Goldman Sachs Initiates Boliden with Sell Rating Amid Garpenberg Production Concerns

By EC Assets · Published 9 June 2026

Goldman Sachs has initiated coverage of Boliden with a Sell rating, anticipating a 13% downside. The investment bank set a price target of SEK 468 for the mining company. This action comes amid concerns regarding production at Boliden's Garpenberg mine. Goldman Sachs reports that the market is underappreciating the operational complexity involved in ramping up production at the Garpenberg mine. The firm forecasts that Garpenberg will process 1.3 million tonnes of ore through its concentrator/mill in 2026. This projection is below Boliden's own guidance of 1.5 million tonnes. The Goldman Sachs report compounded an already challenging situation for Garpenberg. Seismic activity in March 2026 has created a structural overhang. Boliden shares traded at 521.00 SEK on June 8, 2026, closing at 538.80 SEK on the previous day. The stock experienced a decline of 2% following Goldman Sachs' initiation of coverage. This occurred as the broader Stockholm Stock Exchange also saw declines. This article is intended for informational purposes only. It does not constitute investment advice.