NIB finances the expansion of Boliden mine in Sweden

Wednesday, 11. April 2012 12:09
NIB has provided a EUR 40 million loan to Swedish Boliden to help finance the
expansion of the Garpenberg zinc, silver and lead mine in Dalarna, Sweden.
The 8-year-maturity loan is earmarked to finance the expansion, which includes a
new concentrator, new shafts and underground facilities as well as an upgrade of
the mine's infrastructure. The expansion will lead to an increase in
Garpenberg's production capacity from 1.4 million tonnes to 2.5 million tonnes
of ore annually.
When the new mine reaches full capacity by the end of 2015, the production cost
per tonne of ore is expected to decrease by around 25 per cent.
"NIB is pleased to take part in financing Boliden's investments into more
efficient mining production, a move which will strengthen the company's
competitiveness. The annual production capacity will increase, while the
production costs will be reduced," says Henrik Normann, NIB President and CEO.
Boliden is a leading European metals company. The main metals are zinc and
copper. It conducts operations in two business areas: mines and smelters.
The Nordic Investment Bank is the common international financial institution of
the eight Nordic and Baltic countries. NIB provides long-term financing to the
energy, environmental, transport, logistics and communications, and innovation
sectors for projects that strengthen competitiveness and enhance the
environment. 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
Lars Synnes, Senior Manager, Origination, tel. +358 505623604,
lars.synnes@nib.int
Nina Monsen, Senior Communications Specialist, tel. +358 10 618 0291,
nina.monsen@nib.int





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Source: NIB NORDIC INVESTMENT BANK via Thomson Reuters ONE
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