BASE METALS

Boliden rounds out year with a dividend beat

Results beat analyst expectations

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The miner announced a dividend of SEK26 (US$2.80) per share, beating consensus analyst estimates by 21%.

Boliden reported revenues from the fourth quarter of SEK17.76 billion (US$1.91 billion), up by 9.8% year on year.

The miner reported fourth quarter earnings per share of SEK9.27. beating analyst consensus estimates by 14%.

This was despite operational troubles including flooding at the company's Tara lead and zinc mine in Ireland.

"Despite certain incidents, it was a strong quarter," said Boliden chief executive Mikael Staffas.

"Naturally, the development of metal prices made a positive contribution, but we also had higher milled volumes in our mines, where both Aitik and Kevitsa reached new production records."

The strong performance of Boliden's mining segment was driven by high copper production.

Fourth quarter mined copper volumes were 33,605 tonnes, flat year on year and 19% ahead of estimates from BMO.

Zinc production was down 12% year on year, at 62,951 tonnes. Nickel production was down 3%, at 3,582 tonnes. Lead production fell by 4%, to 13,424 tonnes.

"Boliden reported a strong quarter to finish the year, with its mining division performing particularly well despite some challenges in the quarter," BMO said in a note.

Boliden shares in Stockholm were up 0.4%, at 407.80 SEK, at 11.41 London time.

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