Boliden Limited reports first quarter 2000 results

BOLIDEN LIMITED REPORTS FIRST QUARTER 2000 RESULTS (All dollar amounts are in United States dollars) Overview * Common share rights offering over 97% subscribed. Net proceeds exceed $142 million. * Stronger copper and zinc prices help improve operating performance compared to the first quarter of 1999. * Rönnskär +200 expansion project continues on schedule and on budget. * Apirsa experiencing metallurgical difficulties at Los Frailes mill. * Independent experts engaged by Spanish judge investigating cause of Los Frailes tailings dam failure release their report. Their conclusions are consistent with those previously reached by experts engaged by Apirsa. * Encouraging drill results from Simon, Renström Deep and Einarsson underground exploration programs. TORONTO, CANADA (April 26, 2000) - Boliden Limited today reported an improvement in its operating performance for the first quarter of 2000, compared with the first quarter of 1999. The Company reported an operating loss of $6.4 million for the quarter, compared with an operating loss of $21.4 million for the first quarter of 1999. The principal reasons for the change are higher prices for the Company's primary metals, copper and zinc, improved performance from the Company's smelting operations, increased production at Aitik and Lomas Bayas and the restart of operations at Myra Falls. The operating loss for the quarter compares with operating income of $5.5 million for the fourth quarter of 1999. The principal reasons for the change are lower prices for all the Company's metals except copper and lower production at Lomas Bayas and Los Frailes. After accounting for interest expense and income taxes, the Company reported a net loss of $18.3 million or $0.18 per common share for the quarter, compared with a net loss of $22.9 million or $0.21 per common share for the first quarter of 1999 and a net loss of $9.9 million or $0.11 per common share for the fourth quarter of 1999. Cash provided by operations before non-cash working capital changes for the quarter was $11.2 million or $0.10 per common share, compared with cash used by operations of $5.9 million or $0.05 per common share for the first quarter of 1999 and cash provided by operations of $24.9 million or $0.23 per common share for the fourth quarter of 1999. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/04/27/20000427BIT00010/bit0001.doc http://www.bit.se/bitonline/2000/04/27/20000427BIT00010/bit0002.pdf