Boliden Second-Quarter Profit Rises; Ramps Up Aitik Output
Boliden AB (BOL), a Swedish copper and zinc producer, said it raised second-quarter profit 6.5 percent on higher prices, while ramping up output at its largest mine.
Net income grew to 803 million kronor ($123 million) from 754 million kronor a year earlier, the Stockholm-based company said today in a statement. That missed the 899 million-kronor average estimate of nine analysts surveyed by Bloomberg. Sales advanced 11 percent to 9.89 billion kronor.
Boliden achieved a 32 million-metric-ton annual output rate at its Aitik mine in the second quarter, Chief Executive Officer Lennart Evrell said on a conference call. The company has solved issues with crushers at the mine, its biggest, and is set to achieve a 36 million ton capacity by 2014, he said.
Boliden also benefited from a recovery in demand for metals and higher prices. Copper averaged $9,137 a metric ton in the quarter on the London Metal Exchange, up 30 percent from a year earlier, it said. Zinc prices rose 12 percent to $2,250 a ton.
The company gained 4.5 percent to 113 kronor by the 5:30 p.m. close of trade in Stockholm, reversing an initial decline of as much as 4.4 percent.
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