Boliden is down more than 2% in Stockholm, penalized by a recommendation downgrade by UBS from 'neutral' to 'sell', in view of an estimated downside potential of 16% compared with its price target maintained at SEK 300.

Although the Swedish mining company is present in copper, the broker points out that it is not a 'pure player', that it is facing headwinds in smelting, that zinc seems vulnerable and that high investments will penalize free cash flow.

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