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RBC upgrades Boliden, sees challenges fading away

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** RBC upgrades rating on Boliden BOL.ST to "sector perform" from "underperform", noting a positive impact of higher base metal prices, the restart of the Tara zinc mine

** "We see a clearer path towards operational stability", the broker says, adding the Swedish mining and smelting group was "removing some key overhangs from the investment case"

** It notes that higher zinc prizes and operational restructuring may allow for the re-opening of Tara in Q4 2024, pointing also to "only minimal" impact of strikes in Finland on operational costs

** RBC estimates that potential insurance payout related to Ronnskar's fire - SEK 2.4 billion ($226.47 million) - should cover around 55% of Ronnskar's rebuild capex, helping offset pressures on cash flow generation

** The broker raises target price by 20% to 330 crowns

($1 = 10.5975 Swedish crowns)

Reporting by Agnieszka Oleńska


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