COPENHAGEN - Swedish metals maker Boliden said on Monday it will invest 4.8-billion Swedish crowns ($463.5-million) in a new tank house to boost refining capacity at its Ronnskar copper smelter, which was last year hit by a fire.
The new tank house will gradually push Boliden's production of copper cathodes and precious metals up to full capacity in the second half of 2026 at the Ronnskar facility, the company said in a statement.
The investment will be partially financed by a potential insurance payout with a maximum amount of 3.4-billion crowns, Boliden said, and will begin this year.
Boliden expects its investments this year to amount to 15.5-billion Swedish crowns, 1.5-billion higher than previously communicated, of which 1-billion is related to Ronnskar.
The remaining 500-million will be spent on expanding its Odda zinc smelter in Norway, the company said, adding that the project had suffered from increased costs related to integration between new and existing facilities and delivery delays.