Swedish miner Boliden AB on Wednesday reported a significant surge in third-quarter free cash flow, reversing a negative result from a year ago, driven by favorable working capital development.
The company generated a free cash flow of 2.28 billion Swedish kronor, compared with an outflow of 495 million kronor in the same period last year.
“Overall, the results for the quarter were strong. We had a significant cash flow, even though major investments are still ongoing primarily in the Boliden Area, Odda and Rönnskär,” President and CEO Mikael Staffas said in a statement.
The strong cash generation came as the company continues to fund several key expansion projects.
Operating profit, excluding the revaluation of process inventory, fell to 2.75 billion kronor from 3.0 billion kronor a year earlier, while revenue was slightly lower at 21.97 billion kronor.
Boliden said it achieved record mine production in Aitik and record milled volume in Garpenberg.
However, the company noted that the copper grade in Aitik was at an all-time low for the quarter, though its full-year grade guidance remains unchanged.
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