Regulatory News:
Boliden (STO:BOL)(TSX:BOL):
Boliden’s annual ore reserve and mineral resource calculation shows exploration results and higher metal prices have resulted in a continued stable trend.
“Our ore reserves and mineral resources have continued to develop positively in 2010. Garpenberg’s mineral resources have increased by 38 per cent and Aitik’s have increased by 14 per cent. Ore reserves in the Boliden Area have risen by 29 per cent. A certain decrease can be noted at Garpenberg, Aitik and Tara but the ore reserves are continued good levels,” says Jan Moström, President, Business Area Mines.
The primary focus of Boliden’s exploration is on zinc, copper and precious metal-bearing ores. In addition to the exploration work conducted in the vicinity of all the mines, 2010 has seen targeted exploration efforts carried out in the Boliden Area, Bergslagen, Norrbotten and Dorotea in Sweden.
“We invested SEK 229 million in exploration in 2010, which, among other things, resulted in 140,000 metres being drilled. The strategy we developed in 2006 has generated substantial net additions to the mineral resources and ore reserves at Aitik and Garpenberg in particular, but also in the Boliden Area,” continues Jan Moström.
Exploration results, 2010:
Aitik
Positive drilling results in the vicinity of the open pit mines at Aitik and Salmijärvi, as well as new geological interpretations of findings, have resulted in a substantial contribution to mineral resources of 200 million tonnes or 14 per cent. 28 million tonnes of ore were mined during the year, but the ore reserve has only fallen by 14 million tonnes due to higher metal prices that enabled additional tonnage to be included in the ore reserves. Production will, at the currently planned rate, continue until 2030.
Garpenberg
Garpenberg’s mineral resources increased by almost 11 million tonnes. 1.4 million tonnes were mined during the year, but the ore reserve increased by the equivalent of half the production volume, mainly due to higher metal prices. Production will, at the currently planned rate, continue until 2030.
The Boliden Area
The Boliden Area’s ore reserves increased by 2.4 million tonnes, while mineral resources showed a 2.1 million tonne reduction as a result of large quantities being upgraded from mineral resources to ore reserves. Production will, at the currently planned rate, continue until 2021.
Tara
Tara’s mineral resources totalled 11.9 million tonnes – on the same scale of magnitude as in 2009. Exploration added 1.6 million tonnes to the ore reserve, but 2.6 million tonnes were also mined during the year which resulted in a net reduction in the ore reserve. Production will, at the currently planned rate, continue until 2019.
A comprehensive version of Boliden’s ore reserve calculations for 2010 is enclosed and has also been published in Boliden’s Full-year Report for 2010 and at www.boliden.com.
Boliden is a leading European metals company whose core competence is in the fields of exploration, mining, smelting and recycling. Boliden’s main metals are zinc and copper. Other important metals extracted and refined include lead, gold and silver. The operations are conducted in two Business Areas: Mines and Smelters. The number of employees is approximately 4 400 and the turnover in 2010 amounted to approximately SEK 37 billion. Its shares are listed on NASDAQ OMX Stockholm, segment Large Cap and on the Toronto Stock Exchange in Canada.
Ore reserves as of 31st December 2010
Quantity | Quantity | ||||||||||||||||||||
| 2010, ktonnes | 2009, ktonnes | Au g/t | Ag g/t | Cu % | Zn % | Pb % | Mo g/t | Te g/t | |||||||||||||
| The Boliden Area | |||||||||||||||||||||
| Polymetallic mineralisations | |||||||||||||||||||||
| Kristineberg | Proven | 1 340 | 1 690 | 1.3 | 24 | 1.3 | 2.1 | 0.1 | |||||||||||||
| Probable | 2 800 | 1 500 | 0.6 | 43 | 0.4 | 7.9 | 0.4 | ||||||||||||||
| Renström | Proven | 170 | 140 | 3.6 | 179 | 0.6 | 9.1 | 1.8 | |||||||||||||
| Probable | 1 590 | 1 110 | 2.4 | 188 | 0.4 | 7.5 | 1.7 | ||||||||||||||
| Maurliden | Proven | 1 300 | 1 340 | 1.3 | 51 | 0.2 | 3.6 | 0.4 | |||||||||||||
| Probable | |||||||||||||||||||||
| Maurliden Östra | Proven | ||||||||||||||||||||
| Probable | 1 060 | 1 200 | 0.6 | 12 | 1.1 | 0.4 | |||||||||||||||
| Total | Proven | 2 820 | 3 170 | 1.4 | 46 | 0.8 | 3.2 | 0.3 | |||||||||||||
| Polymetallic mineralisations | Probable | 5 400 | 3 780 | 1.2 | 80 | 0.6 | 6.3 | 0.7 | |||||||||||||
| Gold mineralisations | |||||||||||||||||||||
| Kankberg | Proven | 120 | 3.5 | 7 | 151 | ||||||||||||||||
| Probable | 2 660 | 1 610 | 4.1 | 16 | 188 | ||||||||||||||||
| Aitik | Proven | 504 000 | 518 000 | 0.15 | 1.6 | 0.25 | 29 | ||||||||||||||
| Probable | 229 000 | 229 000 | 0.13 | 1.7 | 0.24 | 32 | |||||||||||||||
| Garpenberg | Proven | 18 800 | 17 900 | 0.3 | 121 | 0.06 | 5.8 | 2.3 | |||||||||||||
| Probable | 6 300 | 7 900 | 0.2 | 217 | 0.04 | 3.6 | 1.4 | ||||||||||||||
| Tara | Proven | 3 500 | 3 800 | 8.3 | 2.0 | ||||||||||||||||
| Probable | 12 500 | 13 200 | 6.8 | 1.7 | |||||||||||||||||
Figures may be rounded up or down..
Mineral Resources as of 31st December 2010
| Quantity | Quantity | ||||||||||||||||||||
| 2010, ktonnes | 2009, ktonnes | Au g/t | Ag g/t | Cu % | Zn % | Pb % | Mo g/t | Te g/t | |||||||||||||
| The Boliden Area | |||||||||||||||||||||
| Polymetallic mineralisations | |||||||||||||||||||||
| Kristineberg | Measured | 50 | 50 | 0.7 | 45 | 1.3 | 4.2 | 0.2 | |||||||||||||
| Indicated | 1 660 | 1 960 | 0.7 | 33 | 0.8 | 6.8 | 0.3 | ||||||||||||||
| Inferred | 2 300 | 3 250 | 0.8 | 45 | 0.7 | 4.2 | 0.3 | ||||||||||||||
| Petiknäs N | Measured | 310 | 310 | 8.1 | 73 | 1.8 | 3.1 | 0.3 | |||||||||||||
| Indicated | 1 200 | 1 200 | 2.7 | 52 | 0.6 | 1.8 | 0.3 | ||||||||||||||
| Inferred | 720 | 720 | 3.3 | 33 | 0.5 | 1.2 | 0.2 | ||||||||||||||
| Renström | Measured | 10 | 10 | 3.4 | 167 | 0.9 | 8.6 | 1.4 | |||||||||||||
| Indicated | 1 510 | 1 400 | 1.9 | 115 | 1.3 | 4.5 | 1.0 | ||||||||||||||
| Inferred | 1 890 | 1 890 | 3.3 | 233 | 0.6 | 9.2 | 2.1 | ||||||||||||||
| Maurliden | Measured | 1 050 | 1 050 | 1.3 | 40 | 0.4 | 3.3 | 0.2 | |||||||||||||
| Indicated | 360 | 360 | 0.9 | 45 | 0.7 | 2.9 | 0.2 | ||||||||||||||
| Inferred | |||||||||||||||||||||
| Maurliden Östra | Measured | ||||||||||||||||||||
| Indicated | 410 | 400 | 0.5 | 13 | 0.4 | 0.4 | |||||||||||||||
| Inferred | |||||||||||||||||||||
| Total | Measured | 1 400 | 1 400 | 2.8 | 48 | 0.7 | 3.3 | 0.2 | |||||||||||||
| Polymetallic mineralisations | Indicated | 5 100 | 5 300 | 1.5 | 61 | 0.8 | 4.2 | 0.5 | |||||||||||||
| Inferred | 4 900 | 5 900 | 2.1 | 115 | 0.6 | 5.7 | 1.0 | ||||||||||||||
| Gold mineralisations | |||||||||||||||||||||
| Kankberg | Measured | 59 | 2.2 | 12 | 113 | ||||||||||||||||
| Indicated | 610 | 1 690 | 2.4 | 8 | 135 | ||||||||||||||||
| Inferred | 120 | 6.0 | 8 | 140 | |||||||||||||||||
| Älgträsk | Measured | ||||||||||||||||||||
| Indicated | 2 930 | 2 930 | 2.6 | 3 | |||||||||||||||||
| Inferred | 1 270 | 1 270 | 1.8 | 3 | |||||||||||||||||
| Total | Measured | 60 | 2.2 | 12 | |||||||||||||||||
| Gold mineralisations | Indicated | 3 500 | 4 600 | 2.6 | 4 | ||||||||||||||||
| Inferred | 1 400 | 1 300 | 2.1 | 3 | |||||||||||||||||
| Aitik | Measured | 708 000 | 633 000 | 0.12 | 1.0 | 0.19 | 24 | ||||||||||||||
| Indicated | 845 000 | 737 000 | 0.11 | 1.1 | 0.19 | 25 | |||||||||||||||
| Inferred | 164 000 | 131 000 | 0.11 | 0.6 | 0.15 | 20 | |||||||||||||||
| Garpenberg | Measured | 2 600 | 2 100 | 0.3 | 95 | 0.07 | 3.9 | 1.7 | |||||||||||||
| Indicated | 9 900 | 5 200 | 0.5 | 164 | 0.06 | 5.1 | 2.3 | ||||||||||||||
| Inferred | 26 800 | 21 200 | 0.5 | 146 | 0.06 | 5.2 | 2.5 | ||||||||||||||
| Tara | Measured | 300 | 300 | 7.8 | 1.9 | ||||||||||||||||
| Indicated | 4 600 | 3 700 | 6.8 | 2.1 | |||||||||||||||||
| Inferred | 7 000 | 7 800 | 7.3 | 1.8 |
Figures may be rounded up or down..
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