NIB lends to Boliden Odda smelter expansion in Vestland, Norway

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The Nordic Investment (NIB) signs an 8-year loan with Boliden to expand and upgrade the Odda smelter in Vestland County, Norway.

The EUR 100 million loan will co-finance investments to increase the annual production capacity for zinc products to 350,000 tonnes from current 200,000 tonnes. The project is scheduled to be completed by the end of 2024.

The investment includes several new facilities at Odda, with a new roaster, a new sulphuric acid plant, expansion and modernization of the leaching and the purification plant, a new cellhouse, and expansion of the foundry and quay infrastructure. The investments also include technique so that Boliden Odda can extract valuable metals such as lead, gold, and silver and re-work old deposits of waste products.

The smelter is supplied with renewable energy, and waste deposition will take place in mountain caverns using sustainable technology. The increased production capacity together with improved energy efficiency and the use of fossil-free electricity means a further reduction to the carbon dioxide intensity.

“The significant economies of scale, digitalisation and automation, will markedly increase the productivity of the Boliden Odda zinc smelter to meet the growing demand from the construction industry and the production of motor vehicles and electrical installations,” says André Küüsvek, NIB President and CEO.

“The investment means that zinc production in Odda, which has world-leading climate performance, is future-proofed and that Europe's rising demand for zinc can be met in a responsible way,” says Håkan Gabrielsson, CFO at Boliden.

Boliden is a Swedish mining and smelting company that mainly produces copper, zinc, nickel, lead, gold and silver. The company is headquartered in Stockholm and has operations in Sweden, Finland, Norway and Ireland. Boliden employs approximately 6,100 people.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The Bank finances private and public projects in and outside the member countries. 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
Ms Liisa Vuorinen, Senior Client Executive, Industry, at +358 10 618

Mr Arild Moen, Communications Manager, at +358 10 618 0496,