A globally significant deposit
Ferrexpo produces its iron ore from a world-class deposit, which is host to 5.8 billion tonnes of JORC-compliant Mineral Resources across its three active mines, and sufficient Ore Reserves for a further 50 years of operations at the present rate of processing.
Ferrexpo has licences on deposits that are part of the Kremenchuk Magnetic anomaly, which is a magnetite orebody stretching for over 50 kilometres in central Ukraine. Of the deposits controlled by Ferrexpo, three currently are subject to active mining operations: Poltava, Yeristovo and Belanovo, with the table below showing the JORC-compliant Ore Reserves and Mineral Resources defined for these deposits.
In terms of mineralogy, all three of Ferrexpo's active operations are mining magnetite iron ore with similar characteristics for processing into iron ore pellets.
Table: JORC-Compliant Ore Reserves
| Proven | Probable | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Licence name (operation) | Tonnes (M) | ----- Grade ----- %Fe (%Fe mag) | Tonnes (M) | ----- Grade ----- %Fe (%Fe mag) | Tonnes (M) | ----- Grade ----- %Fe (%Fe mag) | |||
GPL1 (FPM) | 300 | 33 | (26) | 829 | 31 | (23) | 1,135 | 32 | (24) |
| Yerystivske (FYM) | 220 | 30 | (25) | 290 | 33 | (26) | 510 | 32 | (26) |
Group | 526 | 32 | (26) | 1,119 | 32 | (24) | 1,645 | 32 | (24) |
Table: JORC-Compliant Mineral Resources
| Measured & Indicated | Inferred | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Licence name (operation) | Tonnes (M) | ----- Grade ----- %Fe (%Fe mag) | Tonnes (M) | ----- Grade ----- %Fe (%Fe mag) | Tonnes (M) | --- Grade --- %Fe (%Fe mag) | |||
GPL1 (FPM) | 2,099 | 31 | (24) | 744 | 32 | (24) | 2,843 | 31 | (24) |
| Yerystivske (FYM) | 840 | 34 | (28) | 382 | 33 | (27) | 1,222 | 33 | (27) |
| Bilanivske (FBM) | 1,485 | 31 | (23) | 217 | 30 | (21) | 1,702 | 31 | (23) |
Group | 4,424 | 32 | (24) | 1,343 | 32 | (24) | 5,767 | 32 | (24) |
(1Note: The Gorishne-Plavninske-Lavrykivske ("GPL") deposits described in the above tables for reserves and resources are mined as one operation in the Poltava Mine. The above reserve and resource estimates for GPL and Yerystivske are based on a review conducted by Bara Consulting and are dated as of 1 June 2020. The Group publishes its Reserves and Resources annually in its Annual Reports and Accounts, which are available here.)
In addition to the Group's JORC-compliant Mineral Resources and Ore Reserves at the Group's active mines, the Group has further licences covering deposits to the north of these mines, referred to as the "Northern Deposits". These licences contain a further 13 billion tonnes of resources defined under the GKZ reporting code, and the Group is currently evaluating future development options for these projects.