900 kilos of gold hopes the mining company Botnia Exploration to be able to extract by 2027 at the earliest. The assessment is that there is more, a few hundred meters down in the ground.
That makes us very confident that we will be able to extend the life of this mine with prospecting, says CEO Fredrik Bergsten.
The mining is brand new. The first ore was taken up now in August. Then it will be enriched.
Twelve years
We believe that we will be able to release our first gold bars on the market at the beginning of October.
Perfect timing, therefore. Because at the same time, the gold price on the world market is at record high levels. The development during the 2000s has far surpassed the stock exchanges in value growth.
But of course, no one could know that when the company found the first discoveries in 2012. It has thus taken twelve years of permit testing, court proceedings, prospecting, and preparations before the gold came to the surface, and the schedule has been kept, says Fredrik Bergsten proudly.
From the investment decision was made to today, the gold price has doubled.
A combination of hard work and a bit of luck, I think, says Bergsten.
Doubled
The original profitability calculation for this mine was made at a price of just under 400 kronor per gram.
And right now it's over 820 somewhere, says Fredrik Bergsten.
900 kilos of gold in the mine would make over 700 million kronor.
The mine is located by the Vindelälven River in Lycksele municipality, an area that has traditionally been rich in findings of precious metals. It has been a long journey. Among others, the Swedish Society for Nature Conservation has criticized the plans.
It's clear that you have to win the approval of the local population. And then it's also about convincing the local Sami villages that this is good, says Bergsten.
Botnia Exploration is far from the only Swedish gold mine. Traditionally, Boliden is big on gold with its findings in, among other places, the Boliden area and the Aitik mine, south of Gällivare.
Total, Sweden accounts for about a quarter of gold production in the EU, according to statistics from the Mining Authority. But the really big global players are found in Russia, Australia, and China.
