For more than 90 years, Boliden has been exploring, extracting and processing base metals and precious metals. Production is based on experience, innovation and modern technology, developed in collaboration with Nordic technology and engineering companies. Today, Boliden is an industry leader in terms of sustainable metal production, from deposits to the recycling of used metals. The locations of Boliden’s operations are determined by the localization of mineral resources and the ability to explore and expand operations in connection therewith. Good community relations and mutual understanding are a prerequisite for Boliden’s success and for enabling the business to grow.

The economic topics identified as important to Boliden are economic performance, market presence, indirect economic impact, anti-corruption, and anti-competitive behavior. All of these topics are closely linked to Boliden’s overall performance. They are both the result, and a precondition, of trust from the local communities in which Boliden operates. By considering these topics and performing well in respect to them, Boliden maintains its license to operate and the ability to develop its business.

Economic performance

Economic performance is important, because Boliden ­contributes to welfare in society through the generation and distribution of economic value, e.g. by paying wages, taxes, interest, and dividends. These impacts occur throughout Boliden’s value chain and affect several stakeholder groups and all Boliden sites.

Boliden’s contribution to the community is multifaceted and includes investing in education and engaging with students, nurturing competence, and enabling conversion from one occupation to another to make people employable, sponsoring local organizations, making investments that benefit the company and the community, etc. These matters support job creation and strengthen rural communities’ contribution to national economic stability. Several of Boliden’s most important locations, and locations where major investments have been made, are in regions where economic stimulus is needed. Boliden is aware of its role and significance as it is often the biggest employer in the community and a generator of positive trickle-down effects, such as tax income to finance public services, and as a foundation for a private service sector. This status brings both privileges and responsibilities.

Salaries are an important part of the economic compensation to the community. In general, the entry-level wages for employees are set higher than the minimum wage, and average salaries and wages are often higher than the national industrial average. For blue-collar employees, there is an entry-level wage stated within the local salary agreements used for new employees. For white-collar employees hired directly out of university, Boliden applies entry-level wages, depending on the level of education needed for different jobs.

Social impact assessments are conducted in order to assess the consequences for the local community in connection with both expansions of and other significant changes to operations, and in conjunction with the closure of operations.

Due to the spread of Covid-19 and various national restrictions linked to it, Boliden experienced some logistics disruptions with effects on mining production and concentrate deliveries. Despite this, production was stable throughout the year, both in Mines and Smelters.

The Annual and Sustainability Report contains further details of the ways in which Boliden manages, follows up on, and monitors its performance in relation to these aspects.

Market presence

Protecting local communities’ interests and maintaining good relationships with employees, neighbors, authorities and business partners is an important part of being a responsible company. It also strengthens the ability to attract skilled labor and contributes to the development of the business.

Boliden has a considerable impact on local employment levels, trade, and industry by generating purchasing power and providing a critical base for social services. At the year-end, Boliden had 6,071 (5,997) full-time employees, in eight countries. Although the industry is cyclically sensitive, Boliden has had stable employment over several business cycles, and the workforce has increased by about 1,500 (1,700) people in the past 10 years, mainly due to the acquisitions of the Kylylahti and Kevitsa mines.

Boliden currently operates in countries where the infrastructure is well developed and the need for Boliden to contribute to society by directly investing in and developing infrastructure and social services is limited.

Just as Boliden’s companies are important to the development of society, society is important to Boliden. Maintaining an on­going open dialogue with local inhabitants and other parties with interests in Boliden’s operations is a given, as is collaborating with local operators and sponsoring various associations and events. Boliden encourages visits to its mines and smelting plants.

When expanding Boliden’s operations or setting up in a new location, it is also important that it maintains a dialogue with all concerned stakeholders, in order to ensure that the company’s negative social and environmental impacts are minimized.

Contribution to tax revenue

Boliden values the importance of a good tax reputation in each of the countries where it operates by reporting and paying taxes on time and in compliance with applicable tax legislation. The Group has a commercial, not a tax driven, approach to its business and this is also reflected in Boliden’s Group Tax Policy and in the UK Tax Strategy that are published on its website. Boliden’s contribution to tax revenues in the areas where the Group operates includes for example corporate income tax, social security contributions as well as energy and environmental taxes.








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1) Boliden’s Payments to authorities report

Indirect economic impact

A large proportion of Boliden’s staff live close to their workplace, and the company has a major impact on local employment and local business through increased purchasing power and as the basis for important social services. Boliden’s operations affect and touch the lives of many people – sometimes entire communities. Value creation depends on the ability to show consideration for people, society, and the environment throughout the value chain. Boliden aims to make a positive contribution to the development of communities, regions, and countries.

Bcause – Boliden’s Charitable Foundation

Metals contribute to the development and modernization of societies around the world. Boliden and its business operations have been part of this process for over 90 years and have for many years had a local level commitment to associations and non-­profit organizations. The Bcause charity fund has been running since 2014 as part of Boliden’s global-level contribution. Bcause is based on voluntary monthly contributions from Boliden’s ­employees whereby Boliden doubles the donated amount.

Anti-Money Laundering

Anti-Money Laundering was a prioritized area for Boliden during 2020. A new policy was published and a training program was developed. Online awareness training was given to the 170 employees, including senior management, persons within the purchasing, sales and economy functions and other key persons in the organization. An advanced training was developed during 2020, which will be held by both internal and external specialists and provided to senior management and risk groups during 2021.

Trade sanctions

Sanction controls are performed on a regular basis for potential and existing business partners. Boliden’s sanctions compliance program was reviewed and improved in 2019. Policies, procedures and contract terms were updated and an extensive training program was carried out. During 2020, an assessment of the implementation of the sanctions compliance program was conducted, supported by an external legal advisor. The result of the assessment will form the basis of Boliden’s continuous improvements of the sanctions compliance program during 2021.


Compliance with anti-bribery and corruption is one of the focus areas within Boliden’s newly established a function for ethics and compliance. Boliden’s Code of Conduct and Business Partner Code of Conduct set out measures to prevent corrupt behavior and improper influence. Boliden applies zero-tolerance to bribery and corruption, and conflicts of interest shall be reported and addressed. Detailed guidance on prohibited behavior as well as gifts, hospitality, benefits and conflicts of interest are addressed in Boliden’s anti-corruption policy and guidelines. Boliden’s anti-corruption policy has been approved by the Board of Directors and applies to all individuals acting in Boliden’s name or on Boliden’s behalf including employees, management, Members of the Board, consultants and agents of the Boliden Group. The ­anti-corruption policy also applies to companies and joint ventures in which Boliden has an interest, and to third parties who act for or on behalf of Boliden.

The anti-corruption documents are based on Group-wide risk assessments in order to ensure their appropriateness for the business operations in question and to address and mitigate any risk factors. During 2020, Boliden updated this Group-wide risk assessment with support from an external law firm. More information about this can be found in 205-1.

Anti-corruption compliance requirements are also incorporated into contractual agreements with business partners.

Anti-competitive behavior

Boliden’s employees and Members of the Board shall comply with applicable anti-trust and competition laws, Boliden’s Code of Conduct, and Boliden’s competition law policy. Sharing, discussing or disclosing information that may be sensitive from a competition viewpoint is prohibited.

Compliance with competition and anti-trust laws is one of the focus areas within Boliden’s newly established ethics and compliance function. Compliance is vital for Boliden and therefore specific requirements are included in Boliden’s Code of Conduct as well as its competition law policy. During 2020, Boliden engaged an external law firm to support with a group-wide risk assessment specifically targeting anti-trust risks. The work with completing the risk assessment will continue during 2021.