STOCKHOLM, Feb. 14,
2023 /PRNewswire/ -- Boliden has identified a
new mineralization in Garpenberg of 5.5 Mtonnes of Inferred Mineral
Resources, which forms part of Garpenberg's Mineral Resources. Both
the Mineral Reserve and the Mineral Resource are increasing
significantly in Garpenberg, and they are also increasing in the
Boliden Area, although the increase there is more moderate. The
Mineral Reserve is decreasing in Aitik and Kevitsa.
"Continued success in Garpenberg means even better conditions
for long-term development of the mining operation there. The new
deposit is located within Garpenberg's mining area at a depth of
1,000 meters, close to the existing infrastructure. That naturally
makes the deposit even better news," says Stefan Romedahl,
President Boliden Mines.
The cost of exploration in 2022 was SEK
770 m (629).
Aitik
In Aitik, work is continuing to prepare the Liikavaara deposit for
mining. This forms part of Aitik's Mineral Resources and Mineral
Reserves, about 3 km northwest of Aitik. Exploration and evaluation
are also underway at the Nautanen deposit approximately 15 km north
of Aitik, which is reported separately and is not part of Aitik's
Mineral Resources and Mineral Reserves. In Aitik, the Mineral
Reserve is decreasing by 176 Mtonnes, of which 43 have been mined
in 2022. This decrease is mainly due to the fact that parts of the
deposit have involved higher costs. It also means that the average
grade is increasing slightly. The Mineral Resource, which in the
open pit involves tonnage that, with today's estimated prices and
costs, lies outside the planned final open pit, is increasing by
230 Mtonnes, mainly due to the fact that a few years of drilling to
depth have now been calculated. The Salmijärvi open pit just south
of the main mine in Aitik has closed, and a decision has been made
to use it as a tailings pond.
The Boliden Area
In the Boliden Area, preparations are underway for the mining of
the Rävliden mineralization in Kristineberg. Overall, exploration
has provided additions to the Mineral Resources that could be
partially converted into Mineral Reserves. For the Boliden Area as
a whole, the Mineral Resource is increasing by 600 ktonnes (2%) and
the Mineral Reserve by 400 ktonnes (3%), while the grades are
slightly lower. In 2022, 1.9 Mtonnes were mined and milled.
Garpenberg
In Garpenberg, successful exploration activities, infill drilling
and studies are continuing. A new mineralization called 'Stationen'
has been identified and calculated at 5.5 Mtonnes of Inferred
Mineral Resource. Exploration is continuing on this and at other
locations in the mine. Significant tonnage has been converted from
Mineral Resource to Mineral Reserve, leading to an increase in the
Mineral Reserve of 15.6 Mtonnes (13%). Despite this, it has also
been possible to increase the Mineral Resource by 10 Mtonnes (17%).
The average grades are slightly lower than last year. In 2022, 3.0
Mtonnes were mined and milled in Garpenberg.
Kevitsa
The reduction in the Mineral Resource following drilling evident
last year has had an effect on the Mineral Reserve this year. In
addition, the open pit has had to be redesigned to avoid potential
stability problems that were identified in a rock mechanics survey.
The Mineral Reserve is decreasing by 12 Mtonnes in addition to the
10 Mtonnes mined and milled in 2022. The average grades are
slightly higher. The Mineral Resource is increasing by 3.2 Mtonnes
(2%).
Tara
At the end of 2021, Tara suffered a large inflow of water in the
exploration drift against the mineralization in Tara Deep. This affected Tara's production in
early 2022 and has prevented underground drilling to Tara Deep throughout 2022. Due to problems
obtaining permits, it has been impossible to start work on any new
drilling sites above ground in 2022. However, extensive exploration
has been undertaken around the existing mine in Tara. The Mineral
Resource in the Tara mine has increased by 1.6 Mtonnes but
decreased by 1.1 Mtonnes in Tara
Deep. For the whole of Tara, there is thus only a total
increase of 0.5 Mtonnes (1%). In 2022, 2.0 Mtonnes were mined (2.1
Mtonnes were milled) and about half of that tonnage has been
replaced with a new Mineral Reserve.
About the classification
Mineral Resources and Mineral Reserves are estimated separately and
broken down into different categories. Prerequisites in the form of
costs and metal prices are produced at the start of the year and
are used in all estimates made throughout the year. Boliden's
Mineral Reserves are not subsidiary amounts of the Mineral
Resources. When converting Mineral Resources into Mineral Reserves,
the quantity is deducted from the Mineral Resource. Boliden follows
the recommendations of the Swedish Mining Association (SveMin) for
reporting exploration results, Mineral Resources and Mineral
Reserves and strives to report according to the Pan-European
Reserves and Resources Reporting Committee (PERC). The PERC
standard has clear requirements for documentation and for the
competent persons who must evaluate the information that companies
report. All summary reports for Mineral Resources and Mineral
Reserves per project and mine that are available on Boliden's
website are reviewed and approved by the competent persons named in
each report. This summary of Mineral Resources and Mineral Reserves
has been reviewed and approved by Gunnar Agmalm, Competent Person
and Head of Ore Base and Project Evaluation, Boliden, who is a
member of The Australasian Institute of Mining and Metallurgy
(AusIMM) and The Fennoscandian Association for Metals and Minerals
Professionals (FAMMP), both of which are approved organizations for
competent persons according to PERC.
Planning
prices
|
Long-term prices
2022
|
Change compared to
2021
|
Zinc
|
2,600
USD/tonne
|
+200
|
Copper
|
7,200
USD/tonne
|
+400
|
Nickel
|
17,000
USD/tonne
|
+1 000
|
Lead
|
2,000
USD/tonne
|
-100
|
Gold
|
1,400 USD/troy
oz.
|
+100
|
Silver
|
20 USD/ troy
oz.
|
+3
|
Palladium
|
1,300 USD/ troy
oz.
|
|
Platinum
|
900 USD/ troy
oz.
|
|
Cobalt
|
20 USD/lb
|
|
Tellurium
|
35 USD/kg
|
|
Molybdenum
|
8 USD/lb
|
|
USD/SEK
|
8.0
|
|
EUR/SEK
|
9.35
|
|
EUR/USD
|
1.17
|
For further information, please contact:
Klas Nilsson, Director Group
Communications, tel: +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 07.49 CET on February 14, 2023.
The following files are available for download:
https://mb.cision.com/Main/997/3714261/1846111.pdf
|
Appendix Mineral
Resources and Mineral Reserves 2022
|
https://mb.cision.com/Public/997/3714261/82c9f9dbbedf5d6f.pdf
|
Press release
(PDF)
|
View original
content:https://www.prnewswire.com/news-releases/mineral-resources-and-mineral-reserves-2022-boliden-301746054.html
SOURCE Boliden