GarpenbergCapital Markets Day 6 September 2011

Tom SödermanMine Manager, Garpenberg

History of Garpenberg

2011-09-062Boliden Group-CMD 2011

20001920 1940 1960 19801400 1600 1800 1900

~800First C-14 evidence of mining

1000

King Gustav Wasa

1950-53New shaft, headframe, mill

1957Boliden Mineral AB

1923-1957AB Zinkgruvor (Ryllshyttan)

1972Garpenberg N in production

~1750 First mills at Rafshyttan and Hesshyttan

1908 Ryllshyttanconcentrator

1928 Gruvgården shaft, mill

1801 Garpenbergs Herrgård

<1600 Present mine chapel

1998 Discovery of Lappberget

2003 First ore from Lappberget

2004 N and S minesconnected

1872-1879 Avesta-Garpenbergs bruk AB

1880-1911 Garpenbergs bruk AB

xxxx- 1923 Ryllshytte gruf AB

1912-1923 AB Gruvgården

1915Forestry school to Garpenberg

1635-1773 Funk ”dynasty”

1778-1862 Stockenström ”dynasty”

1867-1911 Cornelius ”dynasty”

Hedninga-gruvorna

1486-1527 Gudsberga monastery controls mining

1555 Gustav Wasa ”kungsgård”

1601-16xxKingKarl IX

16xx-1635King Gustav II Adolf

Castegården 1997Forestry school ceases

Medieval mine chapel

2007 Pastefill plant

1989Autogenousgrinding plant

2005-2006 Flotation expansion

1200

16xx-18xxGarpenbergs kopparverk

KingErik XIV

1354 King Magnus Eriksson issues mining privileges

1785Garpenberg church

1485Gudsberga monastery

14xxLime quarry in Garpenberg

1907 Copper concentrator / smelter, Odalfälten

1917 Zinc roaster, Odalfälten

1994Gruvsjön shaft

1950-53New shaft, headframe, mill

1972Garpenberg N in production

1908 Ryllshyttan concentrator

1928 Gruvgården shaft, mill

2007 Pastefill plant

1994Gruvsjön shaft

History of Garpenberg

2011-09-063Boliden Group-CMD 2011

Garpenberg – milled ore tonnes 1957-2010

2011-09-064Boliden Group-CMD 2011

0

200

400

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1957

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2010

Total ore production for period: 34,571 kton

Garpenberg grades 1957-2010

2011-09-065Boliden Group-CMD 2011

0,00

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Gr/t

on

%

Lead Zinc Silver/RHS

Garpenberg – key figures

*) Basis average metal prices in 2010: Zink 2,159, lead 2,148 and copper 7,539 USD/ton Silver 20,19 and gold 1,227 USD/oz

2011-09-066Boliden Group-CMD 2011

*) Metal in concentrate. 2007-2010 production has exceededaverage head grades in ore reserve.

Distribution of payable metal*)Msek 2006 2007 2008 2009 2010

Revenues 1,311 1,710 1,163 1,490 1,902

EBIT 850 1 095 466 793 1,124

Milled ore, kton 1,182 1,255 1,365 1,394 1,443

Metal production*) kton

Zink 60,992 71,464 83,938 90,079 86,022

Lead 21,099 25,139 28,514 31,371 29,310

Copper 593 682 581 493 517

Silver, kg 108,082 117,798 130,287 139,141 140,138

Gold, kg 269 244 243 214 234

Zinc50%Silver

28%

Lead19%

Gold2%

Copper1%

Boliden in Garpenberg

310 own employees Appr 100 employed by contractors Turnover > 1000 MSEK Hedemora Community’s largest private employer

2011-09-067Boliden Group-CMD 2011

Safety always first on the agenda !

2011-09-068Boliden Group-CMD 2011

LTI 1996 - 2011

2011-09-069Boliden Group-CMD 2011

17

12 12

16 16

910

5

3

11

5

3

6

12

002468

1012141618

1996 1998 2000 2002 2004 2006 2008 2010

OreMineral concentrates

Mine

Smelter

Concentrator

Zn 6,5 %

Ag 125 g/t

Pb 2,5 %Zn 54 %

1 400 000 t

160 000 t 40 000 t 3 000 t

Metals

Zinc: 82 000 t Lead: 28 000 t

Gold: 230 kg Copper: 420 t

Sphalerite Galena Chalcopyrite

Silver: 136 000 kg

200 000 t

Pb 71% Cu 20%

+Ag+Au

+Ag+Au

Garpenberg – from ore to metals

2011-09-0610Boliden Group-CMD 2011

Tailings pond - Ryllshyttan

2011-09-0611Boliden Group-CMD 2011

??

?

850Z

LappbergetKvarnberget

Dammsjömin.300Z Tyskgården

Finnhyttan

East limb

GarpenbergNorth

KanalOrebody

StrandOrebody

Garpenberg

Dammsjön

Mill

Workshop

Head office

2011-09-0612Boliden Group-CMD 2011

Garpenberg area

2011-09-0613Boliden Group-CMD 2011

1200Z

1000Z

0 Z

200Z

800Z

600Z

400Z

1400Z

1600 Y 3600 Y3200 Y2800 Y2400 Y2000 Y 4000 Y 4400Y 4800 Y 5200 Y

Gransjön

Kaspersbo

StrandKanal

GarpenbergGarpenberg norra

Orereserv

Mineralresources

Potential

Mined-out

Dammsjön

Tyskgården

Garpenberg before Lappberget

2011-09-0614Boliden Group-CMD 2011

1200Z

1000Z

0 Z

200Z

800Z

600Z

400Z

1400Z

Kyrkan-Tyskgården

Finnhyttan

1600 Y 3600 Y3200 Y2800 Y2400 Y2000 Y 4000 Y 4400Y 4800 Y 5200 Y

Gransjön

Kaspersbo

StrandKanal

Kvarn-berget

Lappberget

GarpenbergGarpenberg norra

Kvarnberget

Orereserv

Mineralresources

Potential

Mined-out

Dammsjön

Garpenberg 1/1 2009

2011-09-0615Boliden Group-CMD 2011

0

5 000

10 000

15 000

20 000

25 000

30 000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

kton Garpenberg

Ore reserveMineral resource (measured/indicated)Mineral resource (inferred)Ore production*10

2011-09-0616Boliden Group-CMD 2011

Expansion Garpenberg

17Boliden Group-CMD 2011 2011-09-06

New industrial area‒ New underground facilities‒ New concentrator‒ New infrastructure

Capacity increase from 1.4 to 2.5 millions tonnes of ore/year

Production ramp-up from 2 million tonnes/year 2014 to full production at the end of 2015

Average grades in ore reserve ‒ Zinc 5.4 %‒ Lead 2.5 %‒ Silver 142 g/tonne

Production until 2030 Good geological potential

Technology andproduction

18Boliden Group-CMD 2011 2011-09-06

500 mNew shafts andIndustrial area

ExistingIndustrial area

Overview Garpenberg mining area

2011-09-0619Boliden Group-CMD 2011

1200Z

0 Z

200Z

800Z

600Z

400Z

1400Z

Kyrkan-Tyskgården

Finnhyttan

910 Z870 Z

Gransjön

Kaspersbo

Strand

Lappberget

Potential

Dammsjön

Potential

1000Z

Gruvsjöschaktet Schakt

Garpenberg Garpenberg north

Kvarn-berget

Kanal

New shafts andIndustrial area

Potential

Potential

Potential

Lappberget

Kyrkan-Tyskgården

Dammsjön

Finnhyttan

Mined areas

Ore reserve

Mineral resources

2011-09-0620Boliden Group-CMD 2011

New shafts andunderground facilities

2011-09-0621Boliden Group-CMD 2011

Crushers at -705 and -1 100 meter levels

2011-09-0622Boliden Group-CMD 2011

Crushing and loading station at -1100/1150 meter level

2011-09-0623Boliden Group-CMD 2011

Financials

Capex SEK 3,9 billion

Profitable investment with robust financials

Productivity increases from high levels Improved competitive position Production cost per tonne of ore

decreases by approx. 25 percent

Capex per year, MSEK

2011 2012 2013 2014850 1 600 1 300 250

24Boliden Group-CMD 2011 2011-09-06