Boliden Announces Expansion in Mineral Reserves and Exploration Success in 2023
Boliden has reported a substantial increase in mineral reserves for 2023, particularly in the Boliden Area, effectively adding nearly two years to its production lifespan. The company also highlighted successful exploration outcomes in Nautanen, just north of Aitik, where it aims to secure environmental permits for further development.
The Aitik area is on the brink of incorporating the Liikavaara site into production starting 2024, following a revision in pit design that improved mineral reserves by 12 Mtonnes. This revision comes despite the extraction of 41 Mtonnes over the year. However, the mineral resource for the open pit saw a reduction by 200 Mtonnes due to current cost and price estimations.
In the Boliden Area, a 10% increase in total mineral reserves was mainly due to converting mineral resources in the Rävliden mineralization in Kristineberg, despite a decrease in new resources added by exploration. Garpenberg experienced a decrease in reserves by 8.4 Mtonnes (8%) owing to higher cut-off and redesign, while Kevitsa saw a decrease in mineral reserve grades by approximately 10 percent, with 20 Mtonnes reclassified from reserve to resource due to permit uncertainties for tailings dam expansion.
Tara, placed under care and maintenance in July 2023, halted all exploration towards Tara Deep. However, the existing Life of Mine Plan remains economically viable, and mineral reserves are still declared, pending a potential restart in 2024.
Boliden adheres to the recommendations of the Swedish Mining Association and the Pan-European Reserves and Resources Reporting Committee for reporting exploration results, mineral resources, and reserves, emphasizing transparency and accuracy in its disclosures.
