Swedish miner Boliden says it will spend less capital in 2026 (updated)

Boliden AB

05/12/2025 07:01

Adds CEO comments specifying capex plans in paragraphs 2, 4, positive one-off adjustment related to Ronnskar site in paragraph 6

By Agnieszka Olenska and Izabela Niemiec

Dec 5 (Reuters) - Swedish miner Boliden BOL.ST plans to lower its capital expenditures to 15 billion Swedish crowns ($1.6 billion) in 2026, 500 million crowns less than it expects to spend this year, it said on Friday.

The copper and zinc producer does not have new major projects, so the planned spending mainly includes existing projects like a new tank house in its Ronnskar plant and the Garpenberg zinc mine expansion to 4.5 million tons in Sweden, and the completion of the Odda zinc smelter expansion in Norway, CEO Mikael Staffas told Reuters.

Boliden, which usually announces its next-year guidance together with the publication of its third-quarter results, postponed the 2026 outlook release to December because it wanted to reflect the consolidation of Somincor and Zinkgruvan mines, bought last year from Lundin Mining LUN.TO, in the assessment.

Capital spending related to these mines is expected to be about 2 billion crowns in 2026, an increase of 500 million crowns compared to this year, Staffas said.

The group also estimated that scheduled maintenance shutdowns at its smelters would hit 2026 operating profit by 450 million crowns, down from the 500-million-crown impact it has forecast for 2025.

Alongside the 2026 guidance, Boliden said it expected a positive one-time operating profit adjustment of about 400 million crowns in the fourth quarter of this year related to metal recovery assessments in Ronnskar, after a fire at the tank house shut down the group's largest production unit in June 2023.

($1 = 9.4127 Swedish crowns)

(Reporting by Agnieszka Olenska and Izabela Niemiec in Gdansk, editing by Milla Nissi-Prussak)

((Agnieszka.Olenska@thomsonreuters.com; izabela.niemiec@thomsonreuters.com))