Boliden has released updated estimations for mineral resources and reserves at the Kevitsa mine in Sodankylä, northern Finland, following detailed mineralisation studies.
The new estimates indicate an increase in tonnage for both categories compared with the previous year.
The average grade for the 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.
Additionally, the decision on a potential stage five project has been delayed by several years.
A comprehensive re-estimation of mineral resources in 2024 has led to a new mine plan and updated mineral reserves.
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.
“It is, however, important to stress that European policymakers should act more decisively in order to safeguard the internal nickel value chain from unfair and unsustainable competition."
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.
This increase has extended the mine life to ten years, assuming a production pace aligned with the environmental permit of 10mt per year.
In 2023, the mineral reserves were downgraded by 20mt.
The amount has now been restored, pertaining to the permit application for modifying the construction method of the tailings storage facility (TSF).
This change allows for an increase in TSF capacity to meet the current mine plan requirements.
Despite the conversion back to mineral reserves, mineral resources have increased by 15mt (9%).
This growth is attributed to the 2024 re-estimation and new assumptions regarding costs, prices and terms.
