Outokumpu’s mineral reserves in Kemi chrome mine increased by 95%

Outokumpu, the global leader in sustainable stainless steel, has updated its estimates on the mineral reserves and mineral resources of the Kemi chrome mine in Finland. The 95% increase in the mineral reserves is based on new underground drillings, proving that the ground at the mine area is rich in chrome ore, which extends the life of the Kemi mine substantially. The proved mineral reserves have significantly increased compared to earlier estimates and are now approximately 62.5 million tonnes instead of the earlier estimate of 32.1 million tonnes. If these mineral reserves were fully sold today as ferrochrome, the corresponding turnover would be approximately EUR 15 billion with January-September 2024 average prices. In addition, the current mineral resources stand at approximately 64.9 million tonnes.

Mineral Reserves refer to the quantity of natural resources that are established using geological and engineering data gathered through diamond core drilling. Mineral Resources refer to resources that have been identified but have a lower level of geological and economic confidence, requiring further exploration and assessment to be upgraded to reserves. Classification is done in accordance with the PERC Reporting Standard.

Outokumpu has recently completed a significant expansion project at the mine. In 2017–2023, the company invested more than EUR 280 million into deepening the underground mine from 500 meters to 1,000 meters, and into switching to new, highly automated ore handling and hoisting system to enable cost-efficient mining. These steps secure the availability of chromium until the 2050s, and no further major investments are needed to benefit from the increase in mineral reserves.

“Outokumpu's Kemi mine is the only chrome mine in the EU area – an excellent geopolitical location with good logistic connections, access to renewable energy and predictable operating environment. I am also proud that we are firmly progressing towards making our Kemi mine the world's first carbon-neutral mine by the end of 2025. Sustainability is one of our priorities at Outokumpu, and the carbon footprint of our ferrochrome is 67% lower than the industry average. This ensures a green premium for our product”, states Kati ter Horst, President and CEO at Outokumpu.  

Chrome ore is further processed into ferrochrome, which is a crucial raw material for stainless steel making. Therefore, Outokumpu’s own chrome mine and ferrochrome production are a strategic advantage, and an important cornerstone of the company’s integrated value chain.

Read more about the Kemi mine and our recent investments in reducing emissions in ferrochrome production.

Outokumpu Corporation

For more information:

Investors: Linda Häkkilä, Head of Investor Relations, tel. +358 40 071 9669

Media: Päivi Allenius, SVP – Communications and Brand, tel. +358 40 753 7374 or Outokumpu media phone +358 40 351 9840 / e-mail media(at)outokumpu.com