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First Quarter ReportJanuary – March 2009

Lennart EvrellPresident & CEO

Johan FantCFO

2009-04-29

First Quarter 2009Market

Global Copper and Zinc demand down more than 15%*Supply cut by mines and smeltersHigher imports of base metals to ChinaZinc and Copper prices in recent reboundStronger Silver and Gold pricesWeak sulphuric acid market impacts smelter industryWeak SEK

* Source: CRU data

2 2009-04-29

First Quarter 2009

BolidenReduced smelter production, zinc -5%, copper -22%Mine production down, zinc -8%, copper -1%Sales to industrial customers decreasedGearing 52% (31%)Revenues 5,879 MSEK (9,303)

– Lower metal prices and reduced smelter volumes

Operating profit 788 MSEK (1,231)– Re-valuation of process inventory 519 MSEK (305)

3 2009-04-29

The Market

4 2009-04-29

Construction activity lowerSegment of global demand: 35% in copper, 49% in zinc*

Construction market and industry indicators

Year over year (%) Q4 08 Jan-09 Feb-09

China Commercial buildings under construction (cumulative) 16 16 14

Euro Zone Construction production -10 -9 -11

USA Construction spending, total -6 -10 -12

USA Construction spending, non-residential 6 0 -1

Lower construction activity in mature economiesLower growth in China vs first half 2008

Source: Brook Hunt, CRU

5 2009-04-29

Automotive production sharply downSegment of global demand (transport): 11% in copper, 23% in zinc*

Automotive production

Year over year (%) Q3 08 Q4 08 Q1 09*

China Cars 3 -6 -2Japan Cars 6 -17 -50South Korea Motor vehicles -5 -29 -36Germany Cars 3 -24 -19USA Automobiles and light duty trucks 9 -25 -48* Japan, South Korea, change Jan-FebSource: Reuters Ecowin

Western world car sales weakGlobal car production in sharp decline

Source: Brook Hunt, CRU

6 2009-04-29

Lower demand for zinc and copperGlobal Zinc and Copper demand growth

-20

-15

-10

-5

0

5

10

Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408 Q109

Per c

ent

Copper demand Zinc demandSource: CRU

7

Zinc average price flat from Q4 08 Zinc price (LME average)

USD/t Q1-09 vs. period

Q1 2008 2,426 - 52%

Q2 2008 2,115 - 44%

Q3 2008 1,773 - 34%

Q4 2008 1,189 - 1%

Q1 2009 1,174 -

s

2009-04-29

Quarterly average

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

Tonnes

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

USD/Tonne

2003 2004 2005 2006 2007 2008 20091,0001,1001,2001,3001,4001,5001,6001,7001,8001,900

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Apr-09

USD/tonne

Zinc price - daily Zinc price - quarter average

8

Zinc price above 90th percentile cash cost

Zinc

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

USD/Tonne

Zinc price 90th percentile of cash costs (C1 Normal costing)Source: Brook Hunt cash cost league data

2001 2002 2003 2004 2005 2006 2007 2008 2009

9 2009-04-29

Zinc mine closures/cuts 7%Zinc mineclosures and cuts

ktpa reductionsMines closed our production cut in:Q1 2008 103Balmat-Pierrepont USA Put on care and maintenace 60Blaiken Sweden Closed 23Zyryanovsk Kazakhstan Closed 20Q2 2008 203Duddar Palistan Delayed start up now late 2008Broken Hill Australia Production downsized in response to lower prices 55Endeavour Australia High grading but unchanged productionHellyer Australia Taiullings recovery put on care and maintenace 30Pillara (Lennard Shelf) Australia Put on care and maintenace 70Monte Cristo Brazil Put on care and maintenace 12El Brocal Peru Put on care and maintenace 16Galmoy Eire Closure planned for 2011 20Aljustrel Portugal Production plan revised down 30% 0Q3 2008 44Rau-Rapu Philippines Production halted, Chapter 11 protection 14Iscaycruz/Glencore Peru Closure 2011, one year earlierRosaura/Glencore Peru Closure 2009, one year earlier, closed Nov 08 15Golden Grove Australia Reduced production 15Q4 2008 436Tennessee zinc mines USA Put on care and maintenace 57Caribou Canada Put on care and maintenace as of Nov 28th 59Restighouche Canada Put on care and maintenace as of Nov 28thMyra Falls Canada temporary closed 31Langlois/Grevet Canada temporary closed 27Kagara Australia reduced production 12,5% 5Endeavor CBH Australia reduce production by 30% 34Aljustrel Portugal Put on care and maintenance 80Neves Corvo Portugal Zinc production cloaed and replaced by Cu 25Dalpolimetall Russia Suspends production 18Nuevi Monte Mexico Shuts down local mineArehada Inner Mongolia temporary closed mine production 15Dimov Doe Bulgaria to shut down 20081117 5Centuray Australia reduces output and investment cut of $495mn 20Macarthr River Australia Xstrata reduces output by 20% 32Pend Oreille/Teck USA Suspends operation from January 09 28

Total 2008 786Global mine production in 2008 11,760 - closures and cuts as per cent 6.7Source: Brook Hunt Executive Zinc Report, International Zinc and Lead Study Group

Data ex. China

10 2009-04-29

Zinc TC and spot premiums down

Zinc treatment charge (TC)

0

100

200

300

400

500

600

USD per tonne of concentrate

Realised TC (incl.price participation) Spot TC - AsiaSource: Brook Hunt, CRU

Indicative benchmark level of

194.5 (300) according to CRU

2006 2007 2008 2009

Zinc metal price premium

0

50

100

150

200

250

300

350

400

USD per tonneof metal

US Midwest Delivered Europe ex-works Far East (Western)Source: CRU, Brook Hunt

2005 2006 2007 2008 2009

Increased demand for concentrates in ChinaPremiums lower in EuropeLess sales to industrial buyers

11 2009-04-29

Copper average price lower than Q408Copper price (LME average)

USD/t Q1-09 vs. period

Q1 2008 7,763 - 56%

Q2 2008 8,448 - 59%

Q3 2008 7,693 - 55%

Q4 2008 3,940 - 13%

Q1 2009 3,435 ─

2009-04-29

Boliden copper metal price hedge contracts – Coverage rate approx. 65%*– USD prices 5,864 and 7,606 in 2009 and 2010 respectively

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

1,000,000

Tonnes

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

USD/Tonne

2003 2004 2005 2006 2007 2008 2009

1,0002,0003,0004,0005,0006,0007,0008,0009,000

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Apr-09

USD/tonne

Copper price - daily Copper price - quarter average

Quarterly average

* Of outstanding metal positions in 2009-2010 based on forecasted production

12

Copper price above 90th percentile

Copper

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

USD/Tonne

Copper price 90th percentile of cash costs (C1 Normal costing)Source: Brook Hunt cash cost league data

2001 2002 2003 2004 2005 2006 2007 2008 2009

13 2009-04-29

Copper industry closures/cutsCopper smelter cutbacks in 2009

ktpaSmelter Country CutsSaganoseki Japan 50Tamano Japan 30Toyo Japan 40Noshima/Onahama Japan 40Onsan South Korea 55Balkash/Zhezkazgan Kazakhstan 80Khetri India 16Yunnan Copper China 30Nkana Zambia 95Harjavalta/Rönnskär Finland/Sweden 68Kyshtym Russia 50Novgorod Russia 20Hayden/Amarillo USA 30Kidd Creek Canada 20La Oroya Peru 12Total announced cuts impacting 2009 636World refined production 2008 (primary and secondary) 18,472 - cutbacks as per cent of global production 3.4Source: CRU Analysis, International Copper Study Group

Smelter closures/cuts 3.4% of global productionMine closures/cuts 4.2% of global production

14 2009-04-29

Copper spot TC/RC down, premiums upCopper treatment charge

0

20

40

60

80

100

120

USD per tonne of concentrate

TC spot China buying terms TC benchmark

Indicative level for 2009

Source: CRU

2006 2007 2008 2009

Copper metal price premium

0

40

80

120

160

200

USD per tonneof metal

Spot Copper premium CIF W. Europe Benchmark CIF Europe

Source: CRU, Brook Hunt

2005 2006 2007 2008 2009

Smelter industry production reduced, weak sulphur acid marketShortage of high grade scrap and blister in Q109 Higher demand in China drives spot premiums up and TC/RC down

15 2009-04-29

SEK weaker to the USD and EUR

5

6

7

8

9

10

11

12

13

2003 2004 2005 2006 2007 2008 2009

USD/SEKEURO/SEK

EUR/SEK EURO/SEK annual average USD/SEK USD/SEK annual average

USD/SEKUSD/SEK Q1-09 vs. period

Q1 2008 6.29 + 34%

Q2 2008 5.99 + 40%

Q3 2008 6.31 + 33%

Q4 2008 7.79 + 8%

Q1 2009 8.40 ─

USD/SEK hedge contracts (forward) 2009 and 2010

16 2009-04-29

17

Segment Smelters

2009-04-29

Zinc smelters’ approximate revenue distributionTC, free metal and premiums down

Q1 2009

TC53%

Free metal21%

Premiums7%

By-products

19%

Q1 2008

TC51%

Free metal26%

Premiums13%

By-products

10%

18 2009-04-29

0

50 000

100 000

150 000

200 000

250 000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009

Zinc feed, tonnes

0

20 000

40 000

60 000

80 000

100 000

120 000

Zinc metal prod, tonnes

Zinc feed, total Zinc metal production

Zinc metal production down 6%

Odda– Metal production +2%– Efficient production with reduced

capacity

Kokkola– Metal production -9%– Reduced production, higher March

utilisation versus January-February

Comments on Q1 2009 versus Q4 2008

19 2009-04-29

Copper smelters’ approx. revenue distributionTC/RC unchanged, by-products down

Q1 2009

TC/RC53%

Free metal26%

Premiums3%

By-products

18%

Q1 2008

TC/RC49%

Free metal19%

Premiums4%

By-products

28%

20 2009-04-29

0

50 000

100 000

150 000

200 000

250 000

300 000

350 000

400 000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009

Copper feed, tonnes

0

10 000

20 000

30 000

40 000

50 000

60 000

70 000

80 000

90 000

100 000

Copper cathode prod, tonnes

Copper feed, total Copper cathode production

Copper Smelters cut production

Rönnskär– Cathode production -17%– High e-scrap availability, shortage

of high grade Cu scrap

Harjavalta– Cathode production -24%– Total feed -31%

Bergsöe (lead)– Lower availability of recycled

batteries

Comments on Q1 2009 versus Q4 2008

21 2009-04-29

Segment Mines

22 2009-04-29

0

200

400

600

800

1 000

1 200

1 400

1 600

Q1 2008 Q2 2008 Q3 2008 Q4-08 Q1 2009

Milled ore, ktonnes

0

10 000

20 000

30 000

40 000

50 000

60 000

70 000

80 000

90 000

100 000

Zinc metal content, tonnes

Milled ore Zinc metal content

Mines’ zinc production increased

Tara– Higher grades, metal content +10%

Garpenberg– Unchanged production levels from a

strong Q4 2008

Boliden area– Unchanged production (+1%)

Comments on Q1 2009 versus Q4 2008

23 2009-04-29

0

1 000

2 000

3 000

4 000

5 000

6 000

Q1 2008 Q2 2008 Q3 2008 Q4-08 Q1 2009

Milled ore, ktonnes

0

2 000

4 000

6 000

8 000

10 000

12 000

14 000

16 000

18 000

Copper metal content, tonnes

Milled ore (Aitik) Copper metal content

Mines’ copper production lower

Aitik– Lower grades– Metal content -23% from a

strong Q4 2008

Boliden area– Mill production from inventory,

metal content +6%

Comments on Q1 2009 versus Q4 2008

24 2009-04-29

Financials

25 2009-04-29

Financial summary

SEK m Q1 09 Q1 08 ChangeRevenues 5,879 9,303 -37 %Operating profit (EBIT) 788 1,231 -36 %EBIT margin, % 13 13Free cash flow (before financing activities)

-1,811 1,198 n.a.

Earnings per share, SEK 2.06 4.62 -55%Gearing 52% 31%

26 2009-04-29

Group EBIT Q1 2009 versus Q1 2008Q1 2009 Q1 2008

EBIT, (MSEK) 788 1 231whereof:Iron stock revaluation 519 305EBIT excl Iron stock 269 926DEVIATION -657

Specification of deviations:Volume -26Prices & Terms -1233

Metal prices and terms -1452

Metal hedge,190 (-218) 408

TC/RC terms -19

Premiums -181

MAMA, 30 (19) 11Costs 24Others -4Currency 582DEVIATION -657

27 2009-04-29

Group EBIT Q1 2009 versus Q4 2008Q1 2009 Q4 2008

EBIT, (MSEK) 788 -491whereof:Iron stock revaluation 519 -702EBIT excl Iron stock 269 211DEVIATION 58

Specification of deviations:Volume -328Prices & Terms 93

Metal prices and terms -143

Metal hedge, 190 (174) 16

TC/RC terms 35

Premiums -16

MAMA, 30 (-171) 201Costs 211Others -8Currency 90DEVIATION 58

28 2009-04-29

Operating costs impacted by weaker SEK

Energy19%

Consumables17%

Personnel29%

Transports7%

External services

16%

Depreciation & other12%

Change in operating costs

Q1 2009 vs. Q1 2008

Energy +14%

Consumables +4%

Personnel +4%

Transports +26%

External services -7%

Depreciation & other

+10%

Operating costs -1% in local currency, +6% in SEK versus Q108Operating costs -8% in local currency, -4% in SEK versus Q408

29 2009-04-29

Cash flow

SEK m Q1 09 Q1 08

Op profit before depreciation (EBITDA)* 1,170 1,592

Cash flow from changes in working capital* -1,745 213

Capital expenditure 1,019 617

Free cash flow (before financing activities) -1,811 1,198

Net debt 8,229 4,299* Includes valuation of process inventory

Inventory value increased by 1,376 MSEK from Q4 2008Aitik 36 capital expenditure of 618 MSEK in Q1 2009Process inventory re-valuation included in EBITDA and working capital

30 2009-04-29

Capital structure on March 31 2009

37%39%

52%

31%

39%

0%

10%

20%

30%

40%

50%

60%

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009

SEK bnUnless otherwise stated

31 March 2009

31 March 2008

Balance sheet turnover 31.4 27.2

Capital employed 26.2 19.4

Shareholders’ equity1 15.9 13.7

Net debt 8.2 4.3

Gearing, % 52 31

Equity/assets ratio, % 50 50

Average maturity in years 4.5 4.88

Average interest rate, % 3.85 5.18

Liquidity reserves2 6.4 4.8

Gearing

31%

39%37%

39%

52%

1. Shareholders’ equity includes the value of outstanding hedge contracts

2. Defined as unutilised credit lines and cash less outstanding commercial papers

31 2009-04-29

Sensitivity analysis on March 31 2009Change in metal prices, +10%

EBIT effect,

SEK mChange in USD, +10%

EBIT effect,

SEK m

Change in TC/RC, +10%

EBIT effect,

SEK m

Zinc 385 USD/SEK 605 TC Zn 40

Copper 225 EUR/USD 275 TC/RC Cu 70

Lead 70 USD/NOK 75 TC Pb -10

Gold 95

Silver 75

Estimate of the 12-month effect on Group EBIT on March 31 2009, based on planned production volumes. Effects of hedging, contracted TC/RC or stock exposures are not taken into account.

32 2009-04-29

To summarize Q1 2009Market

End-user segments remained very weakHigher imports of base metals into ChinaMetal price rebound

BolidenSmelter production cutMine copper production lower from a strong Q408Process inventory valuation 519 MSEKOperating costs lower but impacted by weak SEK

33 2009-04-29

Going forwardSmelter production cuts continueCost reductions

– Reduction of workforce– Procurement project– Cost reduction programme in Tara

Capital expenditure to peak 2009Metal price hedges in SEK

34 2009-04-29

Aitik 36

TargetsMine production from 18 m tonnes to 36 m tonnes annuallyMetal production to increase by 50% from 2014

Time plan33 m tonnes from March 201036 m tonnes from 2014

Forward-looking statementsCertain statements in this presentation are forward-looking, and the actual outcome could be materially different. Such forward-looking statements are based on Boliden’s present plans, estimates, assumptions, projections and expectations and are subject to risks and uncertainties. In addition to the factors explicitly discussed, other could have a material effecton the actual outcome. Such factors include, but are not limited to, general economic or political conditions, fluctuations in exchange rates, interest rates and in metal prices, production disruptions, technological issues, interruptions in supply, actions of courts, regulators, government agencies, competitors, customers, suppliers, employees and other third parties.

36 2009-04-29

Boliden produces metals that make modern life work