Outokumpu - ore potential in Kemi mine greater than earlier estimated
(Thomson Reuters ONE) - PRESS RELEASEJanuary 19, 2010 at 10.30 am EETThe mineral resources in Kemi mine may turn out to be significantly greater thanearlier estimated. According to the seismic research report by Geological Surveyof Finland in late 2009, the intrusion including Kemi chrome ore extends to thedepth of 2-3 kilometres, possibly to 4 kilometres. The report also indicates thepossibility that the chromitite layer extends to at least 2-2.5 kilometres oreven deeper.The proven ore reserves of Kemi mine are some 37 million tons. Additionally, theamount of mineral resources is some 87 million tons, estimated down to 1kilometre's depth. Earlier it was estimated that with present mining volumes theore reserves and mineral resources together would last for 70-80 years. Based onthe new information it is possible that there are enough resources for miningfor hundreds of years even with doubled annual production volumes.CEO Juha Rantanen: "The news about the opportunity to continue mining operationsfor the years to come was received with great pleasure. We have ready plans andpreparedness to extend the mining operations and to double the ferrochromeproduction if so decided. The reassessment of our investment decision depends onthe economic outlook and market situation as well as on the energy question, asthe production of ferrochrome consumes high amounts of electricity. To secureinexpensive and stable-priced electricity supply Outokumpu has joined Fennovoimanuclear power plant project."The seismic measurements were carried out in the area of Kemi mine from April toMay in 2008. Outokumpu's mineral resources will not be updated based on thesefindings. The update will take place in the future as diamond drillinginformation increases.Kemi mine is the only chromium mine in the EU area. The chrome deposit was foundin 1959 and the production started in 1968. The mine produces chromiteconcentrates to be used as raw-material in Outokumpu's ferrochrome smelter inTornio. The current annual production of Kemi mine is about 1.3 million tons ofore.For more information please contact:Antti Pihko, General Manager, Kemi Mine, puh. +358 16 454278, mobile +35840 848 2948OUTOKUMPU OYJOutokumpu is a global leader in stainless steel with the vision to be theundisputed number one. Customers in a wide range of industries use our stainlesssteel and services worldwide. Being fully recyclable, maintenance-free, as wellas very strong and durable material, stainless steel is one of the key buildingblocks for sustainable future. Outokumpu employs some 7 500 people in more than30 countries. The Group's head office is located in Espoo, Finland. Outokumpu islisted on the NASDAQ OMX Helsinki.www.outokumpu.com[HUG#1374631] ENG ore potential in Kemi mine: http://hugin.info/3010/R/1374631/337048.pdf
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Datum: 19.01.2010 - 03:30 Uhr
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