Boliden's Production Guidance for 2026
Boliden is preparing for the year ahead by unveiling its comprehensive production guidance for 2026. This initiative encompasses all seven mining units, showcasing the company's commitment to sustainable mining practices. As Boliden invests in ongoing projects and scheduled maintenance for its smelting operations, they express optimism about future achievements.
President and CEO Mikael Staffas emphasizes the larger implications of the upcoming production targets. "We're confident about 2026, as the rich grades in our open-pit mines will support our ambitions. This is boosted by strategically critical projects in the pipeline. We have also intensified exploration programs in Somincor and Zinkgruvan, which we believe will significantly add value in the long run,” Staffas noted.
2026 Production Insights
Looking ahead, the capital expenditure for 2026 is projected to decline to SEK 15 billion. A significant portion is allocated to waste rock mining and the ongoing support of operations, with investments estimated at SEK 6.5 billion. Projects underway also include adjustments in the Odda project, which slightly exceed expectations.
Aitik Mining Developments
The situation at Aitik is promising, with anticipated improvements in copper grades during the latter half of 2026, forecasting an average copper grade of 0.18%. However, operations continue to face challenges due to diorite intrusion, keeping throughput at around 41 million tonnes.
Evaluating the Boliden Area
The Boliden Area is expected to experience a decrease in gold grades compared to this year, but throughput is slated to rise to 1.8 million tonnes. As the company navigates these changes, it maintains a commitment to sustainable practices, emphasizing environmental stewardship.
Environmental Planning at Garpenberg
At Garpenberg, Boliden has made progress by securing an expanded environmental permit. Although this permit is subject to appeal, Boliden has the right to increase production during the appeal process, with an expected throughput of 3.7 million tonnes. Here, the zinc grade is estimated to reach 2.9%, and the silver grade is projected at 95 g/tonne, signifying robust operational trajectories.
Operational Adjustments and Financial Forecasts
At Kevitsa, the anticipated increase in mining tax is projected to impact costs, with estimates between EUR 20-30 million. However, the copper grade will see a rise to 0.24%, maintaining nickel grades and throughput similar to the current year's metrics. The commissioning of the Odda expansion project has faced a minor delay, but first feed is expected within the first quarter of 2026.
Impact of Scheduled Shutdowns
Planned maintenance shutdowns within Business Area Smelters are forecasted to result in an operational profit impact of approximately SEK -450 million. These adjustments are crucial for maintaining product quality and operational sustainability.
Adjustments in Rönnskär Smelter Operations
In the Rönnskär unit, a detailed assessment of metal recoveries from the affected tankhouse is concluding. The revision of estimated recoveries from new material flows suggests a potential positive one-time operating profit adjustment of SEK 400 million for the fourth quarter of 2025, complementing the company's ongoing recovery strategy.
Engagement with Stakeholders
Boliden remains transparent with its stakeholders, inviting media and analysts to a conference detailing these insights. The scheduled event will showcase Boliden's strategies on December 5. Following the conference, all relevant materials will be available on their website, ensuring stakeholders remain informed.
For further insight into Boliden's operational plans and prospective growth, please contact Klas Nilsson, Director of Group Communications, at +46 70 453 65 88.
Frequently Asked Questions
What is Boliden's capital expenditure forecast for 2026?
Boliden estimates a capital expenditure of SEK 15 billion for 2026, focusing significantly on essential operational projects.
How will production be impacted at Aitik?
Aitik anticipates improved copper grades to 0.18% in the second half of 2026, though throughput is limited at 41 million tonnes due to geological factors.
What are the expected outcomes for the Boliden Area?
Production in the Boliden Area is expected to yield a slight decrease in gold grades while throughput increases to 1.8 million tonnes, showcasing strong operational capacity.
What significant development has occurred at Garpenberg?
Garpenberg has received an expanded environmental permit, allowing for increased production during the appeal process of the permit.
How will planned shutdowns affect Boliden's operations?
Scheduled maintenance shutdowns are expected to impact operating profit by SEK -450 million, indicating a careful strategy to balance maintenance with production efficiency.
