Boliden 2026 mining outlook signals higher Zn and Cu grades across Europe

Boliden

Boliden 2026 mining outlook points to better ore grades and steady growth in key hubs. The company plans SKr15bn in 2026 capex, down SKr500mn from 2025. Meanwhile, Boliden 2026 mining outlook highlights higher throughput and improving zinc and copper grades.

Boliden expects stronger grade performance at several mines in Sweden, Finland, Ireland, and Portugal. As a result, European base metals supply could look more resilient in 2026. However, planned maintenance and delayed commissioning will still weigh on near-term output timing.

Higher grades support mine plans at Aitik, Garpenberg, Kevitsa, and Tara

Aitik should lift copper grades in the second half of 2026, pushing the full-year average to 0.18%. The site also targets 41mn tonnes milled, up from 40mn tonnes in 2025. Therefore, Boliden copper grades 2026 could improve even with only modest tonnage growth.

Garpenberg secured an expanded environmental permit, which supports 3.7mn tonnes of throughput in 2026. Zinc grades there should reach 2.9%, up on operational momentum. Meanwhile, Kevitsa should raise copper grades to 0.24% in 2026 while holding nickel grades at 0.17%.

Tara in Ireland should mill 1.8mn tonnes at 5.6% zinc in 2026, up from 1.6mn tonnes at 5.5% in 2025. The mine targets 2.2mn tonnes per year by 2028. As a result, Boliden zinc grades 2026 become a key metric for European concentrates balance.

Portfolio integration steadies volumes as smelter projects progress

Boliden expects stable long-run milling at Somincor in Portugal and Zinkgruvan in Sweden after buying the mines from Lundin Mining. Somincor guides 1.7% copper at 2.3mn tonnes milled and 6.7% zinc at 2.2mn tonnes milled. Zinkgruvan guides 2% copper on 300,000 tonnes milled and 7% zinc on 1.1mn tonnes milled.

The Odda expansion in Norway slipped by two months because of technical issues. First feed should now arrive in the first quarter rather than late December. Meanwhile, the new tankhouse ramp-up at Rönnskär in Sweden should progress in the second half of 2026, with 60% already complete.

Boliden budgets SKr450mn for 2026 maintenance, implying an operating profit hit of about SKr450mn. That loss estimate improves from SKr500mn expected for 2025. Therefore, the 2026 plan pairs better grades with tighter downtime control.

The Metalnomist Commentary

Boliden 2026 mining outlook reads like a grade-led earnings lever, not a volume-led one. However, delayed expansions and maintenance still shape shipment timing and treatment-charge exposure. Watch copper cathode ramp progress and zinc grade delivery against guidance.