Swedish miner and smelter Boliden lifted third-quarter adjusted operating profit by about 77% to 4.90 billion crowns ($494.4 million), as higher copper and zinc prices outweighed operating problems and rising costs. It cut its copper grade forecast for its Aitik mine.
At a glance
- Smelting operating profit more than doubled to 1.48 billion crowns on higher metal and sulphuric acid prices.
- Boliden cut Aitik's full-year copper-grade guidance but raised its ore-processing target to 42 million tonnes.
- Zinc prices reached a four-year high in September as inventories stayed tight.
Background
Boliden is a Swedish miner and smelter whose operations include the Aitik copper mine and the Garpenberg zinc and silver mine. Adjusted operating profit here excludes the revaluation of metal held in its processing plants, which swings with prices. Treatment charges are fees miners pay smelters to process concentrate.
What happened
Boliden's operating profit excluding the revaluation of process inventory rose about 77% to 4.90 billion crowns ($494.4 million) in the third quarter, Reuters reported via MINING.COM. That compared with 2.75 billion crowns a year earlier, as higher copper and zinc prices outweighed operating disruptions and rising costs.
"There is a growing consensus that the copper price has a new floor," chief executive Mikael Staffas said.
Mines and smelters
Boliden cut its full-year copper-grade guidance for its flagship Aitik mine after more waste rock was mixed with ore, but raised Aitik's ore-processing target to 42 million tonnes. Zinc and silver output at Garpenberg was disrupted by an earthquake in March, though recovery remains on track.
Smelting operating profit, excluding inventory revaluation, more than doubled to 1.48 billion crowns. Higher metal and sulphuric acid prices offset lower processing fees, and a new roaster that slowed one expansion earlier this year performed better by the end of the quarter.
What it means
Tight supply has lifted both copper and zinc prices, with zinc reaching a four-year high in September as inventories and mine material stayed scarce. Boliden kept its 2026 capital spending forecast of 15.5 billion crowns and its target for Garpenberg to process 1.5 million tonnes of ore.
Our read
Outlook: bullish. Strong results reflect tight copper and zinc supply, and lower Aitik grades slightly reduce copper output.
What to watch
- Copper grades at Aitik after the guidance cut.
- Garpenberg's recovery from the March earthquake.
- Zinc treatment charges, which affect smelter earnings.
For information only, not investment advice.
Zinc price in India
metalscost.com India reference price as of 2026-11-01.
Detailed analysis
Timeline
- 2026-10-29: Boliden reports a 77% rise in third-quarter adjusted operating profit.
Supply Drivers
Tight copper and zinc supply has lifted prices, with zinc at a four-year high in September.
Mining Production
Aitik's copper grade guidance was cut, and Garpenberg is recovering from a March earthquake.
Refinery Output
Boliden's smelting profit more than doubled as a slow new roaster improved by the end of the quarter.
What could lift prices
- Zinc inventories and mine supply remain tight.
- Lower copper grades at Aitik slightly reduce Boliden's copper output.
What could weigh on prices
- Garpenberg's recovery could add zinc supply as it returns to full output.
- Aitik will process more ore, partly offsetting lower grades.
Country impact
| Country | Impact | Reason |
|---|---|---|
| Sweden | Medium | A major domestic miner and smelter reported a sharp profit rise. |
Industry impact
| Industry | Effect | Reason |
|---|---|---|
| Base Metals Mining | Positive | Higher copper and zinc prices are lifting miners' and smelters' profits. |
Who gains, who loses
- Boliden shareholders: Adjusted operating profit rose about 77%.
- Zinc and copper buyers: Tight supply has pushed prices higher, with zinc at a four-year high in September.
Other ways this could play out
- If copper and zinc stay tight, Boliden's profit could stay high.
- If treatment charges keep falling, smelting earnings could come under pressure.
Price risks
- Further ore-grade problems at Aitik could cut copper output.
- A fall in metal prices would reduce profit quickly.
Technical view
Price is mixed relative to its 20-period and 50-period moving averages, showing no clear trend alignment.
Computed from metalscost.com's own stored price history.
