Boliden sets additional dividend as rising metal prices boost earnings
Swedish mining and smelter group Boliden unveiled an additional payment to shareholders on Friday as rising metal prices and record milling volumes at some of its major mines boosted profits.
The company said in a statement that it was offering an additional payment to shareholders of 15.50 Swedish crowns ($1.66) per share, in addition to an ordinary dividend of 10.50 Swedish crowns per share, a steep increase from compared to last year.
The payment compared to a year ago, an additional payment of 6.00 crowns per share and an ordinary dividend of 8.25 crowns per share.
Operating profit in the fourth quarter rose to 3.214 billion Swedish krona ($345 million) from 3.077 billion a year ago, thanks to a positive revaluation of process inventories amid higher metal prices.
Boliden, which produces base metals such as copper, nickel and zinc, faced increased maintenance and production disruptions at the Harjavalta plant in Finland during the quarter.
“Despite some incidents, it was a good quarter. Naturally, the development of metal prices made a positive contribution, but we also had higher crushed volumes at our mines, where Aitik and Kevitsa reached new records of production,” said the CEO. Mikael Staffas noted.