The Kirkenes-based iron-mining company says their probable ore reserves are 42 percent up from earlier estimates.
Sydvaranger mine if operated by Northern Iron Ltd. The company announces a 42% increase in probable ore reserves to 176.6 million tons with 32% iron content.
With the increase the project life of the mines can be extended to 25 years at a seven million tons annual production rate.
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The mining company is considering expanding the annual production to 14 million tonnes by 2015 which will mean a operational life time of the mining project to be 15 years, reports ABN Newswire.