STOCKHOLM, Sweden, March 5, 2004 (PRIMEZONE) -- Boliden has hedged 40 percent of its planned mined copper production in Sweden from April 2004 to end March 2005 at an average price of 2 790 USD/tonne (1,27 USD/lb). The reason for hedging part of the mined copper production is that the current price level, the highest in nine years, is well above Boliden's planning prices.
Since end 2003/beginning 2004 the copper price has risen by 25 percent. During 2003 the price increased by 51 percent. Boliden's mines produced 93 706 tonnes copper during 2003.
Boliden has already hedged part of its silver production for 2004 and part of its gold production for 2004 and 2005. Boliden's exposure to changes in metal prices continues to be large since the hedged production comprises a limited part of the company's total metal production.
Note: 1 pound (lb)= 0,4536 kgs
Jan Johansson, President and CEO, telephone +46 8 610 1602, + 46 70 555 02 02 Ulf Soderstrom, Senior VP Group Communications, telephone +46 8 610 15 57, +46 70 618 95 95
Boliden is one of the leading mining and smelting companies in the world with operations in Sweden, Finland, Norway, Ireland and Canada. Boliden's main products are copper, zinc, lead, gold and silver. Exploration and Recycling of Base Metals are also important within the company. The number of employees is approximately 4 800 and the turnover amounts to approximately EUR 1.6 billion annually. The Boliden share is quoted on the Stockholm Stock Exchange in Sweden as well as on the Toronto Stock Exchange in Canada.
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-0- Jan Johansson, President and CEO telephone +46 8 610 1602, + 46 70 555 02 02 Ulf Soderstrom, Senior VP Group Communications telephone +46 8 610 15 57, +46 70 618 95 95