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.

To contact the reporter on this story: Firat Kayakiran in London at

To contact the editor responsible for this story: John Viljoen at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.