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's exploration takes place both in association with existing mines and in new areas.
Mineral reserves and mineral resources
Mineral reserves as of 31 December 2017 (to sorting plant)
| Quantity, mt | Percent Fe | |||
| 2017 | 2016 | 2017 | 2016 | |
| Kiruna Proven |
605 | 620 | 46,2 | 46,2 |
| Probable | 63 | 94 | 42,4 | 42,6 |
| Malmberget Proven |
360 | 335 | 43,1 | 42,6 |
| Probable | 23 | 34 | 41,6 | 42,2 |
| Gruvberget Proven |
0 | 1 | 59,4 | 55,2 |
| Probable | 0 | 0 | 53,2 | 53,9 |
| Leveäniemi Proven |
91 | 93 | 47,3 | 47,0 |
| Probable | 7 | 21 | 39,4 | 36,0 |
Mineral resources besides mineral reserves as of 31 December 2017 (to sorting plant)
| Quantity, mt | Percent Fe | |||
| 2017 | 2016 | 2017 | 2016 | |
| Kiruna Known |
2 | 2 | 38,3 | 41,4 |
| Indicated | 151 | 159 | 44,5 | 45,4 |
| Inferred | 207 | 37 | 43,5 | 40,3 |
| Malmberget Known |
6 | 6 | 45,1 | 42,8 |
| Indicated | 103 | 112 | 43,5 | 42,2 |
| Inferred | 194 | 180 | 44,1 | 43,1 |
|
Gruvberget magnetite |
15 | 25 | 45,1 | 44,2 |
| Indicated | 25 | 27 | 43,2 | 43,3 |
| Inferred | 34 | 29 | 41,6 | 41,5 |
| Leveäniemi Known |
108 | 114 | 46,0 | 45,4 |
| Indicated | 55 | 75 | 41,6 | 41,8 |
| Inferred | 46 | 51 | 34,4 | 37,1 |
| Mertainen Known |
66 | 66 | 35,1 | 35,1 |
| Indicated | 111 | 111 | 37,5 | 37,5 |
| Inferred | 103 | 103 | 33,2 | 33,2 |
| Gruvberget haematite Known |
9 | 9 | 55,0 | 55,0 |
| Indicated | 5 | 5 | 52,6 | 52,6 |
| Inferred | 28 | 28 | 53,9 | 53,9 |
LKAB reports mineral reserves and resources in compliance with recommended rules adopted by SveMin (FRB Standard). These are in turn based on an international standard. Håkan Selldén is a Qualified Person accredited by SveMin. He has more than 30 years' experience of the mining and mineral industry and has compiled LKAB's report.
The summaries of mineral reserves and mineral resources show the current situation. Mineral reserves comprise granted mining permits, and mineral resources suggest possible future permits.