Garpenberg mine. Photo: Boliden

11 Apr 2012

NIB finances the expansion of Boliden mine in Sweden

NIB has provided a EUR 40 million loan to Swedish Boliden to help finance the expansion of the Garpenberg zinc, silver and lead mine in Dalarna, Sweden.

The 8-year-maturity loan is earmarked to finance the expansion, which includes a new concentrator, new shafts and underground facilities as well as an upgrade of the mine's infrastructure.

The expansion will lead to an increase in Garpenberg's production capacity from 1.4 million tonnes to 2.5 million tonnes of ore annually.

When the new mine reaches full capacity by the end of 2015, the production cost per tonne of ore is expected to decrease by around 25 per cent.

"NIB is pleased to take part in financing Boliden's investments into more efficient mining production, a move which will strengthen the company's competitiveness. The annual production capacity will increase, while the production costs will be reduced," says Henrik Normann, NIB President and CEO.

Boliden is a leading European metals company. The main metals are zinc and copper. It conducts operations in two business areas: mines and smelters.

The Nordic Investment Bank is the common international financial institution of the eight Nordic and Baltic countries. NIB provides long-term financing to the energy, environmental, transport, logistics and communications, and innovation sectors for projects that strengthen competitiveness and enhance the environment. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor's and Moody's.

For further information, please contact

Lars Synnes, Senior Manager, Origination, tel. +358 505 623 604,

Nina Monsen, Senior Communications Specialist, tfn. +358 10 618 0291,