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We continue to be at the forefront in a changing world

Boliden is reporting historically strong profits for 2022; could you expound on that?

“When summarizing 2022, we should begin by saying it was a year with good prices and terms, especially during the first six months. At the same time, we have been working hard on our productivity and cost position, which means that many of our units have very good earnings potential. It can be challenging in our industry to maintain high production stability, but with a few exceptions we have succeeded well in that area this year, too. Our long-term strategy of value-creation based on our existing operations combined with a strong, delegating corporate culture, where the units themselves lead optimization of their production based on available resources, forms a very important foundation for these successes. Personally, I think it says a lot that we are now able to invest heavily in the expansion of the Kristineberg mine in the Boliden Area. Being able to invest in an operation with more than 80 years of history demonstrates a tremendous local responsibility among our employees in countering the global competitive situation.”

As President and CEO, what has been the focus for you and the company during the year?

“As for many others in the company, my focus has been to manage what already works well at Boliden, such as our corporate culture. At the same time, we are naturally working to drive the operation forward to keep pace with the societal developments we are part of. The decision about a new dam construction in Aitik is a good example. We would have made that decision in due course anyway, but as knowledge and requirements increased, we arrived at the conclusion that this was the best way forward. It naturally presents some short-term challenges, but I am absolutely convinced that this is the best solution for Aitik in the long term, which is the perspective everyone should take in our industry. In addition to that, we have taken clear steps to develop our safety culture, exemplified by further reductions of both the number of incidents and accidents with sick leave, and to improve our climate performance, which is essential to our long-term development. Last but not least, I would also like to emphasize that my focus was also on monitoring and making sure our expansion investment in Odda is moving in the direction we want. We have a strong history of delivering projects, not least because we devote considerable effort to them.”

In many respects it has been a tumultuous year; how has it affected Boliden?

“In many respects, the invasion of Ukraine is as terrible as it is undesirable. Even though energy prices and inflation had already begun rising rapidly, it is an inescapable fact that the invasion has affected developments in Europe, our home market, for almost the entire year. As a company we had very minor direct business relations with Russia beforehand, and we have chosen to phase these out successively. However, because some indirect dependencies remain, we are working to develop alternative supply chains. Also, as an electricity-intensive industry, energy prices in Europe naturally affect us. However, it is important to emphasize that we hedge a high proportion of our energy supply, which means that relative to our competitors, we have actually boosted our competitiveness. One should not forget that for example a significant proportion of Europe’s zinc production has been forced to shut down or curtail capacity during the year. We have worked long and hard to ensure a good level of competition in our energy supply. In more normal circumstances, this security can be at our cost, but this year the direction has served us well.”

"After almost 100 years as a company, we are more relevant today than ever
– locally and globally."

How do you regard developments toward more climate efficient metal production?

“First of all, I am very pleased and proud of the favorable position we occupy today. Because we have been working for many decades on the electrification of our operations, our emissions levels are already significantly lower than those of our competitors. We have also developed very strong skills in the company for driving this development forward. It is easy to forget that Rönnskär is probably one of the most electrified copper smelters in the world today. Having said that, we are equally proud we have been able to improve our 2030 climate targets. A lot of initiatives already in progress will set new industry standards, and we are working closely with many of our suppliers to find solutions that benefit the base metals value chain as a whole. After all, the entire climate transition of society rests largely on these base metals. I would also like to mention that, in addition to our production operation, we have among other things started selling zinc with a low carbon footprint and successfully issued several green bonds. Our vision is to be the most climate-friendly and respected metal provider in the world, and I think 2022 really shows that we are on the right track. This naturally means working equally results-oriented with our other sustainability topics as we do with the climate, which during the year could be seen in for example the progress of our biodiversity work in Kevitsa.”

How do you see the future of the company in the short and long term?

“Short-term development is always difficult to judge in our industry. Some things we know, such as the grade profile in our mines and how long the planned maintenance shutdowns at our smelters will be. On the other hand, the macroeconomic parameters are uncertain. Metal prices and terms naturally affect our revenues, while currency changes also have a strong impact and, as 2022 has shown, these things can change quite quickly. However, from a longer-term perspective I am very positive. Because virtually all the metals we produce are necessary for the climate transition, they will be more in demand. Copper, nickel, cobalt, zinc, lead… I could go on. It is becoming increasingly apparent that the supply of raw materials plays a crucial role in the climate transition, which more and more people recognize. In addition, I am very much looking forward to welcoming our current projects in Aitik, the Boliden Area and Odda into operation. After almost 100 years as a company, we are more relevant today than ever – locally and globally.”


More information about our operational development can be found in Boliden Annual and Sustainability Report


Boliden Head Office

Boliden Group
Klarabergsviadukten 90
P.O. Box 44, SE-101 20 Stockholm
Tel: + 46 8 610 15 00
Fax: + 46 8 654 80 90