Following an evaluation of its iron ore reserves in accordance with international JORC 2012 standards, Metalloinvest has determined that its economically recoverable iron ore reserves amount to 15.4 billion t, as of 1 January 2021.
The assessment was carried out with the involvement of a leading international consultancy-verifier, the British company SRK. The Competent Person's Report on Mineral Reserves and Resources (CPR) has been approved.
Nazim Efendiev, CEO of Metalloinvest, said:
“The new reserve estimate indicates that Metalloinvest has become the world leader in terms of the size and life cycle of iron ore reserves among all mining and metallurgical companies. Over the 11 years since the previous assessment of reserves, our enterprises have produced around 1.7 billion t of iron ore. Even though international iron ore standards have significantly tightened, we have managed to grow our reserves to become the largest in the world thanks to additional exploration of deposits, new geological models, improved planning of mining operations, improved quality of commercial products, and the development of oxidised quartzite enrichment technology.”
When assessing reserves, the three factors taken into consideration were the geological model of the deposits, the forecast volume of production of commercial iron ore, and the estimated long-term production of high value-added products (pellets and HBI/ DRI).