Q3 2024 Boliden AB Earnings Call Transcript
Key Points
- Boliden AB (BLIDF) reported an operating profit just shy of SEK3 billion, marking a significant improvement compared to previous periods.
- The company achieved record mill production in Garpenberg for the second consecutive quarter, highlighting strong operational performance.
- Key projects, including the Aitik project and Kristineberg-Rävliden, are progressing well, with Aitik nearing completion and Kristineberg-Rävliden set for commissioning in early 2025.
- The restart of the Tara mine is on track, with production ramping up and full production expected in Q1 2025.
- Base metal prices have improved compared to last year, and precious metal prices are at an all-time high, positively impacting financial performance.
- The company's cash flow remains negative at about SEK0.5 billion due to high investment rates and working capital ties.
- CO2 emissions have increased compared to last year, primarily due to the Aitik project, which has led to higher diesel consumption.
- The LTI frequency remains a concern, with a relatively weak safety performance in the quarter.
- Sick leave levels are considered too high, with difficulties in reducing them to pre-COVID levels.
- The environmental permit is currently a bottleneck for production at Garpenberg, potentially affecting Q4 output negatively.
Ladies and gentlemen, I'd like to welcome you to Boliden's Q3 2024 results presentation. My name is Olof Grenmark, and I'm Head of Investor Relations.
Today, we will have a results presentation led by our President and CEO, Mikael Staffas; and our CFO, HÃ¥kan Gabrielsson. We will also have a Q&A session, which we will start here in Stockholm, which I will moderate. And then we will go on to questions on the web.
Mikael, welcome.
Thank you, Olof. And good morning, everybody here in Stockholm and also online. And welcome to a Stockholm that today is maybe a little bit of a grayish weather, but what I think is a pretty good and strong performance that we have today.
So let me start and get right into the highlights of the report that we're presenting right now. First of all, we have improved prices and terms compared to last year. Compared to last quarter, they're about the same. They've been changing around
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