SEK 600 m with floating interest rate and SEK 200 m with 
fixed interest rate. The bonds have been listed on Nasdaq Stockholm’s bond list. 
 
Boliden’s main projects (expansions in Odda and Kristineberg as well as a new dam structure in Aitik) are 
proceeding well. The previously communicated time-line for these projects are all valid. The expansion in 
Odda will be commissioned during the second half of 2024 and initial production from Rävliden in the 
Kristineberg mine is expected in the fourth quarter of 2023. The commissioning of the fossil-free 
production in Rävliden is planned for the first half of 2025. The new dam structure in Aitik will be 
completed according to plan and the project is assessed not to affect the production.

===== SIDA 4 =====

The trend of falling metal prices continued into the third quarter. The price for all Boliden’s main metals 
fell, except for lead. Weak economic activity, notably in Europe and China, impacted demand for metals. 
While inflation in Europe and the US continued to decrease, rising oil prices, caused by supply cuts, 
raised concerns of a potential inflation resurgence. Central banks across major developed economies 
raised interest rates.  
The Swedish krona weakened against the USD and EUR, and more important for the metal markets, the 
Chinese renminbi registered a 16-year low against the USD. 
 
Global zinc demand fell by 1% compared to the third quarter 2022. Smelter production increased by 4% 
from reduced levels of last year, which were impacted by high energy prices. Europe’s smelter production 
was unchanged as some smelters remained idle. Spot metal premiums were lower than in the second 
quarter of 2023.  
Global mine production fell by 1% compared to the third quarter 2022 as several mines have adjusted 
output due to the low zinc price. Treatment charges on the spot market fell compared to the previous 
quarter. They were significantly lower than benchmark treatment charges due to mine supply cuts and 
improved smelting capacity. 
The London Metal Exchange (LME) zinc price was on average 4% lower compared to the previous  
quarter. 
Global demand for copper increased by 2% compared to the third quarter 2022. Chinese demand in-
creased by 5% but was partially offset by weaker markets in Europe where demand fell by 6%. Global 
smelter production increased by 5% mainly driven by China where production increased by 10%. 
Inventories increased to the highest level observed in two years, but were still at low levels in a historical 
comparison. European metal premiums remained stable.  
Mine production increased by 2% compared to the third quarter 2022, primarily due to strong output 
from mines in South America. Spot treatment charges saw a slight increase compared to the levels in the 
previous quarter. 
The LME copper price was on average 1% lower compared to the previous quarter.

===== SIDA 5 =====

Global nickel demand increased by 15% compared to the third quarter 2022. The improvement in 
demand was particularly notable in the Chinese stainless steel sector, which is the largest end-use market 
for nickel.  
Global primary nickel production increased by 12%, mainly driven by continued output growth in China 
and Indonesia.  
The LME nickel price fell by 9% compared to the previous quarter. The discount for class 2 nickel 
products decreased, as prices for nickel pig iron and ferronickel improved due to concerns regarding 
nickel ore availability in Indonesia. 
In the third quarter, lead demand improved by 1% compared to the same period in 2022, while lead 
production increased by 2%. 
 
Lead inventories increased during this period, and metal premiums in both Europe and the USA 
remained at elevated levels. 
 
The LME lead price was on average 2% higher compared to the previous quarter. 
Falling inflation and continued policy rates hikes from several central banks increased real interest rates, 
which put downward pressure on the gold price. However, the demand for gold as a hedge against the 
prevailing negative market sentiment partially offset this trend. Compared to the previous quarter, the 
gold price fell by 2%. Similarly, the price of silver also fell by 2%.  
Prices for both palladium and platinum fell sharply compared to the previous quarter.  
The spot price for sulphuric acid improved towards the end of the quarter from historically low levels.

===== SIDA 6 =====

Boliden has five mining areas – Aitik, Boliden Area, Garpenberg, Kevitsa and Tara. Development in the 
Business Area is pursued jointly in the form of exploration, mine development, technology and the 
environment. 
• Lower grades and lower metal prices 
• Tara mine in care and maintenance 
• Operating profit decreased to SEK 750 m (1,964). 
 
Operating profit decreased to SEK 750 m (1,964). The deterioration was due to lower grades  
and less milled volume. Milled production was lower due to Tara in care and maintenance and production 
disturbances in Aitik. Prices and terms remained largely unchanged. The weaker zinc and nickel prices 
were almost fully compensated by stronger copper, gold and silver prices as well as a stronger USD.  
Definitive pricing for earlier deliveries contributed negatively. The costs decreased due to Tara in care 
and maintenance and overall lower milled volume.  
Operating profit was SEK 572 m higher than the previous quarter. Seasonally lower costs, less costs in 
Tara and a stronger USD fully compensated for lower milled volumes. Depreciations decreased as a 
result of lower ore production, mainly in Aitik. In the previous quarter, a provision was made for a one-
off item affecting comparability of SEK -53 m as a result of costs related to early retirements at Tara.

===== SIDA 7 =====

Milled volumes were lower compared to both the previous quarter and the third quarter of 2022.  
Production of metals in concentrate was also lower both quarter-on-quarter and year-on-year for copper, 
zinc, lead, gold and silver. Lower milled volume in Aitik and the fact that Tara was in care and 
maintenance had a negative effect. In addition, lower grades in all mines made a negative year-on-year 
contribution. Production of nickel in concentrate was higher than the previous quarter thanks to both 
higher milled volume and a higher nickel grade in Kevitsa.  
Aitik’s milled volume was lower than both the previous quarter and last year. Problems with the lining in 
the mill and a rope shovel breakdown contributed negatively. Combined with lower grades, this led to a 
lower production of copper and gold in concentrate than in both comparison periods. The copper grade 
was 0.17% (0.21), and the gold grade was 0.07 g/tonne (0.08). The average copper grade in 2023 is 
expected to reach 0.17% and gold grades 0.08 g/tonne, which is in line with what was previously 
communicated. Copper grades for 2024 are expected to reach 0.17% and gold grades 0.08 g/tonne.  
Successful testing of autonomous haul trucks was commenced during the quarter. 
The Boliden Area’s milled volume was in line with the previous quarter but higher than last year thanks 
to stable production in all three mines and the mill. The production of zinc in concentrate was above the 
previous quarter due to an ore mix with a higher share of production from the Kristineberg mine.  
Garpenberg’s milled volume was higher than both the previous quarter and last year. The zinc grade 
during the third quarter totaled 3.0% (3.2), and the silver grade was 89 g/tonne (117). Rock mechanical 
challenges causing changes in the mine plan affected grades negatively. Production is now back at earlier 
communicated grade levels. In 2023, zinc grades are expected to total 3.3% and silver grades 90 g/tonne. 
In 2024, zinc grades are expected to total 3.5% and silver grades 100 g/tonne. 
Tara had almost no production in the quarter as the mine since July 14 is fully under care and 
maintenance. The mill stopped on July 5. The rolling operating loss for keeping the Tara mine under care 
and maintenance is estimated at around EUR -13 m per quarter. Exploration of the Tara Deep deposit 
stopped in conjunction with the mine being placed under care and maintenance.  
Kevitsa’s milled volume was higher than the previous quarter, where a larger proportion of mined 
production took place in areas with lower grades, and was also higher compared to last year. The 
production was stable in all areas. The copper grade was 0.24% (0.29), and the nickel grade 0.17% (0.19). 
Grades for the full year 2023 are expected to total 0.25% for copper and 0.18% for nickel, which is in line 
with was previously communicated. Copper grades for 2024 are expected to total 0.28% and nickel 
grades 0.20%.

===== SIDA 8 =====

Boliden has five smelters – the Kokkola and Odda zinc smelters, the Rönnskär copper and lead smelter, 
the Harjavalta copper and nickel smelter, and the Bergsöe lead smelter.  
• Production at Rönnskär ramped up and modified business model operative. 
• Strong nickel production but weak copper feed in Harjavalta 
• Operating profit excluding revaluation of process inventory decreased to SEK 1,303 m (1,564). 
 
 
Operating profit excluding revaluation of process inventory decreased to SEK 1,303 m (1,564). Volumes 
had a negative impact, mainly due to the lack of cathode production in Rönnskär. Prices and terms 
contributed positively. Higher premiums and treatment charges fully compensated lower prices on metals 
and sulphuric acid. Costs were slightly lower primarily due to a lower electricity price. 
Operating profit excluding revaluation of process inventory was SEK 603 m higher than the previous 
quarter. A positive effect from prices and terms and less costs associated to planned maintenance more 
than compensated for the negative effect from lost cathode production in Rönnskär. In the previous 
quarter the book value of Rönnskär’s tank house was written down by SEK -88 m. In addition, in the 
second quarter of 2023, SEK -75 m was reserved in respect of costs for demolition and decontamination 
of Rönnskär’s fire-damaged area.

===== SIDA 9 =====

Copper cathode production was substantially lower compared to the previous quarter and the third  
quarter last year. The absence of a tank house in Rönnskär could only to a minor extent be compensated 
by increased copper cathode production in Harjavalta’s tank house. Zinc production was also lower than 
both the previous quarter and last year. Low availability of zinc concentrates contributed negatively.  
Harjavalta’s production of nickel in matte was significantly higher compared to both comparison periods. 
No planned maintenance, higher nickel content in raw materials and a more stable production process 
contributed positively. Gold production was higher than both comparison periods thanks to a stable 
production and high-grade input materials.  
Rönnskär’s production of all metals was lower than last year. On June 13, a fire broke out that totally 
destroyed the tank house. On June 24, production was partially resumed and with the exception of the 
tank house, all other production lines restarted July 13. Since then, the customer base has been converted 
from copper cathode to copper anode customers. The absence of a tank house has a major negative im-
pact on Rönnskär’s profitability. The annual negative impact on operating profit is estimated to be about 
SEK 1 billion, compared to 2022, all things equal. This is due to lower metal premiums and refining 
charges, as well as a decreased volume of free metals. Production up to the electrolysis stage ramped up 
during the quarter and production of copper anodes was in line with the previous quarter. Production of 
gold was higher than the previous quarter due to feed of gold rich process inventory. Boliden is in 
discussions with insurance companies regarding compensation for both the destroyed tank house and the 
loss of production. No provision has been made for the process inventory in the tank house as it is 
deemed recoverable. Around 10,000 tonnes of copper anodes were in production at the time of the fire. 
The process to reduce headcount following the fire is continuing in line with earlier announcements. It is  
expected to be finalized during the fourth quarter of 2023. 
Harjavalta’s copper cathode production was higher than the previous quarter and last year, as anodes  
produced in Rönnskär increased the utilization rate in Harjavalta’s tank house. However, Harjavalta’s 
copper feed was negatively impacted by leakages in the heat recovery boiler. The production of nickel in 
matte was higher than both comparison periods. No planned maintenance, higher nickel content in raw 
materials and a more stable production process contributed positively. The production of precious metals 
increased relative to the previous quarter, but silver production was significantly lower than last year. An 
equipment failure in the silver line contributed negatively. 
Kokkola’s production of casted zinc was below both the previous quarter and last year. Low availability 
of concentrates made a negative contribution. This also resulted in lower production of silver compared 
with both comparison periods.  
Odda's zinc production was lower than the previous quarter but in line with last year. Reduced 
availability of concentrates contributed negatively.  
Bergsöe’s production was in line with the previous quarter but lower than last year. Disturbances in the 
casting process made a negative contribution. 
Planned maintenance stops carried out during the quarter affected operating profit by SEK -75 m (-50). 
This is lower than previously communicated, mainly due to planned maintenance partly moved into the 
fourth quarter. Maintenance shutdowns in the smelters during 2023 are estimated to have an impact on 
operating profit of SEK -670 m (-500), of which SEK -30 m (-60) in the fourth quarter.

===== SIDA 10 =====

Revenues during the first nine months of the year totaled SEK 57,800 m (62,860).  
Operating profit excluding revaluation of process inventory decreased to SEK 5,793 m (12,482). Lower 
volumes primarily due to lower grades in mines, the fire in Rönnskär and a strong cost inflation caused 
the deterioration in earnings. 
Prices and terms were only marginally negative as weaker metal prices were almost fully compensated by 
higher premiums in Smelters and a stronger USD. 
In June, it was resolved to place the Tara mine under care and maintenance. The mine was cash flow  
negative due to a combination of factors including a decline in the zinc price, high energy prices and 
treatment charges, general cost inflation and operational challenges. Some employees in Tara were  
offered early retirement. As a result, a cost totaling SEK -53 m, constituting an item affecting 
comparability, was reserved for the second quarter.  
The fire that broke out in Rönnskär on the night of June 13 led to items affecting comparability totaling 
SEK -163 m. In addition, earnings were affected negatively by SEK 200 m linked to Rönnskär’s lost  
production and cancelled deliveries.  
 
Net financial items totaled SEK -683 m (-287), while net profit totaled SEK 4,419 m (9,833). Earnings 
per share was SEK 16.15 (35.95).  
Capital expenditure during the first nine months totaled SEK 10,725 m (6,311). In Mines, the capital  
expenditure in a new dam structure in Aitik was one of the year’s major projects, as was the expansion of 
the Rävliden deposit in the Boliden Area. The largest investment in Smelters was the expansion in Odda.

===== SIDA 11 =====

The average number of full-time equivalent employees (FTEs) was 5,724 (6,268). The decrease in FTEs is 
mainly a consequence of the temporary layoffs at the Tara mine, due to the mine being under care and  
maintenance. The fire in Rönnskär, in June, led to notices of termination for a total of 190 positions, and  
negotiations with labor unions are ongoing.  
The accident frequency for own employees and contractors was lower than both the previous quarter and the 
third quarter of 2022. This being a result of several pro-active activities to increase employee and contractor 
engagement in health and safety. 
Sick leave was lower than last quarter but at the same level as last year. Sick leave remains at an elevated level 
after the Covid-19 pandemic. This is believed to be partly the result of a changed behavior, with more  
employees choosing to stay home when experiencing mild symptoms. 
Boliden’s climate target is for absolute carbon dioxide emissions to be 40% lower in Scope 1 and 2 by 2030 
compared with 2021. Absolute carbon dioxide emissions for the Group were lower compared to the previous 
quarter and year-on-year. Significantly reduced purchase of electricity at Tara contributed positively. 
 
Sulphur dioxide emissions were higher than in the previous quarter but lower than the corresponding quarter of 
last year. In spite of a temporary increase between the two recent quarters, the more long-term trend reflects a 
continued reduction in sulphur dioxide emissions, a trend that has been ongoing for many years. These 
achievements can be attributed to substantial investments made in infrastructure to effectively manage and  
mitigate the release of sulphur dioxide gases generated during smelting processes. 
 
No significant environmental incidents occurred during the quarter. 
 
 
  
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===== SIDA 12 =====

The Parent Company Boliden AB, which has three employees, conducts limited operations and is in a tax union with Boliden 
Mineral AB. The Income Statement and Balance Sheet for the Parent Company are presented on page 19. 
No significant changes or transactions with related parties have occurred during the quarter. 
As previously informed, in its judgement issued on July 28, 2023, the First Instance Court no. 11 of Seville fully dismissed the claim of roughly 
EUR 89 m that the Junta de Andalucía had directed against Boliden for clean-up costs in connection with a dam failure in 1998 at Boliden's for-
mer operation Apirsa in Spain. In addition, the judgement also imposed the legal costs for the proceedings on the Junta. The decision can be  
appealed by the Junta to the next instance. 
 
On April 25, 2023, the Annual General Meeting passed a resolution to implement a long-term share savings program 2023/2026 (”LTIP 
2023/2026”) aimed at the CEO, members of the Group Management, General Managers and certain other key employees in the Boliden Group. 
Complete conditions are presented in the Board’s proposal of (a) the implementation of a long-term share savings program 2023/2026 and (b) 
hedging arrangements in respect of the program are available on Boliden’s website. The grant date for the long-term share savings program was 
July 1, 2023. The total cost for the quarter amounted to SEK 0.7 m. 
Significant risks and uncertainty factors for the Group and the Parent Company include market and external risks, financial risks, operational and 
commercial risks, and non-compliance risks. The global economic climate in general and global industrial production in particular, affects demand 
for zinc, copper, and other base metals. For further information about risks and risk management, we refer to Boliden’s Annual and Sustainability 
Report for 2022: Risk Management, on pages 54–57.

===== SIDA 13 =====

The Consolidated Statements have been compiled in accordance with the EU-approved International Financial Reporting Stand-
ards (IFRS), and the Swedish Financial Reporting Board recommendation, RFR1, complementary accounting rules for Groups, 
which specifies the supplementary information required in addition to IFRS standards, pursuant to the provisions of the Swedish 
Annual Accounts Act. This Interim Report for the Group has been prepared in accordance with IAS 34, Interim Financial Reporting, and the 
Swedish Annual Accounts Act, and for the Parent Company in accordance with the Swedish Annual Accounts Act. The accounting principles and 
calculation methods have remained unchanged compared with those applied in the Annual and Sustainability Report for 2022.  
For a number of years, Boliden has presented certain financial metrics in interim reports that are not defined under IFRS, and it considers these 
metrics to provide valuable supplementary information as they more clearly evaluate the company’s performance. Not all companies calculate 
financial metrics in the same way, so the metrics used by Boliden are not always comparable with those used by other companies, and these met-
rics should, therefore, not be regarded as a replacement for metrics defined in accordance with IFRS. The financial metrics that Boliden uses and 
which are not defined in accordance with IFRS regulations are: Operating profit (EBIT) excluding revaluation of process inventory, Operating 
profit (EBIT), Free cash flow, Net debt, Return on capital employed, Return on Equity, Net debt/Equity ratio, Equity/Assets ratio, Net payment 
capacity and Net reclamation liability. For definitions, explanations and calculations of the financial metrics used by Boliden, see www.bo-
liden.com.  
The undersigned hereby affirms that this Interim Report provides a true and fair overview of the Parent Company’s and Group’s operations,  
positions and performance, and describes the material risks and uncertainty factors faced by the Parent Company and the companies that make up 
the Group. 
 
Stockholm, October 20, 2023 
 
 
 
Mikael Staffas 
President and CEO 
Boliden AB (publ) 
Box 44, SE 101 20 Stockholm, Sweden 
Phone +46 8-610 15 00 
www.boliden.com  
Co. Reg. No. 556051-4142 
 
The Interim Report has not been subject to special review by the Company’s auditors.

===== SIDA 14 =====

• February 8, 2024 Interim Report for the fourth quarter and year-end 2023 
• March 18, 2024 Virtual Capital Markets Update between 14:00 – 16:00 (CET) 
• April 23, 2024  Interim Report for the first quarter of 2024 
• July 19, 2024  Interim Report for the second quarter of 2024 
• October 22, 2024 Interim Report for the third quarter 2024 
 
   
   
 
 
 
 
 
 
 
 
Boliden inaugurates its first Sustainability Park next to Aitik 
In September Boliden opened the Sarkanenä Sustainability Park next to the Aitik mine – a place where locals and tourists can enjoy, and learn 
about, the beautiful nature and rich biodiversity of the land around the mine. The area of the Sustainability Park has been subject to a number of 
measures to improve and raise the biodiversity values and recreate its natural woodland characteristics.  
“The Sustainability Parks are a part of our ambition to, in return for what we have borrowed, give something back to both society and nature. They highlight the sites’ 
history and biodiversity, and our presence today, yesterday and tomorrow. We invite the public to experience how we work with ecological reclamation of closed mines and our 
ongoing biodiversity work,” says Boliden Mines Social Sustainability Manager Anders Forsgren who has been leading the project.  
Beyond the Sarkanenä park, the guiding words for the creation of Sustainability Parks are responsible, playful, innovative and accessible. All will have a 
strong focus on biodiversity with information signs in multiple languages and things designed to evoke the curiosity of children. Boliden aims to 
open a new Sustainability Park annually.

===== SIDA 15 =====

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===== SIDA 20 =====

The fair value of derivatives is based on bid and ask prices listed on the closing date and by discounting estimated cash flows. Market prices for 
metals are taken from locations where metal derivatives are traded, i.e. the London Metal Exchange (LME) and the London Bullion Market Asso-
ciation (LBMA). Discount rates are based on current market rates per currency and time to maturity for the financial instrument. Exchange rates 
are obtained from the Riksbank (Swedish Central Bank). When presenting the fair value of liabilities to credit institutions, the fair value is calcu-
lated as discounted agreed amortizations and interest payments at estimated market interest margins. As of September 30, 2023, the interest terms 
of current loan agreements were adjudged to be level with market rates in the credit market. Thus in essence, fair value corresponds to the carry-
ing amount.  
The carrying amounts of trade receivables and payables is considered to be the same as their fair value due to their short time to maturity, the fact 
that provisions are made for expected credit losses, and that any penalty interest will be invoiced. Boliden’s financial instrument holdings, which 
are reported at fair value in the balance sheet, are all classified as level 2 items in the fair-value hierarchy, with the exception of a small amount of 
level 3 holdings in other shares and participations. See also under Accounting Principles in the Annual and Sustainability Report.

===== SIDA 21 =====

The sale of metal concentrates, metals, intermediate products and by-products is recognized upon delivery to the customer in 
accordance with the terms and conditions of sale, i.e. revenue is recognized when control passes to the purchaser.
The Group’s metal concentrates are invoiced provisionally upon delivery. Definitive invoicing takes place once all relevant parameters (concen-
trate, quantity, metal content, impurity content and metal price) for the price setting period have been determined. 
Customers are invoiced for the Group’s metals and intermediate products upon delivery. The Group eliminates price risks associated with sales 
and purchases by hedging the difference between purchased and sold quantities on a daily basis.  
Customers are invoiced for by-products when control is transferred, which takes place upon delivery.

===== SIDA 22 =====

The table below presents an estimate of how changes in market terms will affect the Group’s operating profit, excluding the 
revaluation of process inventory, over the next 12 months. The calculation is based on listings on September 30, 2023 and on Boliden’s planned 
production volumes. The sensitivity analysis does not take into account the effects of metal price hedging, currency hedging, contracted treatment 
charges, or the revaluation of process inventory in Smelters.  
The sensitivity analysis is based on the continued placement of the Tara mine under care and maintenance, and that Rönnskär’s business model is 
converted from selling copper cathodes to copper anodes. There is considerable uncertainty regarding Rönnskär’s future business model in this 
analysis.  
 
The table below shows a weighted index of the prices, terms and currencies that have the greatest impact on Boliden’s profits, together with a 
weighted currency index and a weighted metal price and treatment charge index. Currencies and metal prices have often displayed a negative cor-
relation that has had an equalizing effect on the Boliden-weighted index and on Boliden’s earnings.

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