Boliden and Vattenfall establish Nordic partnership.

Boliden has signed an agreement with Vattenfall aimed, firstly, at securing the requisite electricity supply for the expansion of the Aitik mine, and secondly, at establishing a partnership for parts of Boliden’s Finnish operations.

“Not only does this agreement meet our need to secure our Aitik investment, it is also part of
our energy policy which aims, wherever possible, to conclude long-term agreements for our
production units, thereby securing the framework for our electricity costs,” says Svante
Nilsson, acting President and CEO of Boliden.

The expansion of the Aitik copper mine, from 18 to 36 million tonnes of mined ore, will mean an increase in Boliden’s electricity requirement. Under the terms of the agreement, Vattenfall will supply Boliden with a total of 4 TWh, starting in 2010. Vattenfall will also, as early as next year, commence electricity supplies to the Harjavalta copper smelter in Finland, and will handle the portfolio management of some parts of Boliden’s Finnish operations.

“I am very happy to be able to present a closer long-term cooperation with Boliden on a Nordic basis and Vattenfall will thereby also have a distinct relation to the base industry in Finland,” says Hans von Uthmann, Senior Executive Vice President of Vattenfall AB and Head of Vattenfall Nordic.

Boliden is also, in accordance with its energy policy, actively working within the company to increase energy efficiency by implementing energy management systems. Boliden’s goal is for all of its operations to have implemented energy management systems by the end of 2008.