LKAB published its updated mineral resource and reserve estimates. Continuous exploration led to an increase in iron reserves in Kiruna and Malmberget that will allow prolonged exploitation of the current main levels.
In addition, the company, for the first time reported an inferred resource for the per Gejier Ore north of Kirunavaara, amounting to more than 400Mt of high-grade iron ore, associated with high phosphorous content and elevated REE levels of potential future interest. At Kirunavaara and Malmberget, where the phosphorous and REE content is significantly lower, initial REE estimates amount to 1.4 bt @ 163ppm TREO and 1.4 bt grading 227ppm TREO, respectively. While the phosphorous and REE grades would not justify primary mining, the company aims to enable profitable production through the use of large volumes of previously mined material in combination with its circular business model.
According to the company, the considerable investments in exploration achieved the objective to secure resources of at least 1000Mt in Kiruna, 500Mt in Malmberget, and 250Mt in Svappavaara, in turn establishing “good prerequisites for production up to 2060”.
LKAB – Mineral Resource and Reserve Estimates (Source: www.lkab.com)
