Goldman Sachs has resumed coverage of mining group Boliden with a sell recommendation and a price target of SEK 468.
The bank believes the market is underestimating the operational complexity of ramping up production at Garpenberg following this year's seismic activity. According to the analysis, the mine risks remaining at lower production levels for an extended period and may require extensive redevelopment, Reuters reports.
Goldman Sachs also highlights multi-year development risks as production shifts to deeper and less developed ore bodies, while its EBITDA forecasts remain below market consensus.
The stock is retreating on the Stockholm Stock Exchange and was down just over 3 percent as of 10:00 a.m.
Boliden AB is Europe's No. 3 zinc and copper producer. The group is also active in metal casting, refining, and recycling. Boliden AB also produces gold, silver and lead. Net sales break down by activity as follows:
- metal production and processing (93.4%);
- metal extraction (6.6%): primarily zinc and copper.
At the end of 2025, the group had 5 mines located in Sweden (3), Finland, and Ireland.
Net sales are distributed geographically as follows: Sweden (3.3%), Finland (8.9%), Nordic countries (0.5%), Germany (18.6%), United Kingdom (16.2%), Europe (48.4%), North America (0.5%) and others (3.6%).
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