UPDATE 1-Boliden invests 700 mln euros in Odda zinc smelter, profit misses forecasts

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STOCKHOLM, July 21 (Reuters) - Boliden said on Wednesday it would almost double its zinc production at the Odda smelter in Norway, after posting second-quarter operating profits below expectations.

The Swedish mining and smelting group, one of Europe’s biggest zinc producers, said it would invest 700 million euros ($825 million) to expand Boliden Odda to an annual production capacity of 350,000 tonnes of the metal.

Boliden, originally due to announce second-quarter earnings on Thursday, also said its operating profit rose to 2.79 billion Swedish crowns ($320.8 million) from 1.80 billion a year earlier.

Analysts had expected a profit of 3.11 billion crowns, according to a Refinitiv poll.

The company, which operates mines and smelters in Sweden, Finland, Norway and Ireland, said the bulk of the Odda investment would be carried out during 2022 and 2023.

$1 = 8.6959 Swedish crowns $1 = 0.8482 euros Reporting by Helena Soderpalm; Editing by Kirsten Donovan