UBS downgrades its recommendation on Boliden from 'neutral' to 'sell', given an estimated downside potential of 16% for the Swedish mining company's shares, compared with its price target maintained at SEK 300.

Although Boliden is present in copper, the broker stresses that it is not a "pure player", that it is facing headwinds in smelting, that zinc seems vulnerable and that high investments will penalize free cash flow.

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