Press Releases

Bluelake Mineral's subsidiary Joma Gruver presents zoning plan related to re-start of Joma copper and zinc mine in Norway

Bluelake Mineral AB (publ) ("Bluelake Mineral" and "the Company") will via its Norwegian subsidiary Joma Gruver AS ("Joma Gruver") participate in a meeting on August 18, 2021 with Røyrvik municipality in Trøndelag to present a zoning plan in relation to plans for restart of the copper and zinc mine in Joma. At the meeting, Joma Gruver will report regarding planned mining operations and the expected social, economic and environmental impact. The zoning plan and approximately 20 impact assessment studies for various areas (which have been published previously) will form the basis for the municipality's decision during the autumn concerning the zoning plan, which is an important step in the Norwegian permit process. Joma Gruver is of the opinion that a restart of the mine can have far-reaching positive consequences in several areas. Through an estimated investment of more than NOK 500 million, the mine will create many direct and indirect jobs and could function as a growth engine both locally and regionally. The number of inhabitants in the municipality is estimated to increase by approximately 25 % and create increased financial resources for further growth. The mine will be established and operated according to strict principles of sustainability with the least possible impact on the local environment and other sensitive and valuable interests such as nature, hunting, fishing and reindeer husbandry. As copper and zinc can be produced locally instead of being imported from other continents, the Joma mine would also contribute to the global environment through, among other things, lower carbon dioxide emissions.

In Joma, mining operations were conducted between 1972 and 1998 when extraction of approximately 11 million tonnes of ore containing copper and zinc took place. The Company is now in parallel developing the Joma and Stekkenjokk-Levi projects in Sweden (which are located about 60 km northeast of Joma). SRK Consulting has recently conducted an updated mineral resource estimate for Joma and concluded that there are indicated mineral resources of 5.6 million tonnes with grades of 1.04% Cu and 1.67% Zn and inferred mineral resources of 0.3 million tonnes with grades of 0.9% Cu and 1.3% Zn. In total, the Company has indicated mineral resources in Sweden and Norway of approximately 15 million tonnes holding copper and zinc, which could constitute sufficient resources for mining operations with a life span of approximately 20 years. With current market prices, the mining operations would be highly profitable, but according to preliminary calculations operations could maintain profitability even with copper and zinc prices reduced in half. As the Company's project is industrially and financially sound, the prerequisites for financing start-up of the mine are considered as very favourable after all required permits for mining have been obtained.

Socially and economically, the mine could create significant value both locally and regionally. In total, an estimated 165 jobs would be generated in the mining operations directly, of which two thirds or about 115 jobs locally in Røyrvik municipality and the remaining jobs seasonally in Swedish Stekenjokk-Levi. In the region, the mine could lead to many more indirect jobs for subcontractors and in the service sector through a so-called multiplier effect, which in similar projects has often shown that 2-3 times additional jobs can be created indirectly. In Røyrvik municipality, the number of new inhabitants via migration is estimated to increase by about 25% or 130 people. In this way, the long-term negative trend with a reduced number of inhabitants could be reversed.

Environmentally, the Joma mine could make positive contributions at several levels. In a global perspective, the mine could supply critical minerals in the green transition and electrification process that is taking place in the transport sector, industry and society as a whole. Electric vehicles, for example, require between three and four times more copper than fossil fuel-powered vehicles, and zinc is an important input in modern battery technology. With regional production of copper and zinc for the European battery and steel industry, the Joma mine could contribute to global environment via lower carbon dioxide emissions relative to imports from other continents. In a local perspective, the re-establishment of mining operations means that financial resources would be created which could be used to take care of environmental liabilities from historic mining operations that ended 20 years ago. Upgrading and remediation of the industrial area, where the mining operations will be conducted, is a natural part of the project to restart the mine.

For Joma Gruver it is of great importance that mining operations are conducted in a long-term sustainable mode and operational plans entail use of environmentally leading-edge equipment and technology. Tailings will be stored in excavated tunnels remaining from pervious mining and the impact on land and water will therefore be minimal in this respect. Dewatering of the mine will be conducted using thorough rinsing and water used in production will be purified and reused in a closed-loop system. Vehicles and machines should predominantly be electrically powered. Energy will be supplied via locally produced green electricity via hydropower. In its sustainability plan, Joma Gruver strives for co-existence and a constructive dialogue with other important interests and stakeholders in the area which, among other things, include mountain terrain, reindeer herding, hunting, fishing and tourism.

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Stockholm, August 2021
Bluelake Mineral AB (publ)
The Board of Directors

 

Publication of information

This information is inside information which Bluelake Mineral AB (publ) is required to publish in accordance with the EU Market Abuse Regulation. The information was submitted, for publication on August 16, 2021 at 8.45 CET, by the contact person below.

Additional information

For additional information, please contact:
Peter Hjorth, CEO, Bluelake Mineral AB (publ), phone +46-725 38 25 25
Email: info@bluelakemineral.com 

General information about the Company

Bluelake Mineral AB (publ) is an independent Swedish company active in exploration and mine development of copper, zinc, nickel and gold resources.

The Company owns approximately 99% of the subsidiary Vilhelmina Mineral AB, which is focusing on the development of copper and zinc deposits in the Nordic region. In Sweden, the Company owns Stekenjokk, where a total of approximately 7 million tons of ore was mined between 1976 and 1988. According to previous resource estimates, there is a remaining indicated mineral resource of approximately 7.4 million tons with grades of 1.17% Cu, 3.01% Zn and 47 g/ton Ag (at cut-off grade of 0.9% Cu). In Norway, the Company is owner in the Joma field, where approximately 11.5 million tons of ore was processed between 1972 and 1998 with an average grade of 1.5% Cu and 1.5% Zn. The Joma field (excluding Gjersvik) is, according to a recent mineral estimate by SRK Consulting, containing indicated mineral resources of approximately 5.6 million tons with grades amounting to 1.04 % Cu and 1.67 % Zn and inferred resources of 0.3 million tons with grades 0.9 % Cu and 1.3 % Zn (at cut-off of 50 USD/ton).

In addition, the Company owns the nickel projects Rönnbäcken (which is Europe's largest known undeveloped nickel resource) and Orrbäcken in Sweden. According to the mining consulting company SRK, the Rönnbäcken project contains a mineral resource of 668 million tons with an average grade of 0.176% nickel ("measured and indicated"). The preliminary economic assessment that SRK completed predicts a production of 26,000 tons of high-grade nickel concentrate per year for 20 years, which would be a significant proportion of Sweden's total annual use of nickel which thereby has a strategic value. Orrbäcken is an exploration license that is considered to have potential as a nickel deposit.

The Company owns the gold project Haveri, through its subsidiary Palmex Mining Oy, which in 2014 carried out a so-called Preliminary Economic Assessment (PEA) prepared by SRK Consulting. This report estimates 1.56 million oz. historically inferred mineral resource of gold equivalents with a grade of 0.93 g/t gold.) Kattisavan is mainly considered to have potential as a gold resource and is located within the so-called gold line, close to projects such as Svartliden, Fäboliden and Barsele.

2021-09-07
Regulatory

The Board of Directors of Bluelake Mineral AB (publ) ("Bluelake Mineral" or "the Company") has today, with the support of an authorization from the Annual General Meeting held May 26, 2021, decided on a new share issue directed towards a group of private investors (the "Investors") of a maximum of 3,305,784 shares at a subscription price of SEK 1.21 per share at a total value of MSEK 4 (the "Share Issue").

2021-09-02

As previously announced, Bluelake Mineral AB (publ) ("Bluelake Mineral" or "the Company"), has via its Swedish subsidiary Vilhelmina Mineral AB (publ) ("Vilhelmina Mineral") applied for an exploitation concession within the exploration permits Levi K no. 1 and Stekenjokk K no. 1 in Vilhelmina municipality. In its statement to the Swedish Mining Directorate, the County Administrative Board of Jämtland has previously recommended that an exploitation concession for Stekenjokk K no. 1 should be granted. However, during the ongoing examination of the exploitation concession application, the County Administrative Board of Västerbotten has declared that an examination according to Natura 2000 is required for both of the applied exploitation concessions before a final assessment can be made. Therefore, Vilhelmina Mineral submitted a separate application for a Natura 2000 permit on May 3, 2021, in accordance with the Environmental Act to the County Administrative Board of Västerbotten. Subsequently, as previously announced, the County Administrative Board of Västerbotten has decided that a supplement to the application is required regarding, among other things, the impact on the surrounding water systems. The Company therefore has appointed the consulting company Pelagia Nature & Environment ("Pelagia") to carry out biotope mapping and wetland inventory at Stekenjokk and the upper Saxån river during the autumn of 2021.

2021-08-16
Regulatory

Bluelake Mineral AB (publ) ("Bluelake Mineral" and "the Company") will via its Norwegian subsidiary Joma Gruver AS ("Joma Gruver") participate in a meeting on August 18, 2021 with Røyrvik municipality in Trøndelag to present a zoning plan in relation to plans for restart of the copper and zinc mine in Joma. At the meeting, Joma Gruver will report regarding planned mining operations and the expected social, economic and environmental impact. The zoning plan and approximately 20 impact assessment studies for various areas (which have been published previously) will form the basis for the municipality's decision during the autumn concerning the zoning plan, which is an important step in the Norwegian permit process. Joma Gruver is of the opinion that a restart of the mine can have far-reaching positive consequences in several areas. Through an estimated investment of more than NOK 500 million, the mine will create many direct and indirect jobs and could function as a growth engine both locally and regionally. The number of inhabitants in the municipality is estimated to increase by approximately 25 % and create increased financial resources for further growth. The mine will be established and operated according to strict principles of sustainability with the least possible impact on the local environment and other sensitive and valuable interests such as nature, hunting, fishing and reindeer husbandry. As copper and zinc can be produced locally instead of being imported from other continents, the Joma mine would also contribute to the global environment through, among other things, lower carbon dioxide emissions.

2021-08-02
Regulatory

Bluelake Mineral AB (publ) ("Bluelake Mineral" and "the Company"), has via its Swedish subsidiary Nickel Mountain AB entered into an agreement (the "Agreement") with SRK Consulting AB ("SRK Consulting") to conduct a preliminary economic assessment ("PEA") of the Rönnbäcken nickel project in Sweden.

2021-08-02
Regulatory

Bluelake Mineral AB (publ) ("Bluelake Mineral" and "the Company"), has via its Swedish subsidiary Nickel Mountain AB entered into an agreement regarding loans amounting to 5 MSEK (the "Agreement") with private investors. The objective with the loan is to finance a Preliminary Economic Assessment ("PEA") regarding the nickel project Rönnbäcken in Sweden and to strengthen the Company's cash position. By conducting a PEA, the Company believes that the prerequisites for raising long term financing for the project are significantly improved.

2021-08-02
Regulatory

Bluelake Mineral AB (publ) ("Bluelake Mineral" and "the Company"), has as previously announced, via its Norwegian subsidiary Joma Gruver AS entered into an agreement (the "Agreement") with SRK Consulting AB ("SRK") to conduct Mineral Resource Estimates ("MRE") for mineralization at Joma (Norway) and Stekenjokk-Levi (Sweden). In a first step, SRK now has completed a mineral resource estimate for Joma stating indicated mineral resources of 5.6 million tonnes with 1.04 % Cu and 1.67% Zn and inferred mineral resources of 0.3 million tonnes with 0.9 % Cu and 1.3 % Zn. The NSR (Net Smelter Return) value for the indicated mineral resource is estimated to 94.63 USD per tonne and 82.4 USD per tonne for the inferred mineral resource.

2021-07-09

As previously announced, Bluelake Mineral AB (pull) ("Bluelake Mineral" or "the Company"), has via its Swedish subsidiary Vilhelmina Mineral AB (publ) ("Vilhelmina Mineral") applied for an exploitation concession within the exploration permits Levi K no. 1 and Stekenjokk K no. 1 in Vilhelmina municipality. In its statement to the Swedish Mining Directorate, the County Administrative Board of Jämtland has previously recommended that an exploitation concession for Stekenjokk K no. 1 should be granted. However, during the ongoing examination of the exploitation concession application, the County Administrative Board of Västerbotten has declared that an examination according to Natura 2000 is required for both of the applied exploitation concessions before a final assessment can be made. Therefore, Vilhelmina Mineral submitted a separate application for a Natura 2000 permit on May 3, 2021 in accordance with the Environmental Act to the County Administrative Board of Västerbotten. After reviewing this application, the County Administrative Board of Västerbotten now has announced that the application must be supplemented with further information.

2021-07-08
Regulatory

Bluelake Mineral AB (publ) ("Bluelake Mineral" and "the Company"), has as previously announced in February 2021, via its Norwegian subsidiary Joma Gruver AS entered into an agreement (the "Agreement") with SRK Consulting AB ("SRK") to conduct Mineral Resource Estimates ("MRE") for mineralization at Joma (Norway) and Stekenjokk-Levi (Sweden). Re-sampling of historical archived drill core for database validation from both Joma and Stekenjokk-Levi has now been completed as well as 3D modelling of mineralisation zones at Joma, with current efforts on geostatistical interpolation of copper and zinc grades. Publication of MRE report is pending the completion of additional technical review and validation of the block model following the interpolation.

2021-06-24
Regulatory

Bluelake Mineral AB (publ) ("Bluelake Mineral" or the "Company") today announces the outcome of the subscription for warrants for senior executives and board members resolved upon at the Annual General Meeting on May 26, 2021. Senior executives consisting of the Company's CEO, CFO and chief geologist have subscribed for a total of 1,560,000 warrants entitling to subscription for 1,560,000 new shares in the Company, whereby the share capital in the event of full subscription would increase by a maximum of SEK 156,000.

2021-06-08
Regulatory

Bluelake Mineral AB (publ) ("Bluelake Mineral" or "the Company") has, in accordance with a resolution from the Extraordinary General Meeting on April 30, 2021, made a dividend in kind of all shares in Mezhlisa Holding AB (publ) ("Mezhlisa"). The record date was May 12, 2021. The Swedish Tax Agency has published information on the distribution of the acquisition cost based on the so called Lex Asea.

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