January 10, 2025 – Boliden has announced updated estimates for mineral resources and reserves at the Kevitsa mine in Sodankylä, northern Finland. Following detailed mineralisation studies, the new estimates show an increase in tonnage for both categories compared to the previous year.
Assuming a production pace aligned with the environmental permit of ten million tonnes (mt) per year, this increase has extended the mine life to ten years.
Key Highlights:
- The average grade for mineral reserves is projected to rise to 0.22% for nickel while remaining at 0.31% for copper.
- Nickel and copper grade guidance for 2025 is estimated at 0.17% and 0.23%, respectively.
- A comprehensive re-estimation of mineral resources in 2024 has led to a new mine plan and updated mineral reserves.
- The decision on a potential stage five project has been delayed by several years.
- In total, 25mt have been added to the mineral reserve.
- During 2024, 9.85mt were milled, resulting in a net increase of 15mt (19%) in mineral reserves.
Despite the conversion back to mineral reserves, mineral resources have increased by 15mt (9%), attributed to the 2024 re-estimation and new assumptions regarding costs, prices, and terms.
Boliden Mines president Stefan Romedahl said: “We are happy to announce that we have been able to improve the overall mine plan for Kevitsa. As a result, we not only increase the mineral reserves and secure a prolongation of the mine life, we have also been able to optimise the production in a way that pushes the decision point for a possible Stage 5 project up to a couple of years forward.”
Romedahl stressed the importance of decisive action by European policymakers to safeguard the internal nickel value chain from unfair and unsustainable competition.
With the updated estimates and extended mine life, Boliden continues to solidify its position as a leading player in the mining industry, ensuring a sustainable future for the Kevitsa mine.
