#Sweden #Stockholm #Boliden #mineral resources #Garpenberg

Boliden's Mineral Resources and Reserves Report 2024

In February 2025, Boliden announced the positive results of its mineral resources and reserves for the year 2024. The annual report showcased significant progress in its mining operations, particularly in the Garpenberg zinc and silver deposit, which continued to yield strong results. Stefan Romedahl, President of Business Area Mines, emphasized the effectiveness of the company's focused exploration strategy around its Boliden Area mines.

Key Highlights from the Report:

Exploration Costs and Outcomes

The exploration investment in 2024 amounted to SEK 929 million, slightly higher than previous years. The company reported a notable increase in the total mineral reserves within its operational mines.

Aitik Mine Developments

In the Aitik mine, the Liikavaara deposit began production in 2024, contributing to a decrease in mineral reserves by 5% and a minor drop in mineral resources by 4%. Specifically, mining activities and economic factors led to a reduction of 52 million tonnes in mineral reserves.

Amidst this decline, the total amount milled reached 41 million tonnes, indicating consistent operational performance despite adjustments to reserves. Exploration efforts are ongoing at the Nautanen deposit, located around 15 km north of Aitik, ensuring future production prospects remain robust.

Advancements in the Boliden Area

The Boliden Area showcased an overall increase of 1 million tonnes, or 7%, in mineral reserves, primarily due to the conversion of mineral resources from the Rävliden deposit located near Kristineberg. This deposit started production in 2024, with expectations to ramp up in 2025.

Moreover, improvements in mining technique and successful exploration drilling resulted in increased mineral resources in both Renström and Kankberg, culminating in a total resource increase of 2.5 million tonnes or 10% for the Boliden Area, with 1.5 million tonnes milled in 2024.

Growth in Garpenberg Reserves

The Garpenberg site experienced a remarkable growth of 5 million tonnes in mineral reserves (5% increase) attributed to the conversion from mineral resources. Successful exploration drilling led to an impressive increase in mineral resources of 34 million tonnes (a stunning 38% increase). The site milled 3.5 million tonnes during the reporting year.

Reevaluation of Kevitsa

In response to geological and technical assessments made in the Kevitsa mine, Boliden performed an updated mineral resource estimation in 2024. This was essential after 20 million tonnes were downgraded from reserves to resources in the prior year primarily due to uncertainties regarding the tailings dam expansion permits. A first application to modify the dam's construction method was submitted to authorities in 2024, evidencing proactive management of resources.

Boliden's resource estimation allowed for a net reserve increase of 15 million tonnes (19%), supplemented by the new estimation despite the previous downgrades. In total, 9.85 million tonnes were milled at Kevitsa in 2024.

Resuming Tara's Production

After a period of care and maintenance, Tara mine resumed production in October 2024 under its existing Life of Mine plan. Although no new resource estimates were introduced, the mine remains economically viable, ensuring consistent output in future operations. Exploration drilling was also reinitiated at the end of 2024 to explore further resource opportunities.

Reporting Standards and Future Directions

Boliden adheres to the stringent exploration reporting recommendations set out by the Swedish Mining Association (SveMin) and follows the Pan-European Reserves and Resources Reporting Committee (PERC) standards. All summarizing reports regarding mineral reserves and resources across Boliden's projects have undergone thorough reviews by competent persons.

In conclusion, Boliden's proactive strategies in exploration and site management have proved fruitful in 2024, illustrating their commitment to sustainable mining practices while meeting market demands. The company's outlook remains positive with ongoing explorations and development plans to capitalize on their extensive mineral resources.