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UBS cuts Boliden to 'sell' on lower prices, higher capex risks

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** UBS cuts Boliden BOL.ST to "sell" from "neutral", warning of challenges to metal prices, elevated capex riskfor the Swedish smelting and mining group

** The Bolidenstock slides2.6% to SEK 360

** The broker notesthe 40% decrease of zinc treatment charges decrease in 2024 that hit the Smelters business, while it also expects copper TCs to decline by 50% in 2025

** UBS forecasts low output and mining earnings in 2024, seeing "only modest" improvement in profitsand free cash flow inflection from Mines over the next 12 months

** There is upside risk for Boliden's capex for the Ronnskar tank house and possible life extension project at Kevitsa mine, the broker says

** The broker adds that outlook for zinc price remains challenging while copper's downside should be limited by strategic buying

** Out of 19 analysts covering Boliden, five rate the stock "strong buy" or "buy", ten "hold" and four "sell"

Reporting by Anna Chaberska


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