Mineral Resources and Mineral Reserves 2025
MWN-AI** Summary
In the 2025 report on Mineral Resources and Mineral Reserves, Boliden AB highlights significant achievements in resource growth driven by successful explorations and favorable economic conditions. Key operations, such as Garpenberg and the Boliden Area, played pivotal roles in increasing mineral resources, while the overall mining costs for exploration reached SEK 969 million.
Notably, Aitik experienced a minor dip in Mineral Reserves (40 million tonnes, -4% due to mining activities), yet it reported a substantial increase in Mineral Resources, with Measured and Indicated Resources up by 36% and Inferred Resources by 20%. The Liikavaara site, integrated into Aitik operations, continued its production ramp-up, contributing significantly to the output.
The Boliden Area reported a promising 13% increase in Mineral Reserves (2.0 million tonnes), with all mines contributing, particularly Kankberg due to favorable gold price assumptions. Furthermore, Garpenberg noted a decrease in Mineral Reserves (-1.4 million tonnes) but saw an impressive rise in Measured and Indicated Mineral Resources (84%).
At Kevitsa, Mineral Reserves dropped by 9 million tonnes (-9%), mainly from mining impacts. However, improved economic assumptions contributed to a slight increase in Measured and Indicated Resources.
The inclusion of acquired properties Somincor and Zinkgruvan marked a significant development, with a new reporting methodology that categorizes Mineral Resources separately from Mineral Reserves. While Somincor noted a 19% increase in copper Mineral Reserves, Zinkgruvan reported minor changes.
The report complied with the standards set by the Swedish Mining Association and the Pan-European Reserves and Resources Reporting Committee, ensuring transparency and reliability in the assessment of mineral resources and reserves.
MWN-AI** Analysis
As of 2025, Boliden’s recent reporting on its Mineral Resources and Mineral Reserves showcases notable growth in several operations, presenting strategic opportunities for investors. The increase in Resources, particularly in the Garpenberg, Boliden Area, and Nautanen mines, reflects successful exploration and favorable market conditions. Investors should note that while some areas, such as Aitik and Kevitsa, reported declines primarily due to mining activities, the overall growth in Measured and Indicated Resources indicates strong potential for future production increases.
Particularly, the Nautanen deposit experienced a remarkable 51% increase in Indicated Resources and 173% in Inferred Resources, signaling significant discovery potential that could drive future profitability. Furthermore, the overall increases across the Boliden Area, driven by expected rises in gold prices, provide a healthy outlook, especially considering the anticipation of sustained global demand for these minerals.
It is also crucial to consider Boliden's recent acquisitions of Somincor and Zinkgruvan. Although these have adjusted reported Resource and Reserve figures due to new methodologies, they integrate new copper and zinc sources into Boliden’s portfolio, which may bolster long-term revenue streams given the price increases forecasted for metals like copper and gold.
However, potential investors should monitor shifting regulatory environments, particularly the implications of increased mining and electricity taxes in Finland, estimated to add significant costs to operations. This factor, coupled with fluctuating exchange rates, could impact profitability margins.
Overall, a keen focus on Boliden's operational efficiencies and resource management, alongside broader market trends in mineral pricing and regulatory frameworks, will be essential for informed investment decisions moving into 2026 and beyond. Thus, mitigating risks while capitalizing on growth potentials can position investors advantageously in a potentially lucrative market.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
PR Newswire
STOCKHOLM, Feb. 3, 2026 /PRNewswire/ --
"Across our operations, we delivered strong growth in Mineral Resources this year, driven by successful exploration and favorable economic assumptions. Garpenberg, the Boliden Area, and Nautanen were key contributors to this achievement. Additionally, Mineral Reserves have increased in both acquired units as well as in the Boliden Area and in Tara, which we of course are very happy about," says Stefan Romedahl, Director Business Area Mines.
The cost of exploration in 2025 was SEK 969 m (929).
AitikThis year, there was a slight decrease in Aitik's Mineral Reserves of 40 Mtonnes (-4%) mainly due to mining. A new Resource pit optimization, using updated prices, terms and cost model, resulted in an increase of Mineral Resources: Measured and Indicated Resources 214 Mtonnes (36%) and Inferred Resources 63 Mtonnes (20%). Liikavaara, located 3 km from Aitik, began production in 2024, and ramp-up continued through 2025. Liikavaara which is processed together with Aitik ore contributed with 25% of the produced tonnes this year. In total, 39 Mtonnes were milled in 2025.
At the Nautanen deposit, approximately 15 km north of Aitik, a significant increase of Mineral Resources were reported in 2025: Indicated Resources 7Mtonnes (51%) and Inferred Resources 20 Mtonnes (173%). Both successful exploration as well as favorable metal prices contributed to the increase.
The Boliden AreaIn the Boliden Area, there was a total increase in Mineral Reserves by 2.0 Mtonnes (13%). All mines (Kankberg, Kristineberg and Renström) contributed to this increase, with Kankberg being the largest contributor due to increased gold price assumption. Mineral Resources also increased in all mines as well as in surrounding development projects, mainly due to successful exploration as well as economic assumptions. The most significant increase came from Nyliden, a new satellite deposit to Kristineberg, which is now reported for the first time. Additionally Mineral Resources increased in Älgträsk due to a re-evaluation of the project. The total increase of Mineral Resources in the Boliden Area amounted to Measured and Indicated Resources 3 Mtonnes (32%) and Inferred Resources 7.1 Mtonnes (39%). 1.5 Mtonnes were milled in 2025.
GarpenbergIn Garpenberg the Mineral Reserves have decreased by 1.4 Mtonnes (-1%). Successful exploration drilling and favorable metal prices and terms led to an increase in Mineral Resources, Measured and Indicated Resources 16 Mtonnes (84%) and Inferred Resources 11 Mtonnes (10%). 3.6 Mtonnes were milled in 2025.
KevitsaIn Kevitsa, the Mineral Reserves decreased by 9 Mtonnes (-9%) primarily due to mining. Measured and Indicated Mineral Resources increased by 4 Mtonnes (2%) due to economic assumptions. There was no change to Inferred Mineral Resources. The environmental permit was renewed in July 2025, allowing for mining and milling of 10.5 Mtonnes of ore per annum. Additionally, the permit for the Tailings Storage Facility A (TSFA) centerline raise was granted in November 2025. In the end of December 2025 the Finnish Parliament approved increased mining and electricity taxes which are estimated to result in EUR 20-30 million in annual increased costs for Kevitsa. These raised taxes were not factored into the 2025 reporting, as the decision was not finalized at the time of compilation. 10.2 Mtonnes were milled in 2025.
TaraA review of the block models, Mineral Resources and Mineral Reserves were conducted during 2025. This resulted in an increase of 2.7 Mtonnes (20%) of Mineral Reserves mostly due to conversion of Mineral Resources. At the same time Measured and Indicated Mineral Resources showed a decrease of 1.2 Mtonnes (-55%) due to the conversion and Inferred Mineral Resources decreased by 3.6 Mtonnes (-10%) due to economic and technical modifications. 1.44 Mtonnes were milled in 2025.
New acquisitionsIn April 2025, the acquisition of Somincor and Zinkgruvan was finalized, and their Mineral Reserves and Mineral Resources are now included in Boliden's statement. An important change in reporting methodology is that Mineral Resources are now reported exclusive of Mineral Reserves. This change results in lower reported Mineral Resource figures for both mines compared to previous reporting. Both Somincor and Zinkgruvan extract copper and zinc ores separately and the results are reported accordingly.
SomincorSomincor reports an increase of 3.9 Mtonnes (19%) in Mineral Reserves in copper mineralization, mainly driven by updated economic assumptions that enabled additional Mineral Resources to be converted to Mineral Reserves. At the same time, Measured and Indicated Mineral Resources decreased by 25 Mtonnes (-46%). This reduction is primarily due to the new reporting approach. Additional decreases result from the conversion of Mineral Resources to Mineral Reserves. Inferred Resources increased by 10 Mtonnes (35%) as a result of successful exploration. For zinc mineralization, Mineral Reserves increased by 5.4 Mtonnes (29%), again largely due to Mineral Resource conversion enabled by revised economic assumptions. In parallel, Measured and Indicated Mineral Resources decreased by 42 Mtonnes (-67%). This decrease is mainly due to the new reporting methodology. Further reductions came from the conversion of Mineral Resources to Mineral Reserves and the application of updated technical and financial parameters. Inferred Mineral Resources decreased slightly by 0.5 Mtonnes (-11%). A total of 4.3 Mtonnes of ore were milled in 2025 of which 3.1 Mtonnes after acquisition in April.
ZinkgruvanZinkgruvan only reported a minor change in Mineral Reserves in copper mineralization 2025. However, Measured and Indicated Mineral Resources in copper mineralization decreased by 1.9 Mtonnes (-73%), primarily as a result of removal of Mineral Reserves from the reported figures. Inferred Mineral Resources for copper mineralization remained unchanged. For zinc mineralization, Mineral Reserves increased by 2.5 Mtonnes (22%) and Measured and Indicated Resources showed a net decrease of 11 Mtonnes (-61%) also due to removal of Mineral Reserves. Inferred Mineral Resources for zinc mineralization increased by 1.5 Mtonnes, thanks to successful exploration drilling. 1.5 Mtonnes of ore were milled in 2025 of which 1.1 Mtonnes after acquisition in April.
About the classificationMineral Resources and Mineral Reserves are estimated separately and divided into different categories. Conditions in the form of costs and metal prices are established at the beginning of the year and used in all calculations made during the year. Boliden's Mineral Resources are exclusive of Mineral Reserves. When a Mineral Resource is converted to a Mineral Reserve, the quantity is removed from the Mineral Resource.
Regulations, Codes and Competent PersonsBoliden follows the recommendations of the Swedish Mining Association (SveMin) for reporting exploration results, Mineral Resources and Mineral Reserves and reports according to the Pan-European Reserves and Resources Reporting Committee (PERC). The PERC standard has clear requirements for documentation and the Competent Persons, who must evaluate the information that companies report. All summarizing reports for Mineral Resources and Mineral Reserves per project and mine available on the Boliden website, are reviewed and approved by the Competent Persons presented in the respective report. This summary of Mineral Resources and Mineral Reserves has been reviewed and approved by Sofia Höglund, Head of Mineral Resources and Project Evaluation, Boliden and Competent Person for reporting of Mineral Resources and Mineral Reserves and member of The Fennoscandian Association for Metals and Minerals Professionals (FAMMP), a Recognized Professional Organization according to PERC.
Planning prices | Long-term prices | Change compared |
Metal prices | ||
Copper, USD/tonne | 8 900 | +500 |
Zinc, USD/tonne | 2 800 | - |
Lead, USD/tonne | 2 000 | - |
Nickel, USD/tonne | 18 000 | -2,000 |
Gold, USD/oz | 2 200 | +600 |
Silver, USD/oz | 27 | +4 |
Palladium, USD/oz | 1 000 | - |
Platinum, USD/oz | 1 200 | +200 |
Cobalt, USD/lb | 17 | -3 |
Tellurium, USD/kg | 35 | - |
Molybdenum, USD/lb | 15 | +7 |
Treatment Charges (TC) and Refining Charges (RC) | ||
Copper concentrate TC, USD/dMtonnes | 80 | - |
Copper concentrate RC, USc/lb | 8 | - |
Zinc concentrate TC, flat, USD/dMtonnes | 210 | -20 |
Lead concentrate TC, flat, USD/dMtonnes | 150 | -40 |
Nickel concentrate TC, USD/dMtonnes | 190 | - |
Nickel concentrate RC, USD/lb | 1.00 | - |
Exchange rates | ||
USD/SEK | 9.70 | +0.70 |
EUR/SEK | 10.38 | +0.48 |
EUR/USD | 1.07 | -0.03 |
For further information, please contact:
Klas Nilsson
Director Group Communications
+46 70 453 65 88
Klas.Nilsson@boliden.com
This information is information that Boliden AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of Director Communications, at 07:43 CET on February 3, 2026.
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/boliden/r/mineral-resources-and-mineral-reserves-2025,c4301196
The following files are available for download:
Press release | |
https://mb.cision.com/Public/997/4301196/ab44d855a31d8060.pdf | Appendix Mineral Resources and Mineral Reserves |
SOURCE Boliden
FAQ**
What specific factors contributed to the notable increase in Mineral Resources for Boliden AB ADR BDNNY in 2025, particularly in the Nautanen deposit and the Boliden Area?
How will the recent changes in reporting methodology affect future assessments of Mineral Resources and Mineral Reserves for Boliden AB ADR BDNNY, especially in light of the significant decreases reported for Somincor and Zinkgruvan?
Given the renewed environmental permit for Kevitsa, what impact do you foresee the increased mining and electricity taxes having on the overall economic viability of Boliden AB ADR BDNNY’s operations in 2026 and beyond?
How does Boliden AB ADR BDNNY plan to maintain growth in Mineral Reserves amid mining depletion, particularly in areas like Aitik, which experienced a decrease in 2025?
**MWN-AI FAQ is based on asking OpenAI questions about Boliden AB ADR (OTC: BDNNY).
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