Boliden tumbles after 'disappointing' Q3 result

Boliden AB

20/10/2022 08:29

** Shares in Swedish mine and smelter operator Boliden
 BOL.ST  fall 9.2% after the company reported Q3 operating
profit below expectations
    ** The Q3 operating profit came in at SEK 3.55 billion
($316.8 million) vs estimate of SEK 3.62 billion in a Refinitiv
poll
    ** "A pretty disappointing result," says J.P.Morgan
("neutral")
    ** The company says 2023 copper grades for at Aitik mining
area are expected to reach 0.17%, which JPM finds disappointing
as it implies around 20% lower grades vs current JPM estimate
    ** "We expect consensus wouldn't have been expecting this
magnitude of decline YoY," JPM says on the Aitik grade guidance
    ** Thursday's losses wipe off SEK 9.2 billion from the
company's market cap
($1 = 11.2059 Swedish crowns)
 (Reporting by Ina Kreutz)
 ((ina.kreutz@thomsonreuters.com))