Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environment
• Health
• Safety
• Quality
• Human Resources
• Social Commitment

Environmental Achievements

• Reduced specific emissions of copper, zinc, and lead to air and water by 60% and 52% respectively since 2002.
• Reduced specific carbon dioxide emissions from Boliden processes by 16% since 2002.
• Reduced specific sulphur dioxide emissions by 30% since 2002.
• Reduced freshwater consumption by approximately 16% since 2002.
• Reduced quantity of non-hazardous waste sent to landfills by 5% since 2004.
• 30 hectares of affected land were reclaimed.

Social Achievements

• Contributed over 4 MSEK to local and national sporting and cultural events, schools, and hospitals in 2005.
• Launched an employee opinion survey (“My opinion”) to identify areas for improvement.
• Participated in the Schools Business Partnership program in Ireland.
• Collaborated to save the local grocery store in Garpenberg.

Governance Achievements

• Implemented the Swedish Code of Corporate Governance since July 1st, 2005.
• Developed a system of internal audits for Environment, Health, and Safety.
• Established an annual award for commendable work in Environment, Health, and Safety.

Climate Goals & Targets

Environmental Challenges

• Increasing accident frequency at some units.
• Permitting challenges for production increases and tailings ponds.
• EU's new mine waste directive and REACH regulations.
• Competition from large shopping centers impacting local businesses.

Mitigation Strategies

• Initiated targeted measures to reduce accidents.
• Negotiated with authorities and stakeholders regarding permits.
• Actively participated in developing the EU's new mine waste directive.
• Collaborated with Metall and Dalarna County Administrative Board to support the local grocery store.

Supply Chain Management

Supplier Audits: 6 customers audited in 2005

Responsible Procurement

• Efficiency enhancement program for input goods and service procurement.
• Development of Group-wide routines for supplier evaluations.

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: ISO 14001, OHSAS 18001, ISRS

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Honorary mention from the Finnish Ministry of Health and Social Welfare for Harjavalta's efforts to reduce workplace accidents.

Environmental Metrics

ESG Focus Areas

• Governance
• Environmental
• Health and Safety

Governance Achievements

• Continued work on charting financial transaction flows, identifying risks, and documenting control activities in a standardized way.
• Improved intranet structure for better accessibility and information retrieval.
• Updated and communicated all Group-wide steering documents.

Climate Goals & Targets

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: Swedish Companies Act, Nasdaq OMX Stockholm Stock Exchange regulations, Swedish Code of Corporate Governance

Environmental Metrics

ESG Focus Areas

• Safety Culture
• Leadership Development
• Environmental Excellence
• Stakeholder Dialogue

Environmental Achievements

• Reduced accident frequency by 12 percent (from 8.9 to 7.9 per one million hours worked)
• Decreased discharges of metals to water by 4.0 percent
• Decreased emissions of sulphur dioxide to air by 11 percent
• Decreased carbon dioxide intensity from 0.77 to 0.74 tCO2/t metal

Social Achievements

• Increased percentage of women in the workforce to 17.5% (from 17.1%)
• 75% of respondents in the employee survey would recommend Boliden as an employer
• Ranked 23rd in Universum’s ranking of Sweden’s 70 Most Appreciated Employers

Governance Achievements

• Implemented a new anti-corruption policy and guidelines
• Completed the Travis Perkins litigation

Climate Goals & Targets

Environmental Challenges

• Negative safety and accident frequency trend in 2013
• Increased sick leave rate
• Increased emissions of metals to air (12%)
• Challenges in reducing negative impact on soil, air and water with increased production
• Uncertainty regarding emissions trading rules and financial implications after 2020

Mitigation Strategies

• Increased focus on safety efforts and behavior-based safety training
• Initiated a group-wide survey to improve safety culture
• Implemented measures to prepare for increasing precipitation
• Developed new targets for stabilization of CO2 emissions
• Set an internal carbon price for evaluating investments and mitigation opportunities
• Working on opportunities to reduce emissions

Supply Chain Management

Supplier Audits: 1/year in 2014

Responsible Procurement

• Boliden’s Corporate Responsibility Business Guidelines appended to all contracts; expectation that business partners comply with UN Global Compact principles.

Climate-Related Risks & Opportunities

Physical Risks

• Heavy rain impacting water management systems

Transition Risks

• ETS, uncertainty regarding emissions trading rules and financial implications after 2020

Opportunities

• Improving heat recovery, electrification of transports, replacing fossil fuels with biofuels

Reporting Standards

Frameworks Used: GRI G4, Mining & Metals Sector Supplement

Certifications: ISO 14001, OHSAS 18001, ISO 9001 (smelters), ISO 50001 (being implemented)

Third-party Assurance: Ernst & Young AB (limited review)

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• LBMA quality certificate for gold produced at Rönnskär (2013)

Environmental Metrics

ESG Focus Areas

• Corporate Governance
• Health & Safety
• Sustainability
• Environmental Performance
• Business Ethics
• Anti-corruption

Environmental Achievements

• EUR 90m investment in a new sulphuric acid plant at Harjavalta expected to improve efficiency and environmental performance.
• Garpenberg expansion to 2.5 Mtonnes of ore per year continued.

Social Achievements

• Implementation of the 'B-Safe' project to improve health and safety culture and awareness.
• Ongoing work on improving health and safety following a negative shift in accident frequency rate in 2013.

Governance Achievements

• Implementation of new policies and guidelines in anti-corruption.
• Annual evaluation of the Board’s work.

Climate Goals & Targets

Environmental Challenges

• Negative trend in accident frequency rate.
• Cost increases.

Mitigation Strategies

• Implementation of the 'B-Safe' project.
• Measures to counter cost increases.
• Appointment of a Health & Safety Officer with special coordination responsibility.
• Analysis of accidents and follow-up to avoid repetition.

Supply Chain Management

Responsible Procurement

• Stringent demands on suppliers regarding health and safety regulations.

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI

Environmental Metrics

ESG Focus Areas

• Creating a safe workplace
• Achieving diversity and a more even gender distribution
• Securing tomorrow’s skill pool
• Minimising the negative impact on soil, air and water
• Using resources efficiently
• Responsible reclamation and nature protection

Environmental Achievements

• Discharges of metals to water (metal equivalents) declined by 40% since 2012.
• Emissions of sulphur dioxide to air declined by 14% in comparison with the base year of 2012.
• Reduced electrical consumption by 54% and propane consumption by 21% at the Kankberg mine through a “Ventilation on Demand” project.

Social Achievements

• The number of accidents leading to absence from work (LTI) decreased in 2016 from 8.9 to 7.9 per million hours worked.
• The sick leave rate decreased from 4.6% to 4.4% in 2016.
• 72% of respondents in the 2016 employee survey stated that they would recommend Boliden as an employer.

Governance Achievements

• No confirmed incidents of corruption to report.
• No significant fines or non-monetary sanctions regarding social performance.

Climate Goals & Targets

Environmental Challenges

• Heavy rains stressing water management systems.
• High energy intensity due to the integration of the Kevitsa mine.
• Uncertainty regarding emissions trading rules and financial implications after 2020.
• High LTI frequency among contractors.
• Need for a common global HR data system.

Mitigation Strategies

• Capacity investments in water management systems.
• Focus on energy efficiency and technological development to stabilize CO2 emissions.
• Implementation of energy management systems according to ISO 50001.
• Special attention directed to contractor safety; contracts terminated if safety requirements not met.
• Implementation of an Identity and Access Management System.

Supply Chain Management

Supplier Audits: 5 audits conducted in 2016

Responsible Procurement

• Boliden Corporate Responsibility Business Guidelines included in all new agreements with business partners; EBP process evaluates business partners from a commercial and sustainability perspective.

Climate-Related Risks & Opportunities

Physical Risks

• Heavy rain

Transition Risks

• Uncertainty regarding emissions trading rules and financial implications after 2020.

Opportunities

• Improving heat recovery, further electrification of transports, replacing fossil fuels with biofuels.

Reporting Standards

Frameworks Used: GRI G4 Core

Certifications: ISO 14001, OHSAS 18001, ISO 9001

Third-party Assurance: Deloitte AB (limited assurance)

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Environment and climate
• Health and safety
• Equal opportunities
• Responsible business

Environmental Achievements

• Reduced carbon dioxide intensity aligned with the 2019 target.
• Achieved the lowest accident frequency ever in 2019.
• Commissioned a plastics separation plant in Bergsöe, reducing carbon dioxide emissions by 25 percent.
• Initiated investments in partial electrification of truck transports in Aitik and Kevitsa.

Social Achievements

• LTI frequency for employees fell by approximately 40% over the past five years.
• Proportion of women among total employees was 19.2% in 2019, with 26% of new recruits being women.

Governance Achievements

• Updated Code of Conduct in 2019 and approved by the Board.
• Assigned a Chief Ethics & Compliance Officer in 2019.
• Implemented a new whistleblower system provided by an independent third party.

Climate Goals & Targets

Environmental Challenges

• Lower volumes and metal prices resulted in decreased operating profit.
• Higher investments led to decreased free cash flow.
• Unanticipated discharge of metals to water at the Rönnskär smelter exceeded the annual limit.
• Sick leave frequency was 4.3%.

Mitigation Strategies

• Investments in improved water treatment techniques.
• Investments in improved air purification techniques.
• Continued work on improving process stability.
• Continued work on preventing and rehabilitating physical and mental ill health.
• Intensified work on developing Boliden’s safety culture.

Supply Chain Management

Responsible Procurement

• Code of Conduct for business partners.

Climate-Related Risks & Opportunities

Physical Risks

• Severe weather events
• Flooding

Transition Risks

• Changes to regulations and taxes in the EU Emissions Trading Scheme

Opportunities

• Development of energy-efficient products

Reporting Standards

Frameworks Used: GRI, UN Global Compact, TCFD

Certifications: ISO 14001, ISO 45001

Environmental Metrics

ESG Focus Areas

• Employees
• Environment and climate
• Responsible business

Environmental Achievements

• Carbon dioxide intensity decreased during the year.
• Intensity of metals to air decreased compared to the previous year.
• Intensity of metals to water decreased compared to the previous year.
• No serious environmental incidents occurred.

Social Achievements

• Proportion of women in Boliden increased by 0.6% to 19.8%.

Governance Achievements

• Implemented a new purpose, vision, and values.
• Applied for membership of ICMM (International Council on Mining and Metals).

Climate Goals & Targets

Environmental Challenges

• Injury frequency increased during the year.
• Increased short-term sick leave linked to the Covid-19 outbreak.
• Supply chain disruptions due to Covid-19 restrictions.
• Lower milled volumes and additional costs related to production problems in Tara.

Mitigation Strategies

• Increased focus on proactive occupational health and safety efforts.
• Extensive precautionary measures to minimize the spread of Covid-19.
• Financial measures to ensure a high degree of flexibility.
• Local responsibility based on regional and national decisions and guidelines.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• All suppliers must comply with Boliden’s Code of Conduct for suppliers.

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather conditions and changes in average rainfall affect these risks. Global warming may increase the risk of more severe weather events.

Transition Risks

• Changes to regulations and taxes in the EU Emissions Trading Scheme (ETS) may lead to cost increases that jeopardize Boliden’s competitiveness on the international market.

Opportunities

• Europe’s emerging realization of the importance of metals for adapting to climate change.

Reporting Standards

Frameworks Used: GRI, TCFD

Certifications: FSC

Third-party Assurance: Deloitte AB

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Safety
• Productivity
• Carbon dioxide intensity
• Climate
• Circular economy
• Waste management
• Resource utilization
• Employment
• Education
• Local communities
• Rights of indigenous populations
• Market presence
• Anti-corruption
• Energy
• Water
• Biodiversity
• Compliance with the law
• Health and safety
• ESG evaluations of business partners
• Relocation of local habitants
• Reclamation of land used
• Capital markets
• Strategic partnerships

Environmental Achievements

• Completed a new leaching plant and underground repository in Rönnskär, enabling extraction of additional metal from residual material and sustainable waste deposition.
• Completed nickel production expansion in Harjavalta, reducing carbon intensity with a new steam-heated concentrate dryer.
• Launched Low-carbon Copper and Recycled Copper products with emissions significantly lower than the global average.
• Consistently good metals to air and water emission levels.

Social Achievements

• Met the target of at least 20% women employees.
• Decreased the number of serious accidents.
• Maintained good production levels despite high sick leave rates due to Covid-19, through proactive measures.

Governance Achievements

• Became a member of the International Council on Mining and Metals (ICMM).
• Updated Code of Conduct for business partners regarding environmental requirements, human rights, and workers’ union rights.
• Implemented a new anti-money laundering policy.
• Strengthened compliance checks and training programs in various areas (anti-corruption, competition law, sanctions).

Climate Goals & Targets

Environmental Challenges

• Slightly lower production resulted in a slight increase in carbon dioxide intensity.
• Heavy precipitation at several units hindered the reduction of metals to water intensity.
• Covid-19 pandemic caused increased sick leave and limited systematic occupational health and safety work.
• Increased water inflows in Tara mine temporarily halted production and delayed exploration.
• Logistics bottlenecks, spare parts shortages, and increased input goods costs due to the pandemic.
• Energy shortages and price increases for electricity and fossil fuels.
• Low availability of electronic secondary raw materials affected smelter production.
• Process disruptions and planned maintenance negatively impacted Rönnskär production.
• Malfunctioning roasting plant and high electricity prices affected Kokkola zinc production.
• Delayed start-up of Odda electrolysis plant due to component shortages.

Mitigation Strategies

• Actively engaged in various measures to reduce carbon dioxide emissions (decreasing fossil fuel use, increasing energy efficiency).
• Working constantly on improvements to achieve further progress in metals to air and water emission levels.
• Increased focus on proactive occupational health and safety measures and greater management involvement.
• Implemented extensive precautionary measures to minimize Covid-19 spread.
• Developed risk analyses and action plans adapted to local infection scenarios.
• Concluded long-term, fossil-free electricity contracts.
• Developed alternative sourcing strategies for raw materials.
• Implemented preventive maintenance and addressed production problems.
• Developed treatment and handling processes for iron sand to promote circular economy and minimize CO2 emissions.

Supply Chain Management

Responsible Procurement

• Ensuring fair competition between suppliers
• Inspections at supplier premises
• Dialogues and information sharing with suppliers
• Updated Code of Conduct for business partners

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather conditions
• Changes in average rainfall

Transition Risks

• Changes to regulations and taxes in the EU Emissions Trading Scheme (ETS)

Opportunities

• Development of energy-efficient products
• Increased demand for metals in electrification and climate transition

Reporting Standards

Frameworks Used: GRI, SASB, TCFD, UN Global Compact, ICMM Mining principles

Certifications: FSC

Third-party Assurance: Deloitte AB

Sustainable Products & Innovation

• Low-carbon Copper
• Recycled Copper

Environmental Metrics

ESG Focus Areas

• Climate change
• Safety
• Biodiversity
• Responsible business
• Human rights
• Circular economy
• Water management
• Waste management
• Supplier evaluations
• Indigenous People's rights

Environmental Achievements

• Reduced carbon dioxide intensity compared to the previous year.
• Launched Low-Carbon Zinc with emissions of only 1 kg CO2 per kg zinc.
• Invested SEK 5 billion in a reinforced dam structure at the Aitik mine.
• Contributed to the construction of the world’s biggest offshore wind farm using Low-Carbon Copper.
• Issued the first green bonds for a total value of SEK 3.7 billion.

Social Achievements

• Reduced the Lost Time Injury Frequency (LTIF) to 4.7 (from 5.9 in 2021).
• Increased the proportion of women employees to 20.9 percent.
• Launched a trainee program.

Governance Achievements

• Established a Green Finance Framework.
• Established a Sustainable Finance Committee.
• Updated Boliden’s Business Partner Code of Conduct.

Climate Goals & Targets

Environmental Challenges

• Supply chain disruptions due to the war in Ukraine and the energy crisis.
• High energy prices in Europe.
• High inflation.
• Competition for skilled labor.
• Corrosion challenges in the Rönnskär leaching plant.
• Increased water inflow at the Tara mine.

Mitigation Strategies

• Developing alternative supply chains.
• Hedging a high proportion of energy supply.
• Long-term contracts for fossil-free electricity.
• Initiatives to attract and retain skilled labor.
• Ongoing investments to reduce carbon dioxide emissions.
• Implementing proactive risk management and greater involvement in occupational health and safety issues.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Boliden’s Business Partner Code of Conduct
• ESG risk evaluation of suppliers
• Collection of information on suppliers’ greenhouse gas emissions

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events

Transition Risks

• Regulatory changes
• Market shifts

Opportunities

• Development of energy-efficient products and processes

Reporting Standards

Frameworks Used: GRI, SASB, TCFD, UN Global Compact, ICMM Mining Principles, OECD Due Diligence Guidance

Certifications: Null

Third-party Assurance: Deloitte AB

UN Sustainable Development Goals

• Not disclosed

Boliden’s sustainability strategy aligns with the 17 UN Sustainable Development Goals.

Sustainable Products & Innovation

• Low-Carbon Copper
• Low-Carbon Zinc
• Recycled Copper
• Recycled Zinc

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Governance
• Environment
• Social

Environmental Achievements

• 0 significant environmental incidents occurred during the year.
• Scope 1 and 2 emissions fell by 8% compared to the previous year.
• 30% of waste rock reused in 2023

Social Achievements

• A strong safety culture is characterized by a values-driven leadership that trusts employees’ ability to act in relation to risk, health, safety and well-being.
• 22.5% Females employed (FTE)
• No work-related fatalities have occurred on sites or areas controlled by Boliden since 2008

Governance Achievements

• Business Partner Code of Conduct was updated in 2023 to align with the latest Organization for Economic Co-operation and Development (OECD) guidelines.
• Boliden’s absolute CO2e targets were validated by the SBTi to ensure they are aligned with the Paris Agreement.
• Boliden created a sustainability park in northern Sweden

Climate Goals & Targets

Environmental Challenges

• The electrolysis plant at the Rönnskär smelter was destroyed due to a fire, which resulted in a lower production of copper cathodes.
• The Tara mine was placed under care and maintenance, resulting in lower production of zinc concentrates from Boliden mines.
• Decarbonizing our smelting processes by finding alternatives to the fossil fuel reducing agents currently used by smelters

Mitigation Strategies

• Boliden has several development projects ongoing to mitigate climate impact
• A Group-wide action plan for 2024-2025 has been approved by Boliden’s Management Team to address unmet ICMM PEs
• Corrective action plans have been developed to achieve full conformance with GISTM by August 2025

Supply Chain Management

Supplier Audits: 58% of all new raw material suppliers evaluated in 2023, 100% of new contracted suppliers with spend over SEK 1 million evaluated.

Responsible Procurement

• Business Partner Code of Conduct
• ESG and sanctions clauses in agreements
• Supplier engagement program to reduce emissions

Climate-Related Risks & Opportunities

Physical Risks

• Extreme heat
• Extreme cold
• Storms
• Flooding
• Drought and water stress
• Wildfires
• Landslides

Transition Risks

• Changes in legislation (EU ETS)
• Increased cost of CO2 emissions

Opportunities

• Potential for low-carbon metals to command a higher premium
• Cleaner operations enhancing competitiveness and profitability

Reporting Standards

Frameworks Used: GRI Standards 2021, ICMM Mining Principles, UN Global Compact, SASB Metals & Mining Standard, TCFD

Certifications: ISO 14001, ISO 45001, ISO 50001

Third-party Assurance: Deloitte AB

UN Sustainable Development Goals

• SDG 8
• SDG 12
• SDG 13
• SDG 5
• SDG 14
• SDG 15

Boliden's sustainability topics are related to these SDGs, showing contribution to cross-sector international efforts to solve global development issues.

Sustainable Products & Innovation

• Low-Carbon Copper
• Low-Carbon Zinc
• Low-Carbon Lead
• Recycled Lead
• Low-Carbon Sulphuric Acid

Awards & Recognition

• Copper Mark
• Nickel Mark
• Zinc Mark