The company’s total mineral resources (excluding reserves) increased by approximately 900 million tonnes compared to 2024, with around 770 million tonnes of this growth recorded at the Malmberget site. LKAB Vice President Exploration Ian Cope stated that the results are the outcome of long-term work by teams across the company and emphasized that these resources are of strategic importance for both Sweden and Europe.
As of the end of 2025, LKAB has identified approximately 0.9 billion tonnes of mineral reserves and around 6.3 billion tonnes of mineral resources in the Svappavaara, Malmberget, and Kiruna regions (including the Per Geijer deposit). The company has produced more than 2 billion tonnes of ore since 1890, and it is noted that the current deposits are rich not only in iron ore but also in critical minerals such as phosphorus and rare earth elements.
On the reserve side, limited declines were observed in line with production. Reserves in Kiruna fell by 7% to 544 million tonnes, while Malmberget saw a 5% decrease to 322 million tonnes. At the Leveäniemi site in Svappavaara, reserves declined by 7% to 79 million tonnes.
In contrast, ongoing exploration activities led to an increase in mineral resources. In Kiruna, resources rose by approximately 3% to 1.1 billion tonnes, while Malmberget recorded a 40% increase to 2.7 billion tonnes. At the Gruvberget site in Svappavaara, resources increased by 1% to 0.9 billion tonnes.
Work at the Per Geijer deposit also stood out. Approximately 1.3 billion tonnes of iron ore and phosphorus resources have been identified at this site, along with 2.2 million tonnes of rare earth oxide content, making it one of the largest deposits in Europe.
LKAB President and CEO Jan Moström stated that the results support the company’s long-term production capacity and growth potential. He also emphasized that rare earth elements are becoming increasingly critical in global geopolitics, highlighting LKAB’s growing role in Europe’s supply security in this area.
In addition to increasing production of critical raw materials, the company also aims to create value from by-products derived from existing production processes. The importance of phosphorus in fertilizer production and rare earth elements in electric vehicles and wind turbines further enhances the strategic significance of these resources.
LKAB’s projects are also supported under the European Commission’s Critical Raw Materials Act, with its industrial park in Luleå, apatite extraction in Gällivare, and the Per Geijer deposit in Kiruna all designated as “strategic projects.”
The company’s mineral reserve and resource estimates are prepared in accordance with the PERC (2021) reporting standard and verified through independent technical assessments.
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