Kevitsa Mineral Resources and Mineral Reserves Updated and Guidance to 2025 Investing.com

STOCKHOLM, January 10, 2025 /PRNewswire/ — Boliden (ST:) has updated estimates for mineral resources and mineral reserves in Kevitsa, as a result of more detailed mineralization studies. Updated estimates show an increase in tonnage of both mineral resources and mineral reserves compared to the previous year. Average mineral reserve content is estimated to increase to 0.22 percent for nickel (NiS) and remain unchanged at 0.31 percent for . and the recommended copper content for 2025 is estimated at 0.17 percent and 0.23 percent, respectively. Also, the timing for a decision on a potential Stage 5 project has been delayed by several years.

“We are happy to announce that we have been able to improve the overall mine plan for Kevitsa. As a result, we are not only increasing the mineral reserves and ensuring an extended mine life, we have also been able to optimize production in a way that moves the decision point for a possible Stage 5 project to several years in advance. However, it is important to emphasize that European policy makers need to act more decisively to protect the internal value of the nickel chain from unfair and unsustainable competition,” says Stefan Romedahl, president of Boliden Mines.

Kevits

During 2024, a comprehensive reassessment of mineral resources was carried out, which resulted in a new mine plan and updated mineral reserves. A total of 25 million tons were added to the mineral reserves. During 2024, a total of 9.85 Mtons were milled, which resulted in a net increase in mineral reserves of 15 Mtons (19%). The increase resulted in extending the life of the mine to a total of 10 years, given the pace of production in accordance with the environmental permit of 10 Mtons per year.

In 2023, 20 million tons were reduced from Mineral Reserves. The same amount has now been calculated back, in connection with the request for a permit to change the method of construction of Tailings (TSF). This methodological change creates the possibility of increasing the TSF to the capacity required for the current mining plan. Mineral resources they increased by 15 Mtons (9%) despite the above-mentioned conversion back to mineral reserves. The increase is attributed to a reassessment carried out in 2024, as well as the inclusion of new assumptions regarding costs, prices and terms.

The total volume as well as the average score for each classification are shown in Table 1 below. For 2025, the average production grade will be 0.17 percent for nickel and 0.23 percent for copper, both under average mine life guidelines. The reason for the temporary lower grades is a new and improved mine plan that calls for mining in certain areas of the pit with low grades so that better positions can be reached in the future.

Table 1. Mineral raw materials and mineral reserves for Boliden Kevitsa mine of 31-12-2024 and 31-12-2023 for comparison.

Additional information on mineral resources and classification of mineral reserves is available at Boliden website (Mineral resources and mineral reserves РBoliden) and an updated summary report on Kevits Mineral Resources and Mineral Reserves 2024 will be published there shortly. This press release on Kevits Mineral Resources and Mineral Reserves has been reviewed and approved by Sofia H̦glund, Responsible Person and Head of Mineral Resources and Project Evaluation, Bolidenwho is a member Fennoscandian Association for Metals and Minerals Professionals (FAMMP), an approved organization for competent persons under PERC.

For additional information, please contact:Class NilssonDirector of Group Communications
+46 70-453 65 88
klas.nilsson@boliden.com

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