DB ups Boliden on volume growth potential,  gold & silver boost

Boliden AB

26/11/2025 12:53

** Deutsche Bank upgrades Boliden BOL.ST to "buy" from "hold" citing the Swedish miner's under-appreciated volume growth and its high exposure to precious metals

** It expects Boliden to return to steady operations and deliver stronger growth from 2026 onward, helped by higher production volumes and increasing earnings from gold and silver

** The brokerage notes that gold and silver have become a bigger revenue source for the company than either copper or zinc

** Key growth drivers include the Odda zinc smelter expansion, the Ronnskar tankhouse rebuild, and rebounding grades at its Aitik copper mine, the broker says

** Smaller gains should also come from improving grades at the Kevitsa mine, the ramp-up of the Tara zinc mine, and a newly approved permit that will allow Boliden to raise throughput at Garpenberg in 2026–2027, DB adds

** There is scope for share outperformance if the company maintains stable operations, execute on key growth projects, the broker says, hiking its PT by 9% to SEK 490

** Out of 19 analysts that cover the Boliden stock, eight rate it "strong buy" or "buy", five rate it "hold", and six -- "sell", according to LSEG data

(Reporting by Marta Frackowiak)

((marta.frackowiak@thomsonreuters.com))