TARA MINE

Boliden stated that Garpenberg’s mineral resources have increased by 38 per cent and Aitik’s have increased by 14 per cent in 2010.

Boliden reported Q4 2010 highlights include; Revenues totalled SEK 10,120 million (SEK 8,356 m). Full year 2010 higlights include; Revenues totalled SEK 36,716 million (SEK 27,635 m).

Boliden’s revenues totalled SEK 6,960 million (SEK 7,513 m), corresponding to a fall of 7 per cent in relation to the third quarter of 2008, but to a rise of 8 per cent in comparison with the second quarter of this year. The downturn in comparison with the third quarter of 2008 was due to lower prices, although this was, to some extent, countered by a stronger US dollar. The improvement in comparison with the previous quarter was due to higher average prices for the majority of metals. The operating profit totalled SEK 949 million (SEK -142 m) during the third quarter and was affected by substantial positive changes in production, prices and exchange rates, compared with the same period last year. The quarter’s profit, in comparison with the third quarter of last year, was positively affected to the tune of SEK 142 million by higher head grades, particularly at the Garpenberg and Tara zinc mines, and by higher production levels at Tara and the Aitik copper mine. Production was shifted to ore reserve areas with below-average metal grades at the end of the third quarter.