After a disastrous Q4 15, Boliden’s Q1 16 results were comforting. Despite sales coming in behind consensus estimates, profitability was clearly ahead. Sales were down 15% yoy to SEK8.8bn as weak commodity prices (copper and zinc down 20% and 19%, respectively) more than offset decent mining volumes (particularly zinc (+11%) reaching record highs on account of operational efficiencies). Although the sequential top-line impact (-8.8%) was less severe as the effect of still lower copper p ....