Sweden's Boliden on Friday reported first-quarter core earnings slightly above analysts forecasts, and said production in the quarter had been stable both in its mines and its smelters.
Operating profit, excluding revaluation of process inventory, fell to 2.05 billion Swedish crowns from 2.72 billion a year earlier, beating the 1.99 billion seen by analysts in a Reuters poll.
"The period can be summarised as a combination of high production stability and investments in growth at a number of units," Boliden CEO Mikael Staffas said in a statement.
"The year on year decrease in volumes caused by lower grades was counterbalanced by a strong U.S. dollar".
(Reporting by Johannes Hellstrom, editing by Helena Soderpalm)