Boliden: Mineral Resources and Mineral Reserves 2024

Rhea-AI Summary

Boliden has released its Mineral Resources and Mineral Reserves report for 2024, with exploration costs reaching SEK 929m. Key highlights include:

- Garpenberg showed strong performance with Mineral Reserves increasing by 5 Mtonnes (5%) and Mineral Resources up by 34 Mtonnes (38%)

- Aitik experienced a decrease in Mineral Reserves of 52 Mtonnes (5%) and Mineral Resources reduced by 35 Mtonnes (4%)

- The Boliden Area saw Mineral Reserves increase by 1 Mtonnes (7%) and Mineral Resources up by 2.5 Mtonnes (10%)

- Kevitsa reported a net increase in Mineral Reserves of 15 Mtonnes (19%) and Mineral Resources up by 15 Mtonnes (9%)

- Tara resumed production in October 2024, with ongoing work on a new production plan

The company also updated its long-term planning prices, with notable increases in copper (+$600/tonne), gold (+$200/oz), and silver (+$3/oz)

Positive

• Garpenberg's Mineral Reserves increased 5% and Mineral Resources up 38%
• Boliden Area's Mineral Reserves grew 7% with Resources up 10%
• Kevitsa's Mineral Reserves increased 19% with Resources up 9%
• Tara mine resumed production in October 2024

Negative

• Aitik's Mineral Reserves decreased 5% and Resources declined 4%
• Exploration costs increased to SEK 929m from SEK 858m
• Kevitsa requires tailings dam expansion permits for continued operations

STOCKHOLM, Feb. 6, 2025 /PRNewswire/ -- "The zinc and silver deposit Garpenberg continues to deliver good results, this year was no exception. At the same time we are also starting to get positive results from a more focused exploration strategy at and around the mines in the Boliden Area," says Stefan Romedahl, President Business Area Mines.

The cost of exploration in 2024 was SEK 929 m (858).

Aitik

Liikavaara, processed in Aitik and included in Aitik's Mineral Reserves and Mineral Resources, began production in 2024. This year, there was a slight decrease in Aitik's Mineral Reserves of 52 Mtonnes (5%) due to mining activities and economic assumptions, and a minor reduction in Mineral Resources of 35 Mtonnes (4%) attributed to drilling and economic factors. In total, 41 Mtonnes were milled in 2024. Exploration and project development is also ongoing at the Nautanen deposit, approximately 15 km north of Aitik, which is reported separately.

The Boliden Area

In the Boliden Area, the total Mineral Reserves increased by 1 Mtonnes (7%), mainly by converting Mineral Resources from Rävliden (Kristineberg). Production began in the Rävliden deposit in 2024 and will continue to ramp up during 2025. Kankberg also contributed to the increase in Mineral Reserves by technical changes regarding mining method. The Mineral Resources increased in Renström and Kankberg due to successful exploration drilling and the total increase of Mineral Resources in Boliden Area amounts to 2.5 Mtonnes (10%). 1.5 Mtonnes of ore were milled in the Boliden area in 2024.

Garpenberg

In Garpenberg the Mineral Reserves increased by 5 Mtonnes (5%) due to conversion from Mineral Resources. Thanks to successful exploration drilling, the Mineral Resources increased by 34 Mtonnes (38%). 3.5 Mtonnes were milled 2024.

Kevitsa

After geological and technical improvement measures in Kevitsa, an updated Mineral Resource Estimation was conducted in 2024 and the Kevitsa mine plan was recalculated. In 2023, 20 Mtonnes were downgraded from Mineral Reserves to Mineral Resources due to uncertainty in permitting regarding the tailings dam expansion. The tailings dam needs to be expanded, and a first permit application for a change of method together with a raise was submitted to the authorities in 2024. An additional application for further raising of the dam will be submitted to the authorities in 2025, providing the required capacity for the Life of Mine Plan. The work behind these permit applications enabled conversion back of the 20 Mtonnes of material, which had been downgraded to Mineral Resources in 2023. The net increase in Mineral Reserves is 15 Mtonnes (19%), due to the conversion and the new Mineral Resource Estimation. Additionally, the Mineral Resources have increased by 15 Mtonnes (9%) despite the conversion back to Mineral Reserves. 9.85 Mtonnes were milled 2024.

Tara

Tara resumed production in October 2024. The existing Life of Mine Plan remains economically feasible however no new resource estimations have been made, and the Mineral Reserves and Mineral Resources are based on last year's figures, depleted by mining of 156 ktonnes in 2024. Work with a new production plan after the Care and Maintenance period is ongoing. Exploration drilling restarted in the end of 2024.

About the classification

Mineral Resources and Mineral Reserves are estimated separately and divided into different categories. Conditions in the form of costs and metal prices are established at the beginning of the year and used in all calculations made during the year. Boliden's Mineral Resources are exclusive of Mineral Reserves. When a Mineral Resource is converted to a Mineral Reserve, the quantity is removed from the Mineral Resource.

Regulations, codes and Competent Persons

Boliden follows the recommendations of the Swedish Mining Association (SveMin) for reporting exploration results, Mineral Resources and Mineral Reserves and report according to the Pan-European Reserves and Resources Reporting Committee (PERC). The PERC standard has clear requirements for documentation and the Competent Persons, who must evaluate the information that companies report. All summarizing reports for Mineral Resources and Mineral Reserves per project and mine available on the Boliden website, are reviewed and approved by the Competent Persons presented in the respective report. This summary of Mineral Resources and Mineral Reserves has been reviewed and approved by Sofia Höglund, Head of Mineral Resources and Project Evaluation, Boliden and Competent Person for reporting of Mineral Resources and Mineral Reserves and member of The Fennoscandian Association for Metals and Minerals Professionals (FAMMP), a Recognized Professional Organization according to PERC.

Planning prices	Long-term prices 2024	Change compared to 2023
Metal prices
Zinc, USD/tonne	2,800	-
Copper, USD/tonne	8,400	+600
Nickel, USD/tonne	20,000	-
Lead, USD/tonne	2,000	-
Gold, USD/oz	1,600	+200
Silver, USD/oz	23	+3
Palladium, USD/oz	1,000	-300
Platinum, USD/oz	1,000	+100
Cobalt, USD/lb	20	-
Tellurium, USD/kg	35	-
Molybdenum, USD/lb	8	-
Treatment Charges (TC) and Refining Charges (RC)
Copper concentrate TC, USD/dmt	80	-
Copper concentrate RC, USc/lb	8.0	-
Zinc concentrate TC, flat, USD/dmt	230	-
Lead concentrate TC, flat, USD/dmt	190	-
Nickel concentrate TC, USD/dmt	190	-
Nickel concentrate RC, USD/lb	1.00	-
Exchange rates
USD/SEK	9.00	-
EUR/SEK	9.90	-
EUR/USD	1.10	-

For further information, please contact:

Klas Nilsson
Director Group Communications
+46 (0)70-453 65 88
klas.nilsson@boliden.com

This information is information that Boliden AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of Director Communications, at 07:47 CET on February 6, 2025.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/boliden/r/boliden--mineral-resources-and-mineral-reserves-2024,c4101029

The following files are available for download:

https://mb.cision.com/Main/997/4101029/3247578.pdf	Press release Mineral Resources and Mineral Reserves 2024
https://mb.cision.com/Public/997/4101029/815414ab864898f5.pdf	Appendix Mineral Resources and Mineral Reserves 2024

 

View original content:https://www.prnewswire.com/news-releases/boliden-mineral-resources-and-mineral-reserves-2024-302369822.html

SOURCE Boliden

FAQ

What are the changes in Boliden's (BDNNY) Mineral Reserves at Garpenberg in 2024?

Garpenberg's Mineral Reserves increased by 5 Mtonnes (5%) due to conversion from Mineral Resources, while Mineral Resources increased by 34 Mtonnes (38%) due to successful exploration drilling.

How much did Boliden's (BDNNY) exploration costs increase in 2024?

Boliden's exploration costs in 2024 were SEK 929 million, up from SEK 858 million in the previous year.

What happened to Boliden's (BDNNY) Aitik mine reserves in 2024?

Aitik experienced a decrease in Mineral Reserves of 52 Mtonnes (5%) due to mining activities and economic assumptions, while Mineral Resources reduced by 35 Mtonnes (4%).

When did Boliden's (BDNNY) Tara mine resume production?

Tara mine resumed production in October 2024, with ongoing work on a new production plan after the Care and Maintenance period.

What are the changes in metal prices for Boliden's (BDNNY) 2024 planning?

The 2024 planning prices showed increases in copper (+$600/tonne to $8,400), gold (+$200/oz to $1,600), and silver (+$3/oz to $23), while palladium decreased (-$300/oz to $1,000).