All agreed loans

Sweden. Boliden AB

Date of agreement: 10 Jun 2008
Country: Sweden
Customer: Boliden AB
Amount in SEK: SEK 700 million
Amount in EUR: EUR 74.8 million
Maturity: 8 years
NACE sector / loan type: Mining and quarrying
Business area: Industries and services

Project

The 8-year-maturity loan totalling SEK 700 million (EUR 75 million) has been provided for financing the expansion of the Aitik copper mine in the vicinity of Gällivare, northern Sweden. The investment project includes the construction of a new concentrator that will double the annual ore production capacity to 36 million tonnes. In addition to the present production of copper, gold and silver, the plant also aims to start producing molybdenum. Aitik, one of Europe's largest copper mines, was set in operation in 1968. The mine's copper production, which amounted to 64,500 tonnes in 2007, accounts for almost half of Sweden's consumption of copper. Aitik employs approximately 400 people and is the most important private employer in Gällivare. Boliden is a mining and smelting company focusing primarily on the production of zinc and copper. The company is a strong European player with a significant global market position.

Sustainability summary

The main environmental impacts of the project will comprise further changes in the surrounding landscape and emissions to both air and water courses. The project will partly increase the efficient use of resources and will be able to reduce outflow of process water. The project is to comply with national and EU laws and regulations.