This year’s update of the mineral resources and mineral reserves shows continued good results from the exploration efforts started 2019. LKAB is also for the first time reporting its mineral resources for phosphorus as well as its mineral resources and mineral reserves from its UK operations.
Mineral reserves and mineral resources are the basis for a mining company's operations and impose demands for successful exploration. In addition to exploration, the cost of mining and the price of ore are important factors that affect the size of the mineral resource and the mineral reserve.
LKAB compiles its mineral resources and mineral reserves annually. LKAB’s reporting method follows the reporting standard PERC 2017 (Pan-European Reserves & Resources Reporting Committee), aimed at a balanced assessment of the value of LKAB’s mines and deposits. This report covers the reporting period from 1 January 2020 to 31 December 2020.