Korea Zinc pulls $1.8 billion share sale plan after probe
The world’s largest zinc smelter has been caught up for months in a fight between its largest shareholders over strategy and direction.
Boliden said on Wednesday it would almost double its zinc production at the Odda smelter in Norway, after posting second-quarter operating profits below expectations.
The Swedish mining and smelting group, one of Europe’s biggest zinc producers, said it would invest 700 million euros ($825 million) to expand Boliden Odda to an annual production capacity of 350,000 tonnes of the metal.
Boliden, originally due to announce second-quarter earnings on Thursday, also said its operating profit rose to 2.79 billion Swedish crowns ($320.8 million) from 1.80 billion a year earlier.
Analysts had expected a profit of 3.11 billion crowns, according to a Refinitiv poll.
The company, which operates mines and smelters in Sweden, Finland, Norway and Ireland, said the bulk of the Odda investment would be carried out during 2022 and 2023.
($1 = 8.6959 Swedish crowns)
($1 = 0.8482 euros)
(By Helena Soderpalm; Editing by Kirsten Donovan)
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