Goldman starts Boliden at ‘sell’ on Garpenberg mine risks

Boliden AB

09/06/2026 07:57

** Goldman Sachs starts Swedish miner Boliden BOL.ST at "sell", citing "operational complexity" of ramping up its Garpenberg mine following a recent seismic event
** The brokerage sets a price target of SEK 468, warning the mine could "structurally reset to a lower production level for longer" and require a complex rebuild
** GS notes the rebuild requires shifting to alternate less-developed orebodies, creating a multi-year development risk across deeper and more remote mining areas
** It adds stronger metal prices mask a weak outlook, with the broker below consensus on EBITDA 
** GS adds that if organic growth is slowed by permitting and the mine remains impaired, M&A could emerge as a more meaningful growth lever   

 (Reporting by Agnieszka Olenska)
 ((Agnieszka.Olenska@thomsonreuters.com;))