Boliden: The dam construction in Aitik will require certain adjustments due to identified areas with poorer soil conditions

Boliden: The dam construction in Aitik will require certain adjustments due to identified areas with poorer soil conditions

(PRESS RELEASE) STOCKHOLM, 11-Apr-2022 — /EuropaWire/ — Boliden AB (STO: BOL), a Swedish multinational active in exploring, extracting and processing base metals and precious metals, has announced that certain adjustments will be made to the dam construction in Aitik copper mine due to ongoing geotechnical investigations aimed at ensuring the long-term disposal of tailings. In addition, there is a need to strengthen the current dam construction to meet the best international industry standards. The investments over the next two years are expected to lead to increased investments of a total of SEK 5 billion (~EUR 485 million), of which SEK 1 billion (~EUR 97 million) in 2022.

A high level of dam safety is always our top priority. The new direction naturally entails challenges in the short term, but it also creates long-term opportunities in Aitik and a clear direction for how the business can be developed going forward, says Mikael Staffas, President and CEO of Boliden.

Normally, the dam structures at Aitik’s tailings pond are built and filled in line with production. In connection to ongoing geotechnical surveys for future dam heightening, areas with poorer soil conditions than previously estimated have been identified. Additional dam heightening and deposition of tailings against dams in these areas has therefore been suspended. In a first step, existing dam structures will now be strengthened and certain infrastructure will need to be moved. This is estimated to take about two years, after which dam heightenings and deposition in this area can be resumed.

Production in Aitik is not expected to be affected during this time as tailings can continue to be deposited in other parts of the tailings pond. The measures depend on environmental permits and other approvals, but work can be started prior to the permitting process.

For 2022, the total investments in the Group are now expected to increase from previously communicated just over SEK 10 billion to just over SEK 11 billion.

This information is information that Boliden AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of Director Group Communication, at 08:00 CET on April 11, 2022.

For further information, please contact:

Klas Nilsson, Director Group Communications, phone: +46 70-453 65 88 Mail: klas.nilsson@boliden.com

Due to this communicated press release, a telephone conference for analysts will be held today at 09.00 Stockholm time zone. From Boliden, Mikael Staffas, President and CEO and Håkan Gabrielsson, CFO, participate.

To participate, please call 5 minutes before the opening of the conference: 

•     from Sweden +46 856642651

     from United Kingdom +44 3333000804

•     from United States +1 6319131422 

PIN Code: 69409035# 

The presentation will be held in English

Boliden is a metals company with a focus on sustainable development. Our roots are Nordic, our market global. Our core competence lies within the fields of exploration, mining, smelting and metal recycling. Boliden has around 6,000 employees and an annual turnover of around SEK 70 billion. The share is listed in the Large Cap segment on NASDAQ OMX Stockholm. 

SOURCE: Boliden Group

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