Boliden’s exploration yields increased mineral resources and mineral reserves

The results of the 2015 calculations of Boliden’s mineral resources and mineral
reserves* show, amongst other things, increases in the mineral resources of
Garpenberg, Aitik and the Boliden Area, and an increase in the Aitik mineral
reserve’s copper grade.
“The focus of Boliden’s exploration activities is on ensuring the lifespan of
existing mines and on identifying new deposits that can, in the long term, be
developed into mines. We have achieved some pleasing results in 2015, including
Nautanen at Aitik and Rävliden in the Boliden Area, both of which are now
classified as mineral resources. We have also seen increases in the mineral
reserves at Aitik, Garpenberg and Tara, says Mikael Staffas, President Boliden
Mines.
The primary focus of Boliden’s exploration work is on zinc-, copper-, and
precious metal-bearing ores. Boliden has around 30 active exploration projects
and invested a total of SEK 370 m (280) in exploration activities in 2015. The
strategy involves prioritising mine-site exploration, primarily because the lead
time from identification of a deposit to production is shorter, and because the
geological conditions at Boliden’s mines are favourable.
Results, 2015
Aitik
Aitik has worked extensively in 2015 on such issues as a new grade model, open
-pit optimisation and design, resulting in a mineral reserve of 1,227 Mtonnes
(1,126). The average grade of the reserve has increased to 0.23% copper and the
reserve life with full production is estimated to 27 years.
Surveys in the vicinity of the decommissioned Nautanen mine, 15 km north west of
Aitik, have resulted in an inferred and indicated mineral resource of 16 Mtonnes
with grades of 1.4% copper and 0.65 g/tonne gold.
Garpenberg
Mineral reserves and mineral resources at Garpenberg have increased to 39.8
Mtonnes (37.6) and 82.7 Mtonnes (73.3), respectively. The reserves increased due
to the identification of a substantial deposit at Kvarnberget, but the new
deposit has lower grades and the reserves’ total grades have consequently fallen
to 3.9% (4.3) for zinc and 113 g/tonne (120) for silver. The reserve life is
estimated to 15 years with full production.
The Boliden Area
Several years of exploration work at Kristineberg have resulted in an inferred
mineral resource – Rävliden – of 5.9 Mtonnes. In addition to Rävliden, mineral
resources also increased at Renström and Kankberg. The Boliden Area’s mineral
reserve now totals 14.8 Mtonnes (15.1) and the reserve life is estimated to 9
years with full production.
Tara
Tara’s mineral reserve has increased to 17 Mtonnes (15.3) due to the upgrading
of mineral resources. The additional quantities have a slightly lower zinc grade
at 6.3% (6.6), while the lead grade remains at 1.5%. Mineral resources have
fallen to 8.7 Mtonnes (12.6), primarily due to the upgrading of some tonnage to
reserves. The reserve life is estimated to 6 years with full production.
Kylylahti
Boliden acquired Kylylahti in 2014 and production at the mine has proceeded
according to plan. Exploration in the vicinity of the mineralisation have
provided increased knowledge of the geology surrounding the deposit but have
unfortunately not yielded any new discoveries. The mine’s reserves have fallen
to 2.9 Mtonnes (3.9), but the resources have increased by approximately the same
amount, albeit with lower grades. The reserves’ average grade is 1.4% copper and
it is estimated that the reserve life with full production is 4 years.
For a full table showing Boliden’s mineral reserves and mineral resources for
2015, see www.boliden.com and the appended pdf.
For further information, please contact:
Marcela Sylvander, Director Group Communications, phone + 46 733 244 551
Sophie Arnius, Director Investor Relations, phone + 46 8 610 1523

*Mineral resource and mineral reserve calculations, 2015
Boliden’s calculations and compilations are carried out in accordance with the
recommendations of the Swedish industry organisation for mining and metal
companies, SveMin, which are drawn up in accordance with international
regulations. Boliden reports mineral reserves and mineral resources separately,
which means that reported mineral reserves are not included in the mineral
resources.
Mineral resources are concentrations of minerals in the bedrock from which there
are reasonable prospects for eventual economic extraction. Mineral reserves are
deducted from those parts of a mineral resource that can be mined and processed
in accordance with the company’s demands on profitability. Factors such as waste
rock dilution, pillar offset and process recovery rates, etc., are taken into
account in these calculations.
The mineral resources and mineral reserves that have been compiled and presented
in this press release have been reviewed and approved by Gunnar Agmalm,
Boliden’s Mineral Reserves and Project Evaluation Manager, who is registered as
a “Qualified Person” by SveMin and as a “Competent Person” in accordance with
JORC.
The prices employed when calculating mineral reserves are, planning prices,
which are an anticipated average price for metals and currencies over the
forthcoming business cycle. Boliden currently employs the following planning
prices:

+----------+---------------------+
|          |Planning prices, 2015|
+----------+---------------------+
|Copper    |USD 6,600/tonne      |
+----------+---------------------+
|Zinc      |USD 2,300/tonne      |
+----------+---------------------+
|Lead      |USD 2,300/tonne      |
+----------+---------------------+
|Gold      |USD 1,200/troy oz.   |
+----------+---------------------+
|Silver    |USD 20/troy oz.      |
+----------+---------------------+
|Molybdenum|USD 15/lb            |
+----------+---------------------+
|Nickel    |USD 18,000/tonne     |
+----------+---------------------+
|Cobalt    |USD 16/lb            |
+----------+---------------------+
|Tellurium |USD 150/kg           |
+----------+---------------------+
|USD/SEK   |7.00                 |
+----------+---------------------+
|EUR/SEK   |8.75                 |
+----------+---------------------+
|EUR/USD   |1.25                 |
+----------+---------------------+


Boliden is a metals company with a commitment to sustainable development. Our
roots are Nordic, but our business is global. The company’s core competence is
within the fields of exploration, mining, smelting and metals recycling. Boliden
has approximately 4,900 employees and a turnover of SEK 40 billion. Its share is
listed on NASDAQ OMX Stockholm, segment Large Cap.
www.boliden.com