April 28, 2020 / 10:49 AM / a month ago

Boliden Q1 core profit slumps as Mines business weighs

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

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