Boliden’s 2024 Output Shows Mixed Performance in Zinc and Nickel Production

Boliden

Zinc Production Declines, But Copper and Nickel Output Increase for Sweden's Boliden

Sweden-based mining company Boliden has reported mixed results for its 2024 production across various metals. Zinc output showed a notable decline, while copper and nickel production saw significant increases. This reflects both challenges and successes in the company’s operations, driven by factors such as environmental restrictions and planned maintenance.

Zinc Production Declines, While Copper and Nickel Perform Well

Boliden's zinc-in-concentrate production increased by 8% in the fourth quarter of 2024, reaching 41,680 tonnes. However, the company’s full-year zinc output fell by 16%, totaling 164,108 tonnes, attributed to limited production at the Swedish Garpenberg mine due to environmental permit restrictions. Additionally, maintenance work at the Swedish Boliden Area mine further impacted overall zinc output.

Despite the drop in zinc production, the company managed a 7% increase in zinc production in the fourth quarter, reaching 112,692 tonnes. For the full year, Boliden's total zinc output dropped by just 1% to 453,743 tonnes, a relatively small decrease considering the challenges faced.

Copper and Nickel Show Strong Growth

Boliden reported a 7% increase in its copper-in-concentrate production for Q4 2024, reaching 22,326 tonnes. This brought the total copper-in-concentrate output for the year to 90,692 tonnes, a 1% increase from 2023. However, copper cathode production saw a drop of 29% for the full year, totaling 158,968 tonnes, due to the suspension of cathode production at Sweden's Ronnskar smelter.

On the other hand, copper anode production rose by 6% in Q4, reaching 120,856 tonnes, and the total annual output increased by 11% to 433,778 tonnes. This was supported by higher output at the Ronnskar smelter in the fourth quarter.

Nickel production was one of the standout performers. Boliden’s nickel-in-concentrate output increased by 11% in Q4, reaching 2,849 tonnes. For the full year, nickel production surged by 16% to 11,529 tonnes, driven by higher recovery rates at Finland's Kevitsa mine. Additionally, nickel-in-matte production for the fourth quarter rose by 6%, totaling 11,715 tonnes. Annual nickel-in-matte production increased by 17% to 40,074 tonnes.

Boliden’s Outlook for 2025

While Boliden faced challenges with its zinc production, the company’s increased copper and nickel output in 2024 demonstrates its ability to adapt and meet growing global demand for these critical metals. The strong performance in copper and nickel, alongside ongoing operational improvements, positions Boliden to continue making significant contributions to the global mining sector in 2025.