STOCKHOLM, April 28 (Reuters) - Swedish mining and smelting group Boliden on Tuesday reported a steep drop in quarterly core operating earnings as significantly lower metal prices and lower metal grades hit profits in its Mines business.
Boliden’s first-quarter operating profit, excluding revaluation of process inventory, fell to 1.50 billion Swedish crowns ($151.6 million) from 2.05 billion a year earlier.
“While we had record results within Smelters, the quarter was challenging within Mines,” Boliden CEO Mikael Staffas said in a statement. “The focus is to continue to operate normally, even though the current COVID-19 situation demands greater flexibility.”
$1 = 9.8961 Swedish crowns Reporting by Johannes Hellstrom; editing by Niklas Pollard