Srk-Ludvika Dfs Gap Analysis Report

A FEASIBILITY STUDY GAP ANALYSIS
FOR THE LUDVIKA IRON ORE

PROJECT, SWEDEN
Prepared For
Nordic Iron Ore AB
Report Prepared by
SRK Consulting (Sweden) AB

SE511/U6006
SRK Consulting Ludvika Gap Analysis – Details
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© SRK Consulting (Sweden) AB 2014
SRK Legal Entity: SRK Consulting (Sweden) AB

SRK Address: Trädgårdsgatan 13-15
931 31 Skellefteå
Sweden
Date: June 2014
Project Number: SE511/U6006
SRK Project Director: Johan Bradley Managing Director and Principal Consultant (Geology)
SRK Project Manager Maxim Lesonen Consultant (Mining Engineering)
Client Legal Entity: Nordic Iron Ore AB
Client Address: Nordic Iron Ore AB
Vendevagen 85A,
SE-182 91 Danderyd
Stockholm,
Sweden
SE511_U6006 Ludvika DFS GapAnalysis_Final Report.docx June 2014

Trädgårdsgatan 13-15
931 31 Skellefteå
Sweden
E-mail: [email protected]
URL: www.srk.se.com
Tel: + 46 (0) 910 545 90
Fax: + 46 (0) 910 545 99
EXECUTIVE SUMMARY
A FEASIBILITY STUDY GAP ANALYSIS FOR THE LUDVIKA IRON
ORE PROJECT, SWEDEN
1 INTRODUCTION
This report has been prepared for Nordic Iron Ore AB (“NIO”, or the “Company”) and outlines
a Feasibility Study (“FS”) gap analysis completed for the Mineral Assets of the Company
comprising the Blötberget deposit, located in Sweden. The Blötberget deposit is part of the
Ludvika Iron Ore Project (“Ludvika”, or “LIOP”), along with the Håksberg and Väsman-
Finnäset deposits. SRK was requested to provide a gap analysis report and schedule for all
critical aspects of Blötberget in order to highlight the additional work required to produce a FS
to international reporting standards and a reasonable time frame for this.
2 WORK UNDERTAKEN BY SRK

During the week of 13 – 17 May 2014, consultants from SRK‟s offices in Skellefteå and
Cardiff attended a 3-day site visit to review the geology first hand, inspect existing surface
infrastructure, collect available data and discuss the Project in detail with the Company and
key contractors and consultants previously involved with the PEA and recent studies.
Subsequent to this site visit, a desktop review of the available data was carried out in order to
determine the necessary work and likely time frame to advance the Project to a feasibility
level of study. This report and attached schedule (Appendix B) presents SRK‟s findings by
discipline.
3 CONCLUSIONS AND RECOMMENDATIONS

Table ES 1 below summarises the key recommendations made by SRK for each critical
aspect and their current status and estimated completion date.
Group Offices: Africa

Registered Address: 21 Gold Tops, City and County of Newport, NP20 4PG, Asia
Wales, United Kingdom. Australia
SRK Consulting (UK) Limited Reg No 01575403 (England and Wales) Europe
North America
South America
SRK Consulting Ludvika Gap Analysis – Executive Summary
Table ES 1: SRK Recommendations and current progress / status
Estimated
Gap Identified Current Status Priority Level
Completion Date
Geology
Infill drilling in the upper levels of Hugget and in the „pillar‟ and „wedge‟ areas between Hugget-Betsta and Kalvgruvan-
Flygruvan. Planned May-
30 August 2014 Very high
The aim is to increase Mineral Resources by identifying new mineralisation, along with upgrading currently Inferred September 2014
Mineral Resources.
Planned for May- October 2014

Waste lithology density measurements to be taken. High
September 2014 following drilling
October 2014
Database to be verified, with drilling year, core size, sample size, and quality index inserted. On-going Very high
following drilling
Geological (lithological and structural) modelling to be undertaken for use in block model, and to apply to mining,
Planned for
metallurgical, geotechnical and hydrological studies. October 2014
September / October Very High
Additionally, the Satmagan and deleterious elements (and possibly grain size) may identify new domains for the grade following drilling
2014
interpolation; therefore new wireframes may be required.
Updated block model (produced to international standards) for use in resource and reserve estimations, mining,
Planned for
metallurgical, geotechnical and hydrological studies. Include block size sensitivity, QKNA, cut-off grade analysis October 2014
update. following drilling
2014
A detailed and transparent Mineral Resource estimation report must be completed to accompany the work undertaken.
Interpolation of deleterious element grades (e.g. P, S, SiO2, Al2O3, Mn, MgO, TiO2) and Satmagan readings into block
Planned for
model. October 2014
Magnetite:haematite ratios (calculated from Satmagan / Fe Total grades) and deleterious elements to be used to define following drilling
2014
ore type (e.g. mineral processing, mine scheduling)
Calculation of Fe recovery to be inserted into the block model based on regression formula of Fe Total vs Fe Recovery October 2014
(from DTR analysis). Not currently planned following drilling / High
Fe recovery can be used in Ore Reserve estimation. DTR analysis
All historic drillholes found to be re-assayed for verification of historic data and to include sections <30% Fe. Date unknown.
Additionally, all historic drilling added to the database and codes added to differentiate between historic, modern and Dependent on
On-going High
re-assayed holes. Verification analysis to be undertaken. number of drillholes
Re-assaying core is currently standard practice when found. found
Condemnation drilling to be undertaken in areas of planned surface infrastructure (e.g. process plant, tailings, rail
Not currently
terminal). Late 2014 Very high
scheduled
Bedrock material characterisation - identifies any problematic lithology or potentially mineralised units.

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Estimated
Completion Date
Geotechnical
Rockmass characterisation for caving and subsidence assessment. The current Q based rockmass classification
system is not suitable for the proposed longitudinal SLC mining method and caveability assessment in the opinion of June to September
Not currently planned High
SRK. The planned infill drill program requires a logging system to geotechnically log undisturbed drill core to RMR 2014
(1990) or MRMR/IRMR (2001) rockmass classification schemes.
Geotechnical model development which is also to be complimented with geological structure model in order to domain October 2014
Not currently planned High
the rockmass. This is a critical input into geotechnical, mining and hydrogeological studies. following drilling
Mining induced fracturing and surface subsidence numerical modelling. Three-dimensional recognised approaches (at
October 2014
FS level) to determine the extent and timing of mining induced fracture development is required as an input into Not currently planned High
following drilling
geotechnical, mining and hydrological studies.
Decline access portal site selection review in terms of rockmass and hydrogeological conditions. Portal (and boxcut)
Being Planned November 2014 Medium
excavation design.
Metallurgical / Mineral Processing
No significant gaps have been identified that are not being investigated as part of the planned processing testwork.
Infrastructure
No significant gaps have been identified that are not being investigated as part of the planned work.
Mining
Lack of Prefeasibility Study to define the technical solutions to be refined in Feasibility Study and provide economic On-going, currently
October 2014 Very High
justification based for the technical solutions to be applied scoping level
Finalised mining method based on geotechnical inputs On-going October 2014 High
Finalised approach to materials handling On-going October 2014 High

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Estimated
Completion Date
Waiting on selection
Estimation of economic cut-off grade October 2014 Low
of mining method
Estimation of potentially mineable Resources to be based on Indicated and Measured Resources only and individual Waiting on final block
October 2014 Medium
stope shapes model
Contractor budget
Finalised approach to use of contractors/owner operator mining estimates provided September 2014 Medium
but not used
Scoping level
Detailed breakdown of estimated operating costs May 2015 Medium
assessment
Tailings
Production of tailings profile to determine the storage methodology, wet versus dry. Being planned End-2014 Very High
Geotechnical site investigation. Being planned End-2014 Very High
Geochemical testing; no static testing to date. Being planned End-2014 Very High
Water balance for TSF. Being planned End-2014 Medium
Closure scenario. Being planned Start 2015 Low
Hydrology / Hydrogeology
Hydrological characterisation of the project area: establish a groundwater level monitoring network. To be implemented On-going High
Evaluate surface water/groundwater connection at Glaningen: explore further and, if necessary, investigate with field Not currently October 2014
Low/Moderate
studies i.e. installation of piezometers close to the lake. scheduled following drilling
Not currently
Planning of the pre-development dewatering programme requires more detailed consideration. Late 2014 Moderate
scheduled

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Estimated
Completion Date
Estimation of groundwater inflow: hydrogeological testing work is required as part of the planned 2014 drilling
Planned for
programme (to include spinner testing and packer testing with conversion of holes to groundwater level monitoring October 2014
installations). This should be followed by analysis and development of a numerical groundwater model. The crush following drilling
2014
zone identified in The Wedge requires particular study.
Planned for
Hydrological implications of historic SLC: the geotechnical investigation into induced fracturing as a result of historic October 2014
September / October High
SLC should also have a hydrogeological component. following drilling
2014
The design of all storm water infrastructure requires review against design storm events to ensure these facilities are Not currently
Late 2014 Moderate
sized sufficiently. scheduled
The project water balance requires review and updating in accordance with any changes to process water Not currently
Late 2014 Moderate
requirements, life of mine consideration, TSF design etc. scheduled
Geochemistry
Complementary phosphorus assessment for tailings, with numerical prediction of impacts; October 2014
Not currently
following trial Low/Moderate
scheduled
processing tests
Long term humidity cell testing or reassessment of certainty of the results from the short term humidity cell test; October 2014
Not currently
following trial Moderate
scheduled
processing tests
Complementary assessments about potential need of additive water treatments for nitrogen compounds
Not currently
Late 2014 High
scheduled
Risk assessment related to historical contaminated soils.
Not currently Mid 2015 following
Low/Moderate
scheduled mining study
Environment and Social
Rescaling and reviewing closure costs and potentially updating closure strategy
Not currently Mid 2015 following
High
scheduled mining study
Rescaling and reviewing air emissions and reconsideration impact prevention measures according to final alternative. October 2014
Not currently
following processing Low/Moderate
scheduled
design

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SRK Consulting Ludvika Gap Analysis – Main Report Table of Contents
Table of Contents
1 INTRODUCTION ................................................................................................. 1
1.1 Background .............................................................................................................................. 1
1.2 Work Undertaken by SRK ........................................................................................................ 1
1.3 Limitations and Reliance .......................................................................................................... 2
1.4 Definitions ................................................................................................................................ 2
2 PROPERTY LOCATION AND DESCRIPTION ................................................... 3
2.1 Nordic Iron Ore (NIO) .............................................................................................................. 3
2.2 Ludvika Project PEA 2011 ....................................................................................................... 3
2.3 Licences and Permits .............................................................................................................. 5
2.3.1 Exploration Licences and Exploitation Concessions ..................................................... 5
2.3.2 Environmental Permits .................................................................................................. 5
3 PROJECT HISTORY ........................................................................................... 6
3.1 Blötberget:................................................................................................................................ 6
3.2 Håksberg:................................................................................................................................. 6
3.3 Väsman-Finnäset ..................................................................................................................... 7
4 GEOLOGY AND MINERAL RESOURCES ......................................................... 8
4.1 Project Geology and Mineralisation ......................................................................................... 8
4.2 Exploration ............................................................................................................................. 12
4.2.1 Historic Diamond Drilling ............................................................................................. 12
4.2.2 NIO Diamond Drilling ................................................................................................... 12
4.3 Mineral Resource Estimation ................................................................................................. 12
4.4 SRK Conclusions and Recommendations for Gap Analysis ................................................. 12
5 GEOTECHNICAL ENGINEERING .................................................................... 15
5.1 Introduction ............................................................................................................................ 15
5.2 Rockmass Characterisation ................................................................................................... 15
5.2.1 Observations ............................................................................................................... 15
5.2.2 SRK comments............................................................................................................ 16
5.3 Rock Strength Testing ........................................................................................................... 17
5.3.1 Observations ............................................................................................................... 17
5.3.2 SRK comments............................................................................................................ 17
5.4 Rock Stress Regime .............................................................................................................. 17
5.4.1 Observations ............................................................................................................... 17
5.4.2 SRK Comments ........................................................................................................... 17
5.5 Geotechnical Model ............................................................................................................... 17
5.5.1 Observations ............................................................................................................... 17
5.5.2 SRK comments............................................................................................................ 17
5.6 Mining method Geotechnical Assessment ............................................................................ 18
5.6.1 Observations ............................................................................................................... 18

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5.6.2 SRK comments............................................................................................................ 18

5.7 Numerical Modelling .............................................................................................................. 18
5.7.1 Observations ............................................................................................................... 18
5.7.2 SRK comments............................................................................................................ 19
5.8 Subsidence Monitoring .......................................................................................................... 19
5.8.1 Observations ............................................................................................................... 19
5.8.2 SRK comments............................................................................................................ 19
5.9 Major Infrastructure Assessment ........................................................................................... 20
5.9.1 Observations ............................................................................................................... 20
5.9.2 SRK comments............................................................................................................ 20
6 MINING ENGINEERING .................................................................................... 22
6.1 Underground Iron Ore Mining ................................................................................................ 22
6.2 The Ludvika Iron Ore Project ................................................................................................. 22
6.3 Blötberget............................................................................................................................... 23
6.4 Mining History ........................................................................................................................ 24
6.4.1 Observations ............................................................................................................... 24
6.4.2 SRK Comments ........................................................................................................... 25
6.5 Mining Method ....................................................................................................................... 26
6.5.1 Observations ............................................................................................................... 26
6.5.2 SRK Comments ........................................................................................................... 27
6.6 Estimation of Potentially Mineable Material ........................................................................... 29
6.6.1 Observations ............................................................................................................... 29
6.6.2 SRK Comments ........................................................................................................... 29
6.7 Production Rate ..................................................................................................................... 30
6.7.1 Observations ............................................................................................................... 30
6.7.2 SRK Comments ........................................................................................................... 30
6.8 Underground Mine Design ..................................................................................................... 31
6.8.1 Observations ............................................................................................................... 31
6.8.2 SRK Comments ........................................................................................................... 32
6.9 Schedule ................................................................................................................................ 32
6.9.1 Observations ............................................................................................................... 32
6.9.2 SRK Comments ........................................................................................................... 34
6.10 Development .......................................................................................................................... 35
6.10.1 Observations ............................................................................................................... 35
6.10.2 SRK Comments ........................................................................................................... 36
6.11 Drill and Blast ......................................................................................................................... 36
6.11.1 Observations ............................................................................................................... 36
6.11.2 SRK Comments ........................................................................................................... 37
6.12 Materials Handling System .................................................................................................... 37
6.12.1 Observations ............................................................................................................... 37

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6.12.2 SRK Comments ........................................................................................................... 38

6.13 Equipment .............................................................................................................................. 38
6.13.1 Observations ............................................................................................................... 38
6.13.2 SRK Comments ........................................................................................................... 39
6.14 Contractors ............................................................................................................................ 39
6.14.1 Observations ............................................................................................................... 39
6.14.2 SRK Comments ........................................................................................................... 39
6.15 Labour .................................................................................................................................... 40
6.15.1 Observations ............................................................................................................... 40
6.15.2 SRK Comments ........................................................................................................... 40
6.16 Ventilation and Mine Heating ................................................................................................. 40
6.16.1 Observations ............................................................................................................... 40
6.16.2 SRK Comments ........................................................................................................... 41
6.17 Dewatering ............................................................................................................................. 41
6.17.1 Observations ............................................................................................................... 41
6.17.2 SRK Comments ........................................................................................................... 41
6.18 Power ..................................................................................................................................... 42
6.18.1 Observations ............................................................................................................... 42
6.18.2 SRK Comments ........................................................................................................... 42
6.19 Services Reticulation ............................................................................................................. 42
6.19.1 Observations ............................................................................................................... 42
6.19.2 SRK Comments ........................................................................................................... 42
6.20 Backfill.................................................................................................................................... 43
6.20.1 Observations ............................................................................................................... 43
6.20.2 SRK Comments ........................................................................................................... 43
6.21 Waste Disposal ...................................................................................................................... 43
6.21.1 Observations ............................................................................................................... 43
6.21.2 SRK Comments ........................................................................................................... 43
6.22 Site Layout and Mine Site Infrastructure ............................................................................... 44
6.22.1 Observations ............................................................................................................... 44
6.22.2 SRK Comments ........................................................................................................... 45
6.23 Stores and Procurement ........................................................................................................ 45
6.23.1 Observations ............................................................................................................... 45
6.23.2 SRK Comments ........................................................................................................... 45
6.24 Operating Costs ..................................................................................................................... 46
6.24.1 Observations ............................................................................................................... 46
6.24.2 SRK Comments ........................................................................................................... 47
6.25 Capital Costs ......................................................................................................................... 48
6.25.1 Observations ............................................................................................................... 48
6.25.2 SRK Comments ........................................................................................................... 49

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6.26 Study Level ............................................................................................................................ 50

6.26.1 Observations ............................................................................................................... 50
6.26.2 SRK Comments ........................................................................................................... 50
7 PROCESSING ................................................................................................... 53
7.1 Historic Operation .................................................................................................................. 53
7.2 2011 PEA ............................................................................................................................... 53
7.3 2014 Testwork ....................................................................................................................... 53
7.4 Proposed Flowsheet .............................................................................................................. 54
7.5.1 Testwork and Proposed Flowsheet ............................................................................. 56
7.5.2 Other FS Activities Related to Processing .................................................................. 57
8 INFRASTRUCTURE .......................................................................................... 58
8.1 Site Access and Plant Site ..................................................................................................... 58
8.2 Power ..................................................................................................................................... 58
8.3 Product Transportation .......................................................................................................... 58
9 TAILINGS STORAGE FACILITY ...................................................................... 59
9.1 Introduction ............................................................................................................................ 59
9.2 Deposition scenario ............................................................................................................... 59
9.3 Geotechnical conditions of proposed TSF ............................................................................. 60
10 WATER .............................................................................................................. 62
10.1 Meteorology, Hydrology and Surface Water Management ................................................... 62
10.1.1 Meteorology ................................................................................................................. 62
10.1.2 Surface Water Hydrology (Glaningen and Gonäsån) .................................................. 62
10.1.3 Re-routing of the Gonäsån River ................................................................................. 62
10.1.4 Mine Catchment Runoff ............................................................................................... 63
10.1.5 Run-off from Plant Site and Other Industrial Areas ..................................................... 63
10.2 Hydrogeology ......................................................................................................................... 64
10.2.1 Numerical model.......................................................................................................... 66
10.3 Mine Dewatering .................................................................................................................... 66
10.3.1 Historical mine inflow ................................................................................................... 66
10.3.2 Pre-development dewatering plan ............................................................................... 66
10.3.3 Operational dewatering ............................................................................................... 67
10.3.4 SLC implications .......................................................................................................... 67
10.4 Environmental Aspects of Water Resource Management ..................................................... 67
10.5 Water Balance ....................................................................................................................... 69
11 GEOCHEMISTRY .............................................................................................. 71

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11.1.1 Observations ............................................................................................................... 71

11.1.2 SRK Comments ........................................................................................................... 71
11.2.1 Observations ............................................................................................................... 72
11.2.2 SRK Comments ........................................................................................................... 72
12 ENVIRONMENT AND SOCIAL ......................................................................... 73
12.1 Short summary of environmental and social setting .............................................................. 73
12.2.1 Observations ............................................................................................................... 73
12.2.2 SRK Comments ........................................................................................................... 74
12.3.2 SRK Comments ........................................................................................................... 75
12.4.2 SRK Comments ........................................................................................................... 76
12.5.1 Identified gaps ............................................................................................................. 76
12.5.2 Potential information gaps ........................................................................................... 77
13 REFERENCES .................................................................................................. 78

Page v of vi
List of Tables
Table 1-1: FS Gap Analysis SRK Reviewers ................................................................................. 2
Table 6-1: Underground iron ore mines, reported R&R (Source: RMG, 2014) ............................ 22
Table 6-2: Blötberget Production Statistics 1973 to 1979 ............................................................ 25
Table 6-3: Proposed Project Construction and Development Schedule ...................................... 33
Table 6-4: Summary of PEA equipment requirements ................................................................. 38
Table 6-5: PEA Operating Costs .................................................................................................. 46
Table 6-6: PEA Direct Mining Costs ............................................................................................. 47
Table 6-7: Contractor Operating Costs ......................................................................................... 47
Table 6-8: Capitalised Development Costs .................................................................................. 49
Table 6-9: Capital Costs (Mining only) for the Life of Mine .......................................................... 49
Table 7-1: Estimated Mass Balance ............................................................................................. 56
Table 9-1: Tailings storage facility ................................................................................................ 60
List of Figures
Figure 2-1: Property location showing exploitation concessions in red ........................................... 3
Figure 2-2: Property location showing exploration permits (green) and exploitation concessions
(orange) and expiry dates (Source: SGU website 2014) .............................................. 5
Figure 4-1: Example of mineralised (magnetite) drill core from Blötberget (BB12008) ................... 9
Figure 4-2: Geological Map 1:250 000 (Source: SGU 2013) ......................................................... 10
Figure 4-3: Geological long-section of the Blötberget deposit, showing Flygruvan, Kalgruvan and
Hugget as one continuous unit (Source: NIO 2013) ................................................... 11
Figure 5-1: Comparison of similar RQD ratings with corresponding IRMR ratings which used
actual fracture frequency. IRMR scale is 0 to 100 (Poor to excellent rock conditions)
..................................................................................................................................... 16
Figure 6-1: Schematic section of LIOP (Source: PEA, 2011) ........................................................ 23
Figure 6-2: Results of marker trials at LKAB‟s Kirunavaara Mine, Sweden (Source: Quinteiro et al
2001) ........................................................................................................................... 28
Figure 7-1: Proposed Flowsheet (Source: Tata Steel, 2014) ........................................................ 55
Figure 9-1: Location of the proposed TSF (Source: PEA, 2011). .................................................. 59
Figure 10-1: Historic water re-routing tunnel under construction in 1950s and recent images of
Lake Glaningen ........................................................................................................... 63
Figure 10-2: Natural Drainage Showing Flow Directions; the Two Tunnels Associated with the
Diversion of the Gonäsån River shown (Source: PEA, 2011) ..................................... 64
Figure 10-3: Core Log from BB12003 showing typical Core (left) Entering Crush Zone (right)
(Source: SRK, 2014) ................................................................................................... 65
Figure 10-4: Pit Lake at Blӧtberget (Source: SRK, 2014) ................................................................ 65
Figure 10-5: Extent of Groundwater Level Drawdown showing the influence of the Historic Drift
(NE) and Lake Glaningen (SW) (Source: PEA, 2011) ................................................ 68
List of Technical Appendices

A FEASIBILITY STUDY SCHEDULE ..................................................................A-1
B DOCUMENTS PROVIDED BY NIO ..................................................................A-2

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Trädgårdsgatan 13-15
931 31 Skellefteå
Sweden
E-mail: [email protected]
URL: www.srk.se.com
Tel: + 46 (0) 910 545 90
Fax: + 46 (0) 910 545 99
A FEASIBILITY STUDY GAP ANALYSIS FOR THE LUDVIKA IRON

ORE PROJECT, SWEDEN
1 INTRODUCTION
1.1 Background
SRK Consulting (Sweden) AB (“SRK”) is an associate company of the international group

holding company, SRK Consulting (Global) Limited (the “SRK Group”). SRK has been
requested by Nordic Iron Ore AB (“NIO”, hereinafter also referred to as the “Company” or the
“Client”) to undertake a Feasibility Study (“FS”) gap analysis for the Mineral Assets of the
Company comprising the Blötberget deposit, located in Sweden. The Blötberget deposit is
part of the Ludvika Iron Ore Project (“Ludvika” or “LIOP”), along with the Håksberg and
Väsman-Finnäset deposits. SRK was requested to provide a gap analysis report and
schedule for all critical aspects of Blötberget in order to highlight the additional work required
to produce a FS to international reporting standards and a reasonable time scale for this.
Ludvika is located in Dalarna Län (County) in central Sweden, within the historic and still-
active Bergslagen mining district. Blötberget, Håksberg and Finnäset were all mined
historically up until 1979 using open pit and underground methods; Väsman is a greenfield
deposit, located under lake Väsman in between Blötberget and Håksberg. All areas were
explored significantly in historic drilling campaigns. The final production capacities achieved in
1979 at Blötberget and Håksberg were 400 Ktpa (thousand tonnes per annum) and 600 Ktpa
of ore, respectively.
SRK completed a technical review of the geology and Mineral Resources of the Ludvika
Project in April 2013, with an update in December 2013. The results of the commissions were
a set of recommendations for NIO to improve the quality of the Mineral Resource estimate.
SRK understands that NIO has implemented the recommendations where and when possible
and as a result the quality of the latest Mineral Resource estimate has been improved.
1.2 Work Undertaken by SRK
During the week of 13 – 17 May 2014, consultants from SRK‟s offices in Skellefteå and
Cardiff attended a 3-day site visit to review the geology first hand, inspect existing surface
infrastructure, collect available data and discuss the Project in detail with the Company and
key contractors and consultants previously involved with the PEA and subsequent studies.
Subsequent to this site visit, a desktop review of the available data was carried out in order to
determine the necessary work and likely time frame to advance the Project to a Feasibility
level of study. This report and attached schedule (Appendix B) presents SRK‟s findings by
discipline. Table 1-1 below presents the SRK specialists responsibility by discipline, internal
reviewer and an indication as to which of these was present during the site visit.
Group Offices: Africa

Registered Address: 21 Gold Tops, City and County of Newport, NP20 4PG, Asia
Wales, United Kingdom. Australia
SRK Consulting (UK) Limited Reg No 01575403 (England and Wales) Europe
North America
South America
SRK Consulting Ludvika Gap Analysis – Main Report
Table 1-1: FS Gap Analysis SRK Reviewers
Discipline Author* SRK Reviewer (job title) SRK Site Visit
Ben Lepley (Consultant Resource Geologist)

NIO / Ben Lepley
Geology Howard Baker (Principal Mining Geologist)
Geovista Howard Baker
Johan Bradley (Principal Geologist)
Geotechnical NIO / Michael DiGiovinazzo (Senior Geotechnical Michael
Engineering Petroteam Engineer) DiGiovinazzo
NIO /
Ryan Freeman (Senior Mining Engineer)
Mining Ramböll / Ryan Freeman
Chris Bray (Principal Mining Engineer)
Norconsult
Processing / NIO / Tata John Willis (Principal Consultant Mineral
John Willis
Metallurgy Steel Processing / Metallurgy)
NIO /
Tailings Ramböll / Kris Czajewski (Principal Tailings Engineer) Kris Czajewski
Golder
NIO /
Hydrology /
Ramböll / Tony Rex (Corporate Hydrogeologist) Tony Rex
Hydrogeology
Petroteam
Environment /
Geochemistry NIO / Golder
Päivi Picken (Senior Environmental Consultant) Päivi Picken
/ Mine / Ramböll
Closure
John Willis (Principal Consultant Mineral
Infrastructure NIO John Willis
Processing / Metallurgy)
Technical
Maxim Lesonen (Consultant Mining Engineer)
Economic NIO Maxim Lesonen
Johan Bradley (Principal Geologist)
Modelling
*Note: author of latest studies as part of FS
1.3 Limitations and Reliance
SRK visited the project site, inspected the existing infrastructure and communicated with
personnel responsible for each technical discipline. Extracts from internal and public reports,
and personal communications between SRK, NIO and its external consultants have been
utilised in the report for background information.
This report is based on SRK‟s review of information made available by the Company and is
for NIO‟s internal use only, as an overview of the current status of the Project and to support
NIO‟s decision making process with regards to future development of the assets. Information
regarding the Company‟s tenure at the Project has been accepted by SRK at face value.
1.4 Definitions
SRK has reviewed the data provided with a view to assessing the current level of detail of
study for every critical aspect of a FS. The definitions of FS, along with Mineral Resources
and Ore Reserves in the context of this report are in accordance with the guidelines set out in
the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves as prepared by the Joint Ore Reserves Committee (“JORC Code”).

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2 PROPERTY LOCATION AND DESCRIPTION

The Ludvika Iron Ore Project is located close to the town of Ludvika, 220 km west-northwest
of Stockholm, which is well connected to all major towns and cities in Sweden by road, rail
and air. The property location is shown in Figure 2-1.
Figure 2-1: Property location showing exploitation concessions in red
2.1 Nordic Iron Ore (NIO)
NIO is a privately owned company and was founded in 2008 through a merger of twelve
exploration permits from Kopparberg Mineral AB, Archelon Mineral AB and IGE Nordic AB.
Further permits were acquired by the Company in 2009. The LIOP represents the Company‟s
material mineral assets.
2.2 Ludvika Project PEA 2011
The Company completed a preliminary economic assessment (“PEA”) which considered re-
starting the Blötberget and Håksberg mines in December 2011. The following conclusions
were made from the PEA:
 NIO has gained considerable technical expertise in the area and has assembled an
experienced development team capable of implementing an iron ore mining project.
 It is favourable to implement a project in a brownfield area with existing above ground,

as well as underground infrastructure and services.
 Experience from previous mining operations suggests that high quality products are
feasible and that the products will be attractive to the nearby European markets.
 Operating costs to FOB (freight on board) are competitive when compared with other
developments.

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 Ludvika is a junction point for railway traffic on high specification Swedish mainline
railway network. This provides access to advanced logistics to not only get the product
to market through several Swedish ports in the East and West, but also to bring in
construction and operating raw materials.
 Competitive access to European markets.
 Based on the Indicated and Inferred Mineral Resource of 61.1 Mt (August 2011,
Geovista) the estimated mine project was given a life span of about 12 years at a
production rate of 5.5 Mt / year.
 The proposed base case with simultaneous dewatering and mining start up in the two
mines gives an investment cost of about 2,115 MSEK (excluding project costs) as pre-
production costs. During this period of time the mining commences early with mining of
about 1 Mt of ore in year 2 and 2.75 Mt of ore in year 3 before the full production rate of
5.5 Mt is reached early in year 4. In order to reach full production an investment level of
2,700 MSEK (excluding project costs) is required.
 The base case with simultaneous development of Blötberget and Håksberg mines is to
be considered a “worst case scenario” with regard to investments and construction
activities. A detailed optimisation of the proposed mining and process layout with the
proposed production level is recommended with the aim of reducing the investments
cost as well as plan the geological work in order to transfer the mineral resource to an
up-to-date standard.
 Several options are at hand and are proposed below:
o Geological investigations and re-essays are carried out to confirm the ore
reserve prior to the mine development decision.
o Divide the development of the two old mines; with mining commencing in
Blötberget with one line in the concentration plant and then later development of
a second line in the concentration plant to accommodate the Håksberg
production, and conclude the development for full production of 5.5 Mtpa.
o Mining commences initially in Blötberget and a development drift to Håksberg is

made and then scaled up to a new haulage level to Håksberg. Only one hoisting
installation is required adjacent Skeppmora, and may be used for both mines.
Final production capacity 5.5 Mtpa.
Since producing the PEA report, NIO have included the Väsman deposit as part of the overall
LIOP, which SRK understands the Company intend to consider as part of a long-term
development strategy.

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2.3 Licences and Permits
2.3.1 Exploration Licences and Exploitation Concessions
NIO received 13 exploration licences in 2009 through the company mergers which formed
NIO in addition to three additional permits granted in 2010. These exploration licences were
extended by NIO to 2014. All exploration permits in the Blötberget area have extension
applications currently pending with the Swedish mining inspectorate (Bergstaten). Exploitation
concessions (mining licences) were granted for the Blötberget and Håksberg areas (as shown
above) in August 2011, and December 2011, respectively. The concessions are valid for 25
years. A concession covering the Våsman-Finnäset area is being prepared at present.
NIO‟s currently granted exploration permits and exploitation concessions and expiry dates are
shown in Figure 2-2. Also shown is adjacent exploration licence „Grängesberg nr 5‟ currently
held by Grängesberg Iron AB.
All exploration permits cover the areas of near-future proposed drilling.
Figure 2-2: Property location showing exploration permits (green) and exploitation
concessions (orange) and expiry dates (Source: SGU website 2014)
2.3.2 Environmental Permits
The environmental permits for the two historic mine sites were granted in 2014.

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3 PROJECT HISTORY
Mining and exploration in the Ludvika area has been carried out in different periods since the
1600‟s. The majority of mining was focused on iron, except for two periods, 1701-1711 and
1885-1889, when copper was recovered at Iviken, in the most southern part of the Håksberg
ore field. In the 1800‟s and early 1900‟s comparably lower quantities of ore were produced.
After the second world war the mines regained Swedish ownership and continued production
with several different companies, until mine closure in 1979. When German companies took
over in 1937 all the different mines within the Håksberg ore field were merged into one
operating unit and a central hoisting and concentration plant was erected at Håksberg. This
allowed more efficient mining with the transportation optimised and the facilities at the central
shaft utilised while operating at its full capacity. At Blötberget, two mines with separate shafts
were in operation simultaneously between 1950 and 1966: the Vulcanus “original” mine and
the Blötberget “new” mine, which started operation in 1944 by sinking the new shaft to 300 m
level and building the new central plant.
Since the mines closed in 1979, the deposits have been owned by various companies until
NIO formed in 2008.
The individual project histories are shown below:
3.1 Blötberget:
 1900 Mining Co Vulcanus started large-scale mining.
 1944 Stora Kopparberg Bergslags AB started mining in an adjacent claim and sunk a
new shaft (BS-shaft) together with complete new surface structures, head frame,
concentrator, storage/loading facilities.
 1949 Stora Kopparberg bought Vulcanus.
 1950 to 1966 both mining areas were mined simultaneously, using both shafts. The
production rate was ca 400 kt / year of ore and 220 kt of product.
 1968 to 1975 the BS-shaft was further sunk to 570 m depth. The hoisting facility was
modernized and upgraded to 600 kt/year production capacity. The new plant
commenced operation in December 1975.
 1977 Swedish Steel (SSAB) was founded and the mines (Blötberget and Håksberg)
were sold to SSAB the same year.
 The operation ceased in June 1979. A total of 19 Mt of material, averaging 37% Fe

Total, 0.55 – 0.8% P and <0.01% S, was reportedly extracted
3.2 Håksberg:
 1937 a German consortium of steel making companies bought all mines in the
Håksberg ore field and centralised the operations to Håksberg. The new concentrator
commenced production in 1939.
 1957 a large expansion of the concentrator in Håksberg was made. Flotation of

hematite-ore was introduced.

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 1960 the new skip-loading station together with a new primary crusher at 400 m level
started to operate in the Central shaft.
 1962 the 300 m level footwall haulage drift was completed, which means that there
exists a drift-connection through the whole ore field from Iviken to Källbotten.
 1965 spiral-separation was introduced in the mill instead of flotation and a new tailings
pond was built west of the central plant at Håksberg.
 1973 the development of a decline from the surface to 300 m level was started. It was
completed down to approximately 260 m level before the mine was closed.
 1977 Swedish Steel (SSAB) was founded and the mines (Blötberget and Håksberg)
were sold to SSAB the same year.
 1979, Dec 21 the operation at Håksberg ceases.
 1981 the pumps are stopped and the mine starts to be flooded.
In addition to the two major mining areas highlighted above, three other areas were producing
simultaneously: Fredmunsberg (closed 1944), Gonäs (closed 1919) and Våghalsen –
Finnäset (closed 1919). No mining has occurred at Väsman (off-shore) historically.
3.3 Väsman-Finnäset
Below Lake Väsman, magnetite mineralisation has been known since the late 1800‟s when
the first magnetic map was established of the lake. The confirmed mineralisation on the south
shore of Finnäset, as well as the nearby Våghals and Byberg mines, continues out over the
lake Väsman over to the northern shore of Iviken (south Håksberg). Between the years 1954
and 1959, Ställbergsföretagen conducted a diamond drilling exploration program in which a
total of 22 holes were drilled. The results from these studies led to the decision to continue the
exploration in the southern part of Väsman. A shaft was lowered to 280 m depth 1960, with
trial mining and bulk sampling conducted. Test mining was also conducted at Lyviksberg in
the 1960s.

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4 GEOLOGY AND MINERAL RESOURCES

4.1 Project Geology and Mineralisation
Ludvika is part of a 30 km long zone of known iron (±apatite) deposits within the Bergslagen
district. Periodical mining has occurred along the length of the zone, mainly in the form of
small open pits and shallow underground mines.
The majority of the mineralisation of Ludvika is classified as magnetite lava flows. The flows
are occasionally of pure magnetite, with additional detrital magnetite units assumed to be
volcaniclastic sediments. The volcanic units are unconformably deposited on older quartzitic
greywacke units. The greywacke units show contact metamorphism in the form of silimanite
and cordierite porphyroblasts. The mineralised units are overlain by quartz-feldspar
sandstone with intercalations of volcaniclastic and argillaceous sediments. The whole
package is unconformably overlain by a granitic unit.
According to mapping completed by the Geological Survey of Sweden (“SGU”), the Ludvika
fields belong to the northern limb of a NE-trending synform, as shown in Figure 4-2, which
may be supported by the shallowing dip of mineralisation at depth in Blötberget.
Oxidation of the primary magnetite mineralisation has produced large areas of martite
(haematite formed after replacement of magnetite) mineralisation. This is more pronounced in
the Blötberget field. The cause of the oxidation is debatable; one theory (put forward by
consulting geologist Mats Larsson) suggests that at Blötberget early lava flows were sub-
aerial and were oxidised by surface weathering processes. Whereas the later flows possibly
did not breach the surface, and were prevented from reaching the surface due to the cap
formed by the earlier flows. In which case, these flows were possibly in the form of dykes and
sills. In the Håksberg-Väsman-Finnäset field, a sub-marine environment for erupting lava has
been suggested, with limited oxidation and interlayering of marine sediments. Subsequent
deformation, alteration and metamorphism may have contributed to additional oxidation due
to fluid interaction.
The mine area of Blötberget extends 1.2 km, striking east-northeast at approximately 060⁰.
The total mineralised area comprises several independent units named (from southwest to
northeast) Kalvgruvan, Flygruvan, Hugget, Carlsvärdsgruvan, Sandell, Guldkannon and
Fremansberg. The Kalvgruvan, Flygruvan and Hugget zones are mined down from near-
surface to the 350 m level. The units dip towards the southeast at between 50 - 55⁰ in the
mined-out areas near-surface, and flatten at depth to ~25⁰. A geological long-section
interpretation of the mineralisation and geology is shown in Figure 4-3, where Kalgruvan,
Flygruvan and Hugget are interpreted as continuous zones but it currently lacks drilling. This
area, known as „the wedge‟ or Betsa, will be explored in 2013. An example of high-grade
magnetite mineralisation from Blötberget is shown in Figure 4-1.

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Figure 4-1: Example of mineralised (magnetite) drill core from Blötberget (BB12008)

Page 9 of 78
Figure 4-2: Geological Map 1:250 000 (Source: SGU 2013)

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Figure 4-3: Geological long-section of the Blötberget deposit, showing Flygruvan, Kalgruvan and Hugget as one continuous unit (Source: NIO
2013)

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4.2 Exploration
Throughout the history of the project, geological mapping and geophysical surveys have been
conducted in the area. For the purposes of the MRE (and the FS), the most pertinent data is
the diamond drilling, which is described below.
4.2.1 Historic Diamond Drilling
Historic diamond drilling was conducted from the 1940s through to the end of mining in the
1970s. Mine maps and historical drilling data were collected from various sources and
digitised where possible. Drill core from historical exploration drilling has been recovered at
the core storage facility at the Geological Society of Sweden (SGU) in Malå, along with
additional core found in buildings on the former mine sites. In total, approximately 400 historic
holes have been digitised to date.
In total, 13 drillholes from Blötberget found in Malå were re-logged, and a selection re-
sampled and re-assayed prior to use in the Mineral Resource estimates (MREs) by Geovista.
The database provided by NIO to SRK suggests that 66 drillholes from Blötberget alone
contain core at Malå, and further sampling and re-assaying is currently on-going.
4.2.2 NIO Diamond Drilling
Diamond drilling was completed by NIO in 2012, which included twinned drilling to confirm
historical drilling at Håksberg and Blötberget, and infill at Blötberget and Väsman. In total, 15
holes for 7,430 m were drilled at Blötberget.
A 12-hole (7,000 m) diamond drilling programme is planned to infill drill at Blötberget. The aim
of this programme is to upgrade the middle-Hugget area from Inferred to Indicated Mineral
Resources, as well as investigating the area in between Flygruvan and Kalgruvan and Hugget
(known as ‟the wedge‟ or Betsa).
4.3 Mineral Resource Estimation
Three Mineral Resource estimates (“MREs”) have been undertaken on the LIOP since NIO
was formed. These were completed by Geovista in August 2011, January 2013 and January
2014. The 2011 and 2013 MREs were reviewed in the April 2013 commission.
SRK reviewed the 2014 MRE in the December 2013 technical review (the MRE was
completed in December 2013, with the report completed in January 2014).
4.4 SRK Conclusions and Recommendations for Gap Analysis
A number of recommendations were made by SRK in the December 2013 geology technical
review in order to improve the quality of future MREs and in order to increase the quantity of
Indicated and Measured Mineral Resources in the Project area. Following the review, NIO
implemented several of the points identified above and some points are currently on-going.
An update to the list is given below.
1. All historic core re-assayed should be sent including QAQC samples (blanks, standards
and duplicates), as described in NIO protocol. High priority.
o Status: on-going. Several new holes found, logged and sampled recently.

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2. Infill drilling in the wedge and upper-middle Hugget area in order to prove continuous
nature of mineralisation, therefore increasing resource tonnage and likely upgrading
resource classification categories. High priority.
o Status: infill drilling commencing June 2014.
3. Include the wedge and pillar areas in the resource statement. High priority.
o Status: infill drilling commencing June 2014.
4. Density measurements in hangingwall and footwall lithologies should be taken to

enable accurate mining and dilution tonnages during mine planning. High priority.
o Status: waste lithologies will be tested for density during the 2014 drilling
program.
5. A drillhole data quality index should be assigned to each drillhole, based on: source of
collar coordinates and down-hole surveys (e.g. mine plan, protocol document, surveyed
by NIO, estimated), age of assay information, core diameter, core size sampled (e.g. ½,
¼), and drill core recovery. Medium priority.
o Status: on-going, to be completed prior to the MRE update following the summer
2014 drilling.
6. Database should be continuously validated to ensure missing data not affecting MRE.
For example, missing down-hole survey information may be causing false drillhole
traces. High priority.
o Status: on-going, to be completed prior to the MRE update following the summer
2014 drilling.
7. Quantify the effect of core diameter and sample weight on assaying by comparing
assay data populations (e.g. descriptive statistics, histograms, Q-Q plots). High
priority.
o Status: not currently planned, but is still highly recommended by SRK to improve
confidence in the historic data.
8. Improve wireframing by snapping to all mineralisation intercepts. High priority.
o Status: planned for the next MRE update.
9. A block size sensitivity study should be run, testing the effect of different block sizes on
the interpolation. Medium priority.
o Status: not currently planned for the next MRE update, but is still recommended.
10. Quantitative Kriging Neighbourhood Analysis (“QKNA”) undertaken to optimised

estimation parameters and reduce conditional bias. Medium priority.
11. Estimation search run used should be recorded in the block model. Low priority.

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12. Update COG calculation to include metal processing recovery information. Once further
testwork is completed on the haematite-magnetite mixed material, potentially two
COGs can be used for the different ore types, and in areas of development and no
development. High priority.
o Status: still highly recommended prior to the next MRE update.
13. Use COG to report Mineral Resources in compliance with JORC 2012, demonstrating
„reasonable prospects form eventual economic extraction‟. High priority.
o Status: still highly recommended prior to the next MRE update.
The gaps identified relating to the geology and Mineral Resources of the Project, which SRK
consider essential to complete in order to ensure that there is adequate detail for the
completion of a robust FS, are summarised in Table ES 1.

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5 GEOTECHNICAL ENGINEERING
5.1 Introduction
Generally the available reports from PEA to December 2013 the geotechnical work completed
is of reasonable standard. SRK agree with the geotechnical evaluation of the Blötberget
based on limited data to PFS level. However, what is not clear is the plan to conduct the
Feasibility level geotechnical assessment for Blötberget. The interaction of mining,
geotechnical and hydrogeological parties in the Feasibility study (“FS”) will optimise the
geotechnical assessment program and will most likely optimise and expedite the process. It is
recommended that the geotechnical program is defined by July 2014 to optimise this.
5.2 Rockmass Characterisation
5.2.1 Observations
Rockmass classifications systems utilised in both the 2011 PEA study and subsequent
January to April 2013 investigations are reasonable for the level of study. These are a
combination of Q and RMR1989 (Rock Mass Rating) which is a good example of characterising
the rock in more than one classification system. The amount of geotechnical logging is limited
to 3 drill holes in the Blötberget area. The tabulated results of this logging were reviewed.
There are, however, some limitations with using these systems for FS level rockmass
classification in the current logging. This is mainly due to the likely mining method involving
cavability assessment and the associated mining induced subsidence of the hangingwall. The
key objective is to gain sufficient understanding of the strength of the material that is expected
to cave, to satisfy the chosen mining method.
The Q system does not account for cavability, only for the stability of the span. As well as
this, the current logging approach has only classified the weakest feature per logging interval.
Cavability is determined by the volumetric presence of stronger features. These are currently
not being logged.
There is a mis-representation of the rockmass fracturing using RQD only (which both of these
systems use). Without a measure of the actual fracture frequency there is a reduced
confidence of the rockmass rating. Figure 5-1 is an example of the misrepresentation of actual
fracture frequency using RQD to supplement this quantification.

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Figure 5-1: Comparison of similar RQD ratings with corresponding IRMR ratings
which used actual fracture frequency. IRMR scale is 0 to 100 (Poor to
excellent rock conditions)
The RQD measurements have been made on 1m core lengths which further introduces
uncertainty of the measured value. This method needs to be applied at drill core run length as
this is mechanical break in the rock column. As well as this, any heavily fractured zones
require discrete RQD classification interval as these will further bias the results.
The rockmass classification needs to identify the frequency of cemented joints. At deeper
levels, the cemented joints influence the caveability and mining induced subsidence. Without
characterisation, this will be misinterpreted.
5.2.2 SRK comments
Caving assessments require an understanding of the rockmass in terms of MRMR and IRMR.
The Blötberget geometry and mining method approach requires geotechnical classification in
these schemes. This is deemed a requirement by SRK in order to provide suitable confidence
for both caveability assessment and cave induced fracturing and subsidence
Geotechnical logging to MRMR/IRMR (2001) system of all the planned infill drilling is
recommended prior to the sampling of the core. The logging team will not require much
additional training to gather the required data for the MRMR/IRMR calculation.
SRK notes that the SLC operations of LKAB at both Kirunavaara and Malmberget are
currently experiencing the need to blast precondition the hangingwall in order to enable
caving of the competent rockmass. The preconditioning is deemed reactive as there was
insufficient understanding of the competence of the hangingwall material. Correct rockmass
classification at the logging stage will enable more confidence in the actual caveability
potential. This is a critical input in order to model the mining costs, production rates, and to
better understand operational risks.

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5.3 Rock Strength Testing
5.3.1 Observations
All available data and assessment to data indicates that the rockmass is of good quality and
the rock strengths are supportive of this (UCS range of 150-200MPa). These values are
derived from Point Load Testing (PLT) which is a good indicator when calibrated against
laboratory UCS and triaxial testing. No laboratory test results were available. There is a good
approach and database of PLT testing completed to date.
There does not appear to be a great variation in the ore and hanging/footwall material
strength which is positive for mine design and infrastructure placement. In terms of
caveability, the rock strength will define the ability for the hangingwall to break naturally.
5.3.2 SRK comments
There is a need to continue with the PLT testing in the planned infill drilling program. As well
as this a reasonable sample of the core (2-5%) is required to be laboratory tested for UCS
and triaxial tests. This test work will calibrate the PLT testing, but more over provide inputs
into the numerical modelling required (Section 5.6 ). The shear strength
5.4 Rock Stress Regime
5.4.1 Observations
No testing is available. However, there is a reference to the Grängesberg mine insitu stress
testing results. This rock mass and geological setting is considered very similar and therefore
it is likely that the stress regime will be similar.
5.4.2 SRK Comments
Stress testing is recommended for the later stages of the project. If the feasible mine plan
considers material below the 200m level after dewatering. This will validate the assumptions
and further refine the mine design. The flattening of the ore body dip with depth is an indicator
that the stress orientation is likely rotated as well with depth.
5.5 Geotechnical Model
5.5.1 Observations
A 3 dimensional geotechnical model has not been produced yet and this is required for FS
level assessment as a key input into geotechnical, mining and hydrogeological studies. This
will likely take 3 weeks to produce after the infill drilling program and selected historical core
logging is completed.
5.5.2 SRK comments
The 3 dimensional geotechnical model is a product of:
 Lithology, alteration and weathering;

 Geological structure: Both Major faulting and minor features; and
 Rockmass classification: Raw inputs as well as calculated values for MRMR/IRMR.

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A detailed plan to develop a geotechnical model is required and this is best developed prior to
the logging program of the June to September 2014 infill drilling program. This will guide the
approach and quantity of data required to be gathered to produce FS quality models. There
are multiple software tools to develop these models, however some are better developed to
dynamically model the rockmass such as Leapfrog Implicit modelling code.
5.6 Mining method Geotechnical Assessment
5.6.1 Observations
The stability assessment applied to date has been only using the Mathews Stability Method
(PEA Appendix 3, Attachment 3:1). The work completed is of a good standard using this
method , however this approach is not deemed suitable for cavability assessment due to:
 Firstly the Q classification system (as described in Section 5.2);
 The low confidence in actual fracture orientation and frequency of the hangingwall;
 Low confidence in the stress inputs and material strength ranges; and
 Does not cater for the fragmentation potential of the hangingwall material.
5.6.2 SRK comments
The stability assessment suggested to cover SLC and open stoping mining methods is
recommended to use the approach of combining:
 IRMR/MRMR method into Lauscher‟s Hydraulic radius cavability chart;
 Mathews stability assessment as a comparison of stable spans;
 Primary fragmentation prediction of the hangingwall material using IRMR and oriented
structural logging inputs into discrete fracture network (DFN). This is more important in
block cave assessments but is also essential for the prediction of oversize potential.
The mining cost modelling will better cater for the oversize and secondary breakage
requirements.
It is expected that a suitable level of assessment can be made in order to contribute to the
mining study in the FS with approximately 6 weeks work after logging of the infill drilling and
geotechnical modelling is completed. The numerical modelling process can be done in
conjunction with this work and the outputs from this used to enhance the stability
assessments.
5.7 Numerical Modelling
5.7.1 Observations
The PEA documentation contains numerical modelling for the predictive mine induced
subsidence. This is in 2D only which is suitable for PEA level study. The software used is
2
Phase from Rocscience and is a useful tool in combination with detailed 3D numerical
modelling. Used alone, it is not a suitable tool for the mine wide assessment of the mining
design, extraction sequence, LOM infrastructure stability, and mine induced
fracturing/subsidence prediction.

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There are only two material types modelled in the PEA assessment and this will need to be
increased as further knowledge of the rockmass is derived from the geotechnical logging,
material testing, stress modelling, geological structure model and geotechnical model. The
report does state that the extent of fracturing zone (FZ) and continuous deformation zone
(CDZ) are likely over estimated due to the limitations of the modelling software and the
uncertainty of the material inputs. This needs to be acknowledged and improved closely in the
FS study of subsidence zone size and rate of development.
5.7.2 SRK comments
Feasibility level assessment requires detailed numerical modelling in particular with proposed
SLC development and subsidence factors in this project. Mine scale 3D models are
suggested to be produced for geotechnical, mine design, hydrogeological, and subsidence
assessments. There are a range of industry accepted software and approaches available.
Subsidence prediction is a complex modelling process and the significance of the scale and
timing of subsidence is critical to the project. Detailed assessment as well as coupled
modelling with hydrogeological and mining extraction models will improve the confidence in
this.
The interaction of the orebodies and their relative extraction sequence needs to be modelled
in a 3D sense as well. 2D modelling only is not ideal to understand this interaction.
SRK recommend that modelling is completed using a combination of boundary element and
discrete element codes (MAP3D, Flac3D). These can be used to govern the inputs into more
2
detailed Phase Modelling. FS level modelling (to acceptable confidence) could be completed
within 1.5 months from geotechnical model development.
5.8 Subsidence Monitoring
5.8.1 Observations
No ground monitoring plan was available. The main need is the immediate surface reaction to
the dewatering program. This is likely to cause the ground to relax further due to the water
saturation changes in the fractured volume.
5.8.2 SRK comments
A basic ground monitoring system to compliment the suggested hydrogeological monitoring

system is recommended for Blötberget. This system should be installed prior to dewatering of
the existing voids. The same system will apply to the later stage subsidence monitoring. The
aim is to have a baseline of data before the change occurs. SRK envisage much of the
primary system will service the later needs of the system, with some enhancements.
The monitoring plan required is a regime of:
 surface glass prisms and/or GPS monitoring points distributed across the current
known fractured area with routine monitoring will provide an understanding of the
fracture cone subsidence; and

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 It is recommended that a series of subsurface displacement monitoring instruments are

planned for and installed in available drillholes. Industry experience has confirmed that
it is essential to measure the sub-surface change to track the location and magnitude of
displacement within the rock volume as well as any extension of the fractured volume
at depth before this is expressed on the surface. The surface expression is the last
phase of the change that has occurred in the rockmass volume.
This is deemed critical for the Blötberget area as the understanding of the mining induced
fracturing will directly influence the hydro conductivity change.
5.9 Major Infrastructure Assessment
5.9.1 Observations
A definitive assessment for the location and amount of major infrastructure has not been
completed at this stage. In terms of the major underground infrastructure, both hoisting shaft
and underground crushers will form part of the expected mining layout. The geotechnical
assessment of where to locate these and the stability of these excavations is not completed
yet.
5.9.2 SRK comments
It is difficult to provide a detailed scope of work to provide FS level geotechnical input into the
major underground infrastructure assessment prior to the mining study. However, the list
below provides an outline of necessary considerations and approximate timings for the
geotechnical input:
Hoisting shaft:
 A dedicated geotechnical drillhole will be required in line or sub-parallel to the shaft

location. This will require high detailed geotechnical logging for shaft stability
assessment. This assessment would take approximately 3 weeks after completion of
the drillhole.
 Numerical modelling of the shaft placement relative to the mining layout will need to be
incorporated
Crusher station:
 A dedicated geotechnical drillhole will be required through the expected crusher

location. This will require high detailed geotechnical logging for to determine the rock
mass quality and structural makeup in high detail for stability assessment. This
assessment would take approximately 3 weeks after completion of the drillholes.
 Numerical modelling of the crusher placement relative to the mining layout will need to
be incorporated.
 High detailed ground support design will need to be done along with the numerical
modelling of the crusher. This will provide more confidence in the extraction sequence
and development cost of the crusher excavation.

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Orepass & Ventilation shafts:
 Site selection will be dictated by geotechnical and geological structure models.
 Stability assessments will be required using geotechnical model and numerical

modelling.

Page 21 of 78
6 MINING ENGINEERING
6.1 Underground Iron Ore Mining
Underground mining plays a minor production role amongst the top iron ore producers
globally. SRK is not aware of any underground iron ore mining taking place in Australia or
Brazil and it is reported that only 10 to 15% of production in China, India and the
Commonwealth of Independent States (CIS) is from underground mining. The exception is
Sweden where practically the entire country‟s iron ore production is sourced from the
underground mines of Kiruna and Malmberget, which totalled 25.3 Mt in 2010 according to the
Raw Materials Group (“RMG”) database.
Operational information on underground iron ore mines is not typically easily accessible,
however SRK has summarised the Mineral Resource and Ore Reserve information available
on underground mines from the RMG database in Table 6-1.
Table 6-1: Underground iron ore mines, reported R&R (Source: RMG, 2014)
Although not an extensive database, it does show that there are a number of underground
mines operating at grades below 35% Fe, which includes the Nordic region.
6.2 The Ludvika Iron Ore Project
Figure 6-1 provides a schematic section of the LIOP indicating the existing and planned
underground development for the project and location of the proposed Väsman mining area
under the lake.

Page 22 of 78
Figure 6-1: Schematic section of LIOP (Source: PEA, 2011)
6.3 Blötberget
The scope of the Phase 1 Feasibility Study (“FS”) is to be confined to the Blötberget deposit
as this is to be the first operation to be brought into production in the current mining strategy.
The mine is perceived to be the lowest cost to establish production within a relatively short
timeframe. The revenue derived from the operations in Blötberget is anticipated to fund the
future development of the Väsman and Håksberg deposits.
The mineralisation at Blötberget is defined as "apatite lake ore" which includes the minerals
magnetite and haematite in addition to the phosphorus mineral apatite. The Blötberget field
consists mainly of five mineralised bodies. From west to east, these are:
 Kalvgruvan (apatite-rich magnetite mineralisation);
 Flygruvan (apatite-rich, haematite dominated mineralisation with minor magnetite);
 Hugget and Betsta (apatite rich magnetite-haematite mineralisation); and
 Sandell (apatite rich magnetite mineralisation).
The Kalgruven and Flygruven mineralised bodies are parallel to each other on the south-
western side of the mining concession. The Hugget and Betsta deposits have been proven to
be of the same vein origin and are referred to as Hugget only for the purposes of this report.
The Sandell deposit is a smaller mineralised body parallel to the Hugget and both are located
to the northeast of the mining concession.
Between the Flygruvan/Kalgruven and Hugget/Sandell deposits is an area known colloquially

as the “wedge”. This is the one of the focal points of the drilling programme to commence 30
May, 2014. The mineralised bodies are believed to be part of the same structure where there
is estimated potential for the Mineral Resource to be update during the Phase 1 FS to link
these mineralised bodies along strike, although the influence of a pegmatite zone between the
two areas is not currently understood. For the purposes of this report, however, the deposits
are assumed to remain as isolated lithologies.

Page 23 of 78
The Mineral Resources at Blötberget as of January 25 2014 are estimated at 11 Mt of

Measured Resources grading 34% Fe, 27 Mt of Indicated Resources grading 45% Fe, and
22 Mt of Inferred Resources grading 33% Fe. Measured Resources are confined to the
Hugget mineralised body between the 280 mL and 450 mL. Below this elevation range the
Hugget mineralisation is classified as Inferred Resources. Indicated Resources are confined
to the Flygruven and Kalgruven mineralisation. The Sandell mineralisation is classified as
Inferred Resources. All mineralisation above the upper levels for the Mineral Resource in
each mineralised body represents areas of historic mining. There is additional mineralised
material with potential for future extraction within these areas of historic mining, however, due
to the uncertainty related to past extraction, they are not considered for the current Mineral
Resource estimate and represent upside potential.
6.4 Mining History
6.4.1 Observations
th
The Ludvika region has a long history of mining which dates back to the 16 century however
th th
it is reported that iron ore mining in the region commenced in the 18 and 19 century. Both
Blötberget and Håksberg deposits were actively mined up until 1979, when the former owner
SSAB, closed the mines due to low iron ore prices and they have been flooded for over 30
years since being taken off care and maintenance.
The iron ore at Blötberget is high phosphorus and could only be exploited on a large scale
th
after the Thomas process was introduced in steel making plants at the beginning of the 20
century. It is reported that at Blötberget, only two mines with separate shafts were in operation
simultaneously between 1950 and 1966. These mines consisted of the original Vulcanus mine
and the new Blötberget mine, which started operation in 1944 by sinking the new shaft to the
300 m level and building of a new central plant.
Prior to the cessation of production, mining was focussed on the Hugget mineralisation in
order to bring the level of mining down to the same level achieved by historic mining in
Flygruven/Kalgruven. Mining methods included shrinkage stoping, open stoping, longitudinal
sublevel caving and transverse sublevel caving though there is little understanding of the
location, timing and volumes mined using each method. The mine is reported to have a
produced up to 400 ktpa before closure. The processing plant handled a maximum of
415 ktpa feed in 1976 when the additional shift was added and increased operational time
from 5,058 to 5,824 hours. Historical production statistics are provided in Table 6-2.

Page 24 of 78
Table 6-2: Blötberget Production Statistics 1973 to 1979

Feed Recovery (Fe) Magnetite concentrate (Assay) Hematite concentrate (Assay)
Year
kt % Fe % w-% % Fe % SiO2 %P w-% % Fe %SiO2 %P
1973 280 37.2 85.6 23.2 68.2 2.9 0.10 25.9 60.9 6.8 0.48
1974 350 37.3 85.4 22.9 68.3 2.7 0.11 25.6 60.2 6.9 0.56
1975 345 35.7 80.4 20.4 67.5 2.4 0.11 24.4 59.9 7.5 0.57
1976 415 37.1 76.3 14.8 67.4 3.9 0.07 28.9 61.1 6.7 0.50
1977 328 37.1 83.0 22.4 67.2 3.1 0.09 25.7 61.3 5.9 0.54
1978 268 34.5 83.0 18.2 68.0 2.9 0.10 25.5 61.7 5.9 0.46
1979 113 34.5 83.0 18.5 68.5 2.9 0.06 27.4 61.7 5.9 0.35
Average 36.2 36.2 82.4 20.1 67.9 3.0 0.09 26.2 61.0 6.5 0.49
Mining transitioned from tracked mining methods to mechanised mining when production
advanced below the 200 mL. To facilitate this, development profiles were increased from 3 m
by 3 m to 4 m by 4 m to allow access for larger equipment. Construction commenced on an
access decline to the surface, however, this development was not completed prior to the
cessation of mining. SRK notes that despite the introduction of mechanisation in the mine,
non-mechanised mining methods were still applied in some areas. The sublevel spacing
remained at 10 m.
In 1978, mining in the Sandell magnetite mineralised body ceased due to a high content of
phosphorus, combined with the requirements for fine grinding of this material.
6.4.2 SRK Comments
The long production history of both the Blötberget and Håksberg mines is very encouraging in
proving that mining could be physically achieved for both these locations and a significant
amount of development could potentially be utilised in a future underground mining operation.
There also appears to be a significant amount of existing surface infrastructure which would
also lower the start-up costs and risks compared to a new mine.
The historical production statistics demonstrate that production rates up to 400 ktpa are
possible, given the geology and mining layout, an order of magnitude below the proposed
production rates proposed for future mining. Whilst the historical mining methods appear to be
relevant to the current project, historic mining with mechanised equipment does not provide
support for the proposed production rate for future operations.
Mechanisation using modern equipment should provide substantial improvement in

performance than observed through past operations, however, as noted by NIO, existing
development will require enlarging the existing development profile to the larger planned
equipment. It is not clear when mechanisation was introduced to the historical operations,
however, production started to fall significantly from 1976 to the closure of the operations in
1979.

Page 25 of 78
6.5 Mining Method
6.5.1 Observations
The LIOP orebodies range in dip between 45 and 60° in the upper levels and progressively
flatten from 45° at the 400 mL down to around 25° at the 800 mL. Kalgruvan and Flygruvan
are separated by a small waste pillar up to 30 m thick, with a greater separation distance
between Hugget and Sandell.
Little geotechnical information is available from previous mining; however, feedback from
previous employees suggests that ground conditions were generally good. The drill core and
logging indicate the rock mass quality to be good to very good with limited major structures
intersecting the orebodies.
A mining method trade-off study has been undertaken as part of the Preliminary Economic
Assessment (“PEA”) by Ramböll considering the following methods:
 Sublevel stoping;
 Sublevel caving (longitudinal and transverse);
 Vertical crater retreat;
 Shrinkage stoping;
 Raise mining; and
 Avoca cut and fill.
The trade-off study incorporated a high level analysis of geometry and past mining methods
applied. Consideration was also given to the existing development, while understanding the
limitations and assumes mechanised mining.
The proposed mining method approach for LIOP is longitudinal sublevel caving. This method
is consistent with methods applied in historic mining and is benchmarked from the
Malmberget Mine, which is considered an analogous operation. The bulk of the mineralisation
will be extracted from a single longitudinal drill drive. Where the mineralisation is wider, such
as in sections of the Kalgruvan and Flygruvan deposits, multiple drill drifts will be established
longitudinally or transverse sublevel caving will be used.
Some basic studies on selected levels have been carried out to investigate the preferred
approach for the wider sections. These studies were primarily used to optimise the design for
production rate and development requirements. No consideration was given to mining losses
or dilution.
Where development is already in place, 10 m sublevels will be used in line with historic
development. Below these areas, 20 m sublevels will be used.

Page 26 of 78
6.5.2 SRK Comments
Effective mining method selection will include an analysis for each mining area including:
 Physical characteristics (depth, orebody geometry, variability of geometry, grade

distribution and geotechnical characteristics);
 Production considerations (tonnage, grade of feed, dilution, mining recovery and

complexity of method);
 Environmental and Social Factors (subsidence, waste production, groundwater effect

and workforce skill level); and
 Economics (operating cost, cut-off grade, development requirements, infrastructure

requirements and capital costs).
The approach taken to date considers many of the above elements, however, uncertainty
remains in some areas. Of particular interest are the geotechnical characteristics, which are
currently poorly understood. Mining losses and dilution have not been considered which will
have a large influence on the success of mining this style of mineralisation.
SRK understands that sublevel caving was previously used at the mining operations,
however, the limited geotechnical information suggests that the rock mass is very competent
which is likely to cause problems. It is important that the most appropriate mining method(s)
for each orebody are confirmed prior to undertaking any design or scheduling and SRK
recommends that a full revision takes place to incorporate the latest information acquired
since completion of the PEA.
SRK would question whether a sublevel caving method is going to be suitable for the deposit
geometry. Mineralised widths only allow a single sublevel drift for much of the deposit, which
is likely to result in large ore losses and dilution in excess of the modifying factors stated.
Draw cones in caving operations are predominately influenced by gravity and are generally
limited to 72° from the extraction point. As a result, much of the ore extracted from drawpoints
in a sublevel cave is derived from levels above that which is blasted. Experience from the
Kiruna Mine, which uses sublevel caving on a much larger deposit, demonstrates the
influence of the draw cone on metal recovery (Figure 6-2).

Page 27 of 78
Figure 6-2: Results of marker trials at LKAB’s Kirunavaara Mine, Sweden (Source:
Quinteiro et al 2001)
Historic mining employed a very tight sublevel spacing which required broken ore to report to
the drawpoints before the hangingwall started to cave, in order to limit dilution. Based on the
feed grades to the processing plant, this appears to have been successful. The shallower dip
angles at depth and the increased sublevel spacing will reduce the relevance of historic
comparisons. Increased dilution with lower recovery is likely. SRK notes that head grades
were progressively reducing towards the end of the mine life, which may be an indication of
future trends. The variation in the geometry of the deposits also suggests that the Malmberget
mine may not be the best analogy for this proposed operation.
SRK recognises that the narrow waste pillar between Kalgruvan and Flygruvan may also be
an issue as it may be too narrow in some sections to allow independent mining from both
veins.
SRK recommends that further trade-off studies are undertaken to confirm the mining method
prior to design work being undertaken for the FS. The investigation should incorporate the
following elements
 Separation of the veins into separate zones to reflect the different thickness and dip of
each area;
 Incorporation of cost based analysis (including influence of mining losses and dilution);
 Basic risk assessment for the proposed methods to account for the limited technical
data available in the early stages of the FS; and
 Derivation of design parameters for each zone (in conjunction with geotechnical work)
including unique mining losses and dilution.

Page 28 of 78
6.6 Estimation of Potentially Mineable Material
6.6.1 Observations
The FS will be restricted to a study on the Measured and Indicated Mineral Resources, in
accordance with the terms and guidelines established by the JORC Code. Based on the
January 2014 Mineral Resource estimate, the starting point for estimation of potentially is as
follows:
 Hugget - 10.7Mt @ 34.3% Fe
 Sandell - 0.0Mt @ 0.0% Fe
 Flygruvan - 8.2Mt @ 36.5% Fe
 Kalgruvan - 19.2Mt @ 48.3% Fe
Additional exploration is to be undertaken as part of the FS by NIO who anticipate that 12 Mt

of Inferred Resources will be reclassified as an Indicated Resource. Around 50 Mt of
Resources are anticipated to be available for the FS as Measured or Indicated Resources
which is approximately double the Mineral Resource used as a basis for the PEA (24.1 Mt).
Potentially mineable material estimated in PEA by applying a 20% mining loss and 20%
dilution at zero grade to the Mineral Resource based on benchmarks of other operations
using a sublevel caving method. Inferred Mineral Resources were included in PEA estimate
totalling 24.1 Mt at a grade of 34.2% Fe.
There is material prepared for extraction in the upper levels that has not been included in the
Mineral Resource estimate. This is considered as upside potential and is not currently being
considered for the purposes of the FS.
6.6.2 SRK Comments
The approach taken for estimation of potentially mineable material appears to be reasonable
for a scoping-level study, however, a more robust approach will be required for the FS. SRK
notes that the following considerations have not been included in the PEA estimate of
potentially mineable material:
 Optimisation of Mineral Resource;
 Cut-off grade;
 Design losses;
 Outliers;
 Overbreak/dilution skin;
 Variation in mining method; and
 Thickness of vein.
The PEA study considers Inferred Resources in the life of mine plan. Further exploration work
is required to upgrade these Resources to a minimum Indicated classification to have
sufficient confidence to declare a future Ore Reserve. There is no guarantee that the
exploration programme will be adequate to upgrade the targets to an Indicated Resource so
the initial Resource for mine planning could be as low as 38 Mt.

Page 29 of 78
Additional work needs to be completed to adequately define the mining loss and dilution
factors to be applied to the estimation of potentially mineable material. The benchmarks of
Kiruna and Malmberget are not appropriate as these are much thicker orebodies with steeper
dips. Much of the dilution from the drawpoints at Kiruna and Malmberget consists of ore from
levels blasted above which will be less likely in the Blötberget Mine due to geometry. Planned
and unplanned mining losses and dilution should each be accounted for separately in the
estimation of potentially mineable tonnages as they will have a different source.
Economic cut-off grades and drawpoint shut-off grades should also be investigated further for
future studies.
6.7 Production Rate
6.7.1 Observations
The PEA was based on the assumption of production from all three LIOP deposits, with
Blötberget‟s contribution representing 2.5 Mtpa. This production rate was based on a hoisting
study undertaken by Sweco during the PEA assuming 5,400 hours per year of available time.
The study assumes that the existing shaft is rehabilitated and new hoisting infrastructure is
installed. The requirement to remove waste from the mine in addition to ore through the same
infrastructure has been allowed for in the study.
Based on the potentially mineable material in the PEA, this equates to a sink rate of
approximately 30 m per year and requires approximately 6,000 m of development per year to
sustain. The resulting mine life from this is approximately 12 years.
A subsequent internal study by NIO and Ramböll assumes a production rate of 3 Mtpa. The
production rate is based on the same hoisting study, however, the available hours are
assumed to increase from 5,400 to 7,560 hours per year. This is approximately 6,000 t per
shift (assuming a 10hr shift).
The current environmental permit constrains the combined production from Blötberget and
Håksberg to a maximum of 6 Mtpa, though no split is designated on the distribution of that
limit between operations. The Phase 1 FS is intended to progress with a production rate of
3 Mtpa as a base case.
A separate study was undertaken by Atlas Copco, investigating the potential for the
equipment to maintain a 3 Mtpa production rate assuming a development layout and ore-pass
configuration on a selected level. This study is reported to have validated the planned 3 Mtpa
production rate.
6.7.2 SRK Comments
NIO proposes to mine from Blötberget at a maximum rate of 3 Mtpa, which is over 7 times
greater than the best production year from historic mining, a significant increase. Whilst the
Atlas Copco study investigates the production rate against the geometry of the deposit,
additional analysis should consider how dependent the results of this study are on the thicker
portions of the deposit in the Flygruvan and Kalgruvan mineralised bodies. Future evaluation
should consider the impact of maintaining the production rate over the life of the mine.

Page 30 of 78
The materials handling method from underground to the processing plant is yet to be finalised
by NIO. Though this may constrain production rates achievable, it is assumed that the ability
to maintain the 3Mtpa production rate will be a minimum criteria for the selected materials
handling methods so is unlikely to influence the production rate applied to the FS.
Finally, an evaluation of the required vertical sink rate should be assessed to ensure that the
rate is in line with rates achieved in existing, comparable operations.
6.8 Underground Mine Design
6.8.1 Observations
The plan proposed by Ramböll is to maximise use of the existing underground development
which will require stripping out the existing declines to gain access to surface and
rehabilitating underground infrastructure such as ventilation and drifts to accommodate
modern equipment operating at higher production rates. This plan includes completing the
decline that was commenced but remained unfinished when the previous operations ceased.
The PEA did not include a detailed mine design, however, assumes the following
infrastructure to be required for the mine:
 Decline from surface and associated drifts to access levels;
 Main haulage levels;
 Ventilation raise and associated drifts;
 Rehabilitation of existing BS shaft;
 Ore-passes to haulage levels; and
 Underground crusher station.
Ramböll has produced a detailed mine design in 2013 based on the constraining wireframes
for the Mineral Resources outlining the development requirements to access the deposit on
each level and associated infrastructure. This design proposes haulage levels to be located
on the following elevations:
 330 mL;
 470 mL;
 630 mL; and
 875 mL.
The mine design includes the use of the two existing shafts from the historic Vulcanus mine
and requires a new shaft for ventilation intake.
All references to levels have been changed in the Blötberget mine so that they now represent
distance from a reference level at surface of Håksberg mine. This represents an offset of 40 m
from the historic level nomenclature.
Limited development was designed within the mineralised boundaries as part of the Atlas
Copco production rate study, however, SRK understands that this approach was not
undertaken for the whole deposit.

Page 31 of 78
6.8.2 SRK Comments
There appear to be few practical constraints to re-establishing underground mining at the

Blötberget Mine, however, it appears that the optimal mine design and materials handling
approach still requires significant additional mine planning. Plans are still conceptual rather
than based on engineering but development layouts are well advanced.
The ultimate design will be constrained by the existing development. Further definition of the
Resource and geotechnical parameters is required for the mine design to be finalised as well
as decisions made in a number of key options assessments (i.e. haulage, mining methods,
etc.)
The mine design does not include any allowance for the existence of the fault that is believed
to act as a boundary between the Hugget and Flygruvan/Kalgruvan mineralisation. Whilst this
fault is poorly characterised, it has been intercepted by two drill holes. The thickness of the
fault zone could not be established as the holes had to be abandoned. Whilst the influence of
this fault on the mine design is unknown, it will require greater understanding for the Phase 1
FS to ensure there are no surprises during mining.
6.9 Schedule
6.9.1 Observations
A construction plan for the operation was developed in the PEA and has been updated using
data from the scoping-level studies undertaken, as shown in Table 6-3. The latest schedule
anticipates the Phase 1 FS completing EOY 2014. Development and construction of the
project would then commence in Q1 2015.
Primary activities for commencement of the construction include the diversion of the Gonäs
River (which flows over the hangingwall of the mineralisation) and dewatering of the
underground workings. Dewatering activities are anticipated to take a full 12 months.
Commencement of mining activities begins with the decline from surface in Q2 2015. A
summary of the mine construction schedule is provided below.

Page 32 of 78
Table 6-3: Proposed Project Construction and Development Schedule

Activity 2015 2016 2017 2018
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Drainage diversion
Dewatering
Service decline
Hoist construction
Industrial area and roads
Electrical rerouting
Concentrator
Additional buildings
Skeppmorra rail
Skeppmorra terminal
Tailings construction
Communications infrastructure
Upgrading ramp to 240 mL
Decline to 470 mL and haulage level
Ventilation upgrade
New ventilation infrastructure
Development upgrade
Ore development
Production ramp up
Full production rate

Page 33 of 78
Production is due to commence in 2017 with full production capacity achieved in mid-2018.
Production scheduling is at a strategic level and is not based on a Gantt format build-up of
mining activities. No breakdown of the production schedule has been provided outside of the
work undertaken as part of the production rate analysis.
6.9.2 SRK Comments
The current mining schedule is considered to be to a scoping study level. No breakdown of

the production schedule was provided to SRK suggesting there is significant work to connect
all of the various studies into an integrated approach. SRK is not aware of any detailed
scheduling being undertaken on the mine design undertaken by Ramböll.
The Phase 1 FS should include a preliminary scheduling process to capture all of the
available data after the trade-off studies have been completed. This would be the basis of a
preliminary economic model that would be used to validate all of the assumptions to date and
confirm the economics with revised input assumptions prior to significant advancement of the
Phase 1 FS. In many respects, this process would replace the Prefeasibility process that has
yet to be undertaken.
The schedule for Blötberget appears to be very tight. SRK has reservations about the
proposed dates. The Phase 1 FS is unlikely to be completed prior to EOY 2014 so recognition
of the implication s of any delays needs to be understood by NIO. W ith so many unknowns
still in place (i.e. materials handling systems, rehabilitation requirements of shafts
sustainability of production rate, etc.), confidence in the current schedule is low. Three and a
half years is considered to be a tight timeframe between commencement of construction and
ramp up to full production. SRK recognises that there are some advantages with the existing
infrastructure, however lead times for detailed design and commissioning of contracts is very
short. There is a risk that the required contractors will not be available in the required
timeframe.
For example, a 400 m deep crusher station with a conveyor to the processing plant will
require a decline to be constructed. At a 1 in 7 gradient, which allows for conventional
equipment and advance rates, the decline would be 2,800 m long. Assuming an advance rate
of 120 m per month, 24 months will be required for the decline to be mined. Subsequent
construction of the conveyor may take a similar timeframe.
The production schedule should be linked to the mine design using a modern mine
design/scheduling software such as CAE Datamine 5D Planner, Deswik.CAD Scheduler or
Geovia MineSched. This will allow rapid assessment of different options and their impact on
the life of mine schedule. It will also allow for equipment productivities to be built into the
schedule constraining it to available equipment rather than a predetermined production rate.
Additional activities such as construction of infrastructure and processing activities can be
built into the schedule to create a fully integrated life of mine plan for strategic decision
making.

Page 34 of 78
Indications of the preliminary metallurgical test work have identified a number of areas where
the schedule would be enhanced by incorporating data required by the processing plant.
Apart from the iron content, the schedule should include:
 % phosphorous;
 % magnetite; and
 % hematite.
Inclusion of an estimate between the coarse and fine composition of the ore would also be
advantageous, however, collecting the required data for this may prove difficult.
6.10 Development
6.10.1 Observations
The historic underground mine at Blötberget was not entirely mechanised and the equipment
that was used was smaller due to the technology available at the time and the production
rates required. Currently, all existing underground excavations are submerged and significant
stripping and rehabilitation works are required to make use of the existing underground
development. No assumptions have yet been made for the stripping requirements or
methods.
The current development plan is based on a mine design produced by Ramboll in 2013 and
assumes a sublevel spacing of 20 m (outside of existing development) and assumes only one
additional raise is required. The development plan includes completion of the decline, which
requires intersecting the decline from above.
Historic development has been digitised and partially converted into wireframes with the
positioning adjusted using the mapped mineralised contacts and drill core data to allow for
any inaccuracies in the surveying.
The production profile for development has not been finalised, however previous work
assumes a 5 m by 5 m profile is applied for all development. Very little consideration has been
given to the required ground control. All previous work in this area focussed on Håksberg.
Inspection of photographs from previous mining suggests that little rock-bolting was
undertaken, historically.
Development costs are based on budget figures provided by two contractors, NCC and
Bergteamet AB and do not include an allowance for ground control. Estimates do not include
mobilisation or demobilisation costs. NIO has assumed that underground contractors will be
used for the initial stages of construction with owner-operator mining after this however the
PEA is based on the assumption that all development will be constructed with contractors.
During owner-operator mining, lease equipment is assumed to be used.

Page 35 of 78
6.10.2 SRK Comments
There are some substantial advantages for the project with the existing underground
development, mostly relating to time and cost required to access the Mineral Resource. The
underground development and production areas have been flooded for 30 years and will
require significant work to dewater, enlarge and rehabilitate the development to allow modern,
larger capacity machinery into the mine.
Intersecting the decline from above will pose a challenge given the question marks that
surround the accuracy of the historic surveying. Allowance for complications will need to be
added into the project schedule.
Development design and suitable ground control assumptions will be required in the FS to get
better estimates on the development costs. SRK notes that the figures provided appear to be
on the low side as they are in line with what can be observed in an owner-operator mine. A
contract figure would include an allowance to cover the purchase and financing of equipment.
Mobilisation and demobilisation will also be a significant cost that is not currently included in
NIO‟s assumptions.
A complete redesign of the mine will be required after optimisation, haulage study and mining
methods study to reflect the new requirements. Specifically the 20 m sublevel spacing may
not be suitable for the mining method or allowances may be required for additional ventilation
or materials handling infrastructure. The development profile will also require optimisation.
Significant stripping will be required to re-access the existing development. A strategy will
need to be produced in the geotechnical investigation to provide a re-entry procedure and
limitations to access for rehabilitation in line with Swedish standards. For example, slashing
and firing of a 100 m length of development will require a procedure that allows entry to the
historic development prior to rehabilitation. Failure to do this will limit potential stripping length
to the length of the jumbo boom. The potential difference this will make to the schedule may
be significant.
6.11 Drill and Blast
6.11.1 Observations
Drill and blast design for development has not been considered to date. Costs are based on
budget estimates and the methodology of blasting is assumed to be at the contractor‟s
discretion.
Production blasting assumes the use of 76 mm up-holes. Again, contractors are assumed for
the PEA and no drill and blast design has been developed in any detail. For consumption
estimation purposes, the following powder factors have been used:

3
Development - 1.4 kg/m ; and

3
Production - 0.8 kg/m .
No consideration has been given to the storage or containment of explosives either on the
surface or underground. The assumption has been made that explosives supply, labour and
loading will be contracted out but no allowance has been made for costs or infrastructure.

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6.11.2 SRK Comments
No consideration has been given to drill and blast in previous studies. Whilst from an
operational context, drill and blast may be at the discretion of contractors; the FS should
provide for drill and blast design so that supply and storage of consumable can be estimated.
An allowance for the storage and handling of explosives will need to be incorporated into the
mine design and surface infrastructure layout.
Emulsion should be considered as a primary bulk explosive for future designs to reflect the
significant presence of water in the mine and potential for surface water to drain through a
caving zone.
6.12 Materials Handling System
6.12.1 Observations
No finalised strategy for the materials handling has been developed for the Blötberget Mine to
date, though significant work has been completed in this area. The PEA assumed hoisting of
both ore and waste through the existing hoisting shaft. Ore would then be transported to the
processing plant by conveyor. Investigations were undertaken by Sweco to determine the
potential capacity of the shaft and an assessment undertaken on the headframe to determine
whether it could still be used.
The PEA assumes loading to ore-passes and then truck haulage using 50 and 60 t capacity
trucks to a central crusher station located on the 520 mL and skip loading on the 580 mL with
the number of ore-passes also assumed. The hoisting concept was based on the materials
handling system used at LKAB‟s Malmberget Mine.
Since the PEA, an internal materials options analysis has been undertaken by NIO and
PROing assessing:
 Shaft hoisting;
 Conveyor;
 Truck haulage (electric); and
 Truck haulage (diesel).
The study was an integrated assessment of all three proposed deposits in the LIOP. The
assessment assumed that in each case, truck haulage on the internal decline would be used
to transport the ore from the drawpoint to the 300 mL. The study was based on a peak
production rate of 2.5 Mtpa (excluding waste rock). The results of this study indicate that the
conveying option is preferred.
In addition to the PROing study, NIO have commissioned Wehr to investigate a slurry hoisting
option. This option would include a secondary crushing circuit located underground to
produce a -20 mm product, which could be pumped to the surface. No results from this study
have been reviewed by SRK and are assumed not to be available at the time of the gap
analysis.
Additional consideration is being given to mobile crushing units being placed underground
rather than a central crushing system. No formal studies have been produced for this option.

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Preliminary discussions are being held with ABB regarding the hoisting option.
The processing plant is to be located to the NE of the Blötberget Mine a considerable distance
from the present shaft.
6.12.2 SRK Comments
Considerable work has been undertaken on the materials handling assessment though a final
decision on the strategy is yet to be made. The Phase 1 FS will need to collate the results
from the individual assessments and compare their results. The basic design of the mine
layout should be undertaken to assess the impact of each method on the overall schedule
and production profile. The study could be undertaken early in the FS process using
information already present to produce a comparative study of the methods. Finalisation of
the materials handling network will be important to determine the baseline assumptions for the
study.
6.13 Equipment
6.13.1 Observations
A summary of the key mining equipment requirements as proposed in the PEA is provided in
Table 6-4.
Table 6-4: Summary of PEA equipment requirements

Task Equipment No.
Production drilling Twin boom jumbo 3
Development drilling Twin boom jumbo 2
Charging Charging truck 1
Loading Toro 1250 LHD or similar 5
Transport 30 t trucks 8
Scaling Mechanised scaler 1
Ground support Scissor lift, 1
Transmixer 1
Shotcreting
Shotcreter 1
Road maintenance Grader 1
Backhoe 1
Transport vehicles Light utility vehicles 4
Total 29
Ramböll state that the equipment requirements have been built up from first principles.
Atlas Copco has undertaken a materials handling simulation on the deposit based on a typical
level plan. The level used or the specific mineralised vein is not indicated in the presentation
of results provided. The results of the simulation were:
 Electric loaders not recommended due to high risk of cable interactions;
 Outside of thicker veins, there is a high risk of interaction between equipment;
 Ventilation may restrict the amount of equipment able to be used in a level; and
 4 loaders required to meet production.

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6.13.2 SRK Comments
Equipment requirements can only be considered at a scoping level at this stage. Whilst the
estimates are built up from first principles, there is no link between the equipment
requirements and the production schedule. Better understanding is required of how the
changes in the production profile over the life of mine plan will affect the equipment
requirements. Production, hauling/tramming distances and development requirements will
change over the life of the mine and will need to be incorporated into the equipment fleet
estimation process. This will better enable the prediction of the purchase and replacement
schedule of the equipment.
The equipment requirements will not be fully understood until additional information is
finalised regarding the proposed mining operations. Finalisation of the materials handling
study will have a significant impact on the trucking and loading fleet.
Currently, there are no bolters proposed for mining operations. Whilst there has been no work
undertake to date on the ground support of the mine, it is reasonable to anticipate that there
will be a significant amount of rockbolting required.
The equipment fleet estimation should also allow for the proposed ventilation circuit to limit
the amount of diesel equipment working in any given area of the mine. Ventilation will act as a
constraint to production and needs to be considered as part of the evaluation.
6.14 Contractors
6.14.1 Observations
The PEA was undertaken assuming contractors were used for all activities, both production
and development, for the duration of the life of mine plan.
The scoping study work undertaken since the completion of the PEA has assumed
development contractors are used for the first two years of the schedule with an owner-
operator arrangement following. Production activities are assumed to be owner-operator. All
equipment in the owner-operator scenarios is assumed to be leased to reduce capital costs.
The preference for contractors in the work to date is a baseline assumption to simplify cost
estimation rather than a preferred company strategy.
6.14.2 SRK Comments
The Phase 1 FS should incorporate a trade-off study for the use of owner-operator versus
contractor equipment and labour. Contractors will result in a higher operating cost but lower
capital cost. The risk of contractors in a marginal mine will be the impact of the operating cost
on the cut-off grade. Where the cut-off grade sits in the steeper parts of the grade-tonnage
curve for the deposit, increases in operating costs can have a significant impact on the
amount of resources that are economic to mine. Cut-off grade sensitivity should therefore be
included in the evaluation of contractors.

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6.15 Labour
6.15.1 Observations
The PEA assumed that all production and development activities were undertaken by
contractors and that labour was to be supplied as part of the contracts. No section regarding
labour has been included in the PEA.
Ludvika and the surrounding areas have a combined population of around 25,000. The
community has a history of mining so local skills and engineering services are available.
Ludvika is located approximately 3 hours drive from Stockholm and the surrounding area
supports many recreational activities. NIO does not consider the recruitment of suitable skills
to be an issue.
6.15.2 SRK Comments
The current work has very little consideration for labour. The Phase FS should include a build-
up of labour requirements based on the scheduled production, development and construction
activities. Even if contractors are to be used for mining activities, suitable infrastructure to
support the required labour (offices, change rooms, lunch rooms, etc.) will need to be included
into the site layout. The build-up of labour should reflect the proposed shift structure and
legislative constraints on work rosters.
6.16 Ventilation and Mine Heating
6.16.1 Observations
A basic ventilation study was undertaken as part of the PEA. The total ventilation demand
3
assumed in the PEA is estimated to be a maximum of 600 m /s. The identified threshold limits
for ventilation are identified as:
 Carbon monoxide - 20 ppm (10 ppm during loading);
 Nitrogen dioxide - 1 ppm;

3
Organic dust - 10 mg/m ; and

3
Quartz dust - 5 mg/m .
The ventilation concept is for preheated air to be blown into the mine through two fresh air
intakes. A propane heater will be used to heat the air, when required, to a minimum
temperature of +2°C. A 2m by 2m existing shaft within the Vulcanus mine will be used for
intake air and a new intake raise will be constructed nearby with a diameter of 5 m to provide
an additional fresh air intake. The Vulcanus intake will support a single fan capable of
3 3
supplying 80 m /s. The new shaft will support three fans, each able to supply 173 m /s. The
entire heating infrastructure will require 19 MW of power.
Exhaust ventilation capacity for the mine will also be provided by two shafts. An existing shaft
in the Vulcanus mine will be used with dimensions of 3 m by 5 m. Two fans will be located at
3
the base of this shaft, each able to supply 100 m /s to create a push-pull ventilation network.
The second exhaust will be located near the Hugget vein with a diameter of 4.5 m. Two fans
3
will each provide 160 m /s flow through this exhaust.

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An update of the ventilation requirements was undertaken at the end of 2012 to reflect the
increase in production rate and other changes made to the assumptions. The study is said to
be to a Prefeasibility level. Detailed capital cost estimates of individual equipment are
undertaken as part of this study though little additional data is available.
6.16.2 SRK Comments
Ventilation has been extensively investigated with a detailed cost estimation. There is no
evidence, however, of a link between the production equipment requirements and the
ventilation network. Only details of the ventilation equipment are provided. The study also
lacks the inclusion of the mine design undertaken by Ramböll.
The Phase 1 FS should take the investigation further by using a VentSim style ventilation
software to simulate the required ventilation at various stages of the mine‟s development to
ensure a suitable airflow to support the production for the duration of the life of the mine. The
simulation will need to include the proposed heating infrastructure, three-dimensional
modelling of the mine development at the various stages of development being simulated and
the required equipment that may introduce contaminants into the ventilation circuit (i.e. diesel
engines).
6.17 Dewatering
6.17.1 Observations
All historic workings, including the open pit are currently filled with groundwater to the surface.
The pit lake is connected to the underground workings. Dewatering of the underground
workings will be a primary activity for the development of the proposed operations to
commence at the start of construction of the mine.
The dewatering process has been benchmarked against similar activities for the Dannemora
Project. The dewatering process is to commence at the start of 2015 and will take 12 months.
At least 3 months will be required before the upper levels of the existing development become
accessible.
To assist with the dewatering, the Gonäs River (currently carrying approximately 700 l/s) is to
be diverted away from the hangingwall of the deposit. The mine is expected to have a
groundwater inflow of approximately 40 l/s.
Little consideration has been given to dewatering operations during mining operations.
6.17.2 SRK Comments
Planning of the dewatering phase of the mine is a difficult task due to the limited work on
hydrogeology aspects completed so far. The timeframe required to completely dewater the
mine could vary significantly depending on the groundwater flow into the mine. The critical
aspect of the dewatering programme will be to ensure that the water level remains below the
active level required for the production-related activities. Early stage activities will be the
decline from surface which is decoupled from the underground workings. The risk is when
breakthrough into the old decline development occurs. For this reason, an attempt should be
made to provide an estimate of the water level in the existing mine over the construction
period to act as an input to the scheduling process.

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The estimate of 40 l/s for inflow into the mine seems low when the amount of water present at
surface is considered. Previous sublevel caving is likely to have formed tension cracks that
extend to the surface meaning the overlying rock effectively has no ability to attenuate any
water from surface. For this reason, the mine will likely be particularly susceptible to
precipitation and spring melt. Considerable additional work will be required to design a
dewatering network for the mine during operations.
6.18 Power
6.18.1 Observations
Electrical power is to be provided to the operations from a 50 kV transmission line adjacent to

the proposed processing plant location. Work on the power supply has focussed on the
connection of this line to the mine power infrastructure.
The mine is to be powered with a 12 kV network from a transformer with 40 MW of capacity. A

conceptual power layout for the mine has been considered with transformers to be located on:
 Decline;
 BS hoist (x2);
 Ventilation intake;
 330 mL;
 360 mL;
 480 mL; and
 530 mL.
Basic power diagrams have been produced for the mining infrastructure.
6.18.2 SRK Comments
The planning for distribution of power appears to be advanced compared to other areas of
planning. An update of the power requirements will be produced as part of the FS and
detailed distribution plans should be developed. The location and size of all electrical
infrastructure should be considered and reflect the final mine design.
6.19 Services Reticulation
6.19.1 Observations
No consideration has been given to the reticulation or provision of services has been
considered in the studies to date.
6.19.2 SRK Comments
The Phase 1 FS will need to include a detailed design of the required infrastructure and
reticulation of the following services:
 Compressed air;
 Service water;

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 Communications; and
 Remote blasting (i.e. PED).
Service water will require surface dams and pressure reducers to manage the volume and
pressure of the flow. Air compressors will be requiring at surface with regular water traps to
reduce equipment wear. Piping for the distribution of compressed air and service water to the
headings needs to be estimated and included into the cost estimates. Estimation of the
volume of peak supply requirements need to be built into the schedule to ensure the
distribution network is adequate. The cost of these requirements can be built into the
development costs if a standardised approach is taken for each heading.
Many forms of mine communications are available for consideration. The infrastructure should
be compatible with emergency procedure and allow contact to be maintained for the entire
mine layout. In many instances, the communications network will be used for remote blasting
and personnel monitoring as well.
6.20 Backfill
6.20.1 Observations
No backfill is required for the mine plan using the currently envisaged mining methods.
6.20.2 SRK Comments
Currently, there is no requirement for backfill to be considered in the Phase 1 FS. SRK notes
that this may change depending on the outcome of the mining methods trade-off study.
6.21 Waste Disposal
6.21.1 Observations
Waste production at Blötberget Mine is envisaged to be in the order of 250 ktpa.
All waste is to be transported to the surface, either by truck or using campaigned hoisting.
Waste rock is to be crushed and screened as a by-product that can be supplied to the local
aggregates market and for internal use.
There is some potential for underground waste disposal in the historic Hugget mining areas.
6.21.2 SRK Comments
Using the ore hoisting infrastructure for transportation of waste introduces two issues to the
materials handling network:
 Campaigned hoisting of ore and waste; and
 Underground storage near crusher for both ore and waste.
Neither of these considerations have been discussed in the material provided to SRK and
should be considered as part of the FS.

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Additional consideration should be given to surface stockpiling of waste. Underground mining

generally produces low volumes of waste and much of the waste produced can be recycled
as aggregate for road base or surface infrastructure, however, there will be a lag between
mining and use of the waste for productive purposes and it is unlikely that all waste will be
used for productive purposes. Permanent stockpiles will therefore need to be designed for the
surface and included in any acid rock drainage considerations.
Opportunities for permanent disposal of the mine waste in depleted underground mining
areas should also be investigated. However, additional stripping may be required to provide
access to the historic areas.
6.22 Site Layout and Mine Site Infrastructure
6.22.1 Observations
The existing underground infrastructure and proposed works as outlined in the PEA and
subsequent studies is detailed below:
 A new decline will be developed from surface and connected to the existing decline at
the 160 mL;
 The existing decline from 160 mL will be stripped and rehabilitated as well as existing
ventilation raises;
 A conveyor belt will be routed to the hoisting chamber and then connected to the
processing plant by a separate conveyor decline (if conveying used for transportation to
surface);
 The BS shaft will be reused for hoisting the ore from an underground (if shaft hoisting is
used for transportation from the surface;
 Installation of a rush crusher station and associated infrastructure at the 520 mL;
 Transport levels will be made at vertical with an independent ore-pass network for each
level such that they have a productive life of about 3 years;
 Approximately four levels of sublevel caving development was excavated mainly in the
Hugget vein ore prior to the halt in production and mining is planned to commence in
this area as soon as connection to the ramp from surface is made to the 160 mL and
access to these areas is enlarged and rehabilitated to allow for the modern equipment;
 Decline ramp development will provide access to future mining areas at depth and
access crusher installations; and
 New ventilation infrastructure, including new shafts, is planned in line with production
increases.
The previous headframe use for historic mining of the Blötberget Mine is still in place as is the
encompassing building (historic processing plant facility). Investigations have been
undertaken on the state of the headframe and indications suggest that the headframe could
be used for future hoisting. Both the land and buildings for the headframe are not owned by
NIO however, the mining licence allows NIO to access the infrastructure with compensation
for the current owner. A framework agreement for this is in place.

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Irrespective of the use of the BS shaft for hoisting, the BS shaft is planned to be used for
services, dewatering and ventilation infrastructure.
Consideration has been given to the use of mobile crushing stations rather than a permanent
crushing station though no studies have been completed for this.
6.22.2 SRK Comments
The processing plant building that hosts the BS headframe is in a poor state of repair. Whilst
the headframe may be structurally sound, there are question marks over the building as a
whole. Considerable work is likely to be required prior to use of the building for any purpose.
The environmental permit suggests that repair of the building will be the responsibility of NIO
though there is some uncertainty of this. The associated costs for the repair and upgrading of
the building will need to be incorporated into the economic model for the FS.
Surface layouts for the surface infrastructure for mining are conceptual and limited in their
scope. Surface infrastructure will be located in the following areas:
 Vulcanus Mine;
 BS shaft and surrounds;
 Decline portal; and
 Processing plant (assuming conveyor constructed).
Further work on layouts are required when infrastructure final requirements known. The actual
requirements will be dependent on the production rate and materials handling trade-off
studies.
Consideration should be given to the design of a boxcut portal required for the portal of the
decline. SRK understands that no work has been undertaken in this area.
Also missing from the previous evaluations is consideration for workshop requirements, both
surface and underground, for the maintenance of both fixed infrastructure and mobile fleet.
This should include refuelling and servicing facilities underground.
6.23 Stores and Procurement
6.23.1 Observations
No consideration has been given to the stores and procurement requirements for the mine to
date.
6.23.2 SRK Comments
Consideration of storage requirements for the mining operations will be required to evaluate
the associated infrastructure required, including:
 Magazine (both surface and underground);
 Warehouse for stores (both surface and underground);
 Diesel storage; and

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 Laydown yards.
Storage levels will be an important consideration when considering appropriate levels of

working capital for economic modelling.
6.24 Operating Costs
6.24.1 Observations
A summary of the PEA estimate of operating costs is provided below in Table 6-5 which
covers mining through to delivering the saleable product to the ship (FOB) at a designated
port on the east coast of Sweden. The operating costs are based on an ore production rate of
5.5 Mtpa to produce 2.35 Mtpa of iron concentrate products (approx. 8% moisture content).
SRK has used an exchange rate of SEK 7 to USD 1.
Table 6-5: PEA Operating Costs

OPEX Breakdown SEK/tore USD/tore SEK/tproduct USD/tproduct
Mining 80.0 11.4 202.3 28.9
Rail/ROM Haulage 3.9 0.6 9.9 1.4
Crushing/Hoisting 6.6 0.9 16.7 2.4
Ore Beneficiation 26.8 3.8 67.8 9.7
Rail Transport 16.0 2.3 40.5 5.8
Harbour Fee (Gavle) 8.0 1.1 20.2 2.9
Contingency (2.5%) 3.5 0.5 8.9 1.3
Total 144.8 20.7 366.3 52.3
The mining operating cost of SEK 80/tore can be further broken down into the following
components:
 Direct mining cost - SEK 68/tore;
 Related geology costs - SEK 2/tore; and
 Machine depreciation - SEK 10/tore.
The direct mining costs are based on the assumption that 80% of the ore will be mined by
sublevel caving and 20% from development mining. A breakdown of these costs is shown in
3
Table 6-6. Note that the assumed density of the ore is 3.8 t/m .

Page 46 of 78
Table 6-6: PEA Direct Mining Costs

Sublevel Caving Development
OPEX Breakdown
SEK/tore USD/tore SEK/tore USD/tore USD/m
Drilling 4.3 0.6 12.4 1.8 162

Explosives 10.8 1.5 18.8 2.7 245
Ventilation 7.8 1.1 7.8 1.1 101
Scaling 0.8 0.1 0.8 0.1 10
Loading 22.7 3.2 22.7 3.2 296
Hauling 16.0 2.3 16.0 2.3 208
Miscellaneous 3.0 0.4 3.0 0.4 39
Total Owner Costs 65.3 9.3 81.5 11.6 1,061
Contractor 88.0 12.6 152.0 21.7 1,980
The operating costs are based on an owner-operator scenario. The PEA states that the
contractor costs provided in Table 6-6 are NIO estimates.
Budget estimates for contractor costs were provided to NIO by Bergteamet AB in 2011. A
summary of these estimates are provided in Table 6-7. These estimates do not include
ground support.
Table 6-7: Contractor Operating Costs

OPEX Breakdown SEK/tore USD/tore SEK/m USD/m
2
30m Decline Development 17,000 2,429
2
40m Decline Development 20,000 2,857
2
24m Development 14,000 2,000
76mm Blasthole Drilling 300 42.9
76mm Blasthole Charging 140 20.0
Loading (0-200m) 19.5 2.9
Hauling (0-3km) 41 5.9
SRK is not aware of any updates to the operating cost estimates since the PEA.
6.24.2 SRK Comments
SRK considers the cost estimation to be at an appropriate level for a PEA, however,
substantial additional work will be required to bring the operating cost estimates up to FS
standard. A dynamic breakdown of costs should be undertaken to allow the fixed and variable
elements of the individual activities to be estimated from first principles. These costs can then
be estimates on a dynamic basis in line with the activities planned for a particular period in the
schedule.

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The assumption is that the costs are based on owner-operator mining, however the
assumption stated elsewhere is that contractors will be used for mining. There is a SEK 10/tore
allowance in the operating costs for depreciation. Normally SRK would not recommend
including the depreciation in a cost model as it is not an actual expense but rather reflects
money that is already spent. However, in this instance it is assumed to reflect a leasing cost
for the equipment as no capital has been allowed for the mining equipment in the economic
model.
The operating costs used by NIO for the PEA appear to be on the low side. Mining operating
costs of less than USD12/t would be anticipated for an operation such as LKAB‟s Kiruna
Mine, which operates a modern mine with high production rates and near ideal geology for
sublevel caving. Blötberget Mine has narrow veined geology with relatively shallow dips and
smaller production rates. Under these conditions, SRK would anticipate mining costs more in
the range of USD 18 to 25/t, even with owner-operator mining.
The operating costs for development seem more reasonable. USD 1,000/m before ground
2
control would be a reasonable cost for owner-operator development of a 24 m profile. SRK
notes that the costs are provided „per tonne‟ but the actual costs will be incurred „per metre‟.
There will be minimal cost savings from developing in waste, which will have a significantly
lower density.
Comparing with the Bergteamet budget prices, the loading and hauling alone would be
equivalent to near USD 9/t, 75% of the contractor mining costs allowed for in the PEA.
Estimated costs appear reasonable for level development, however, SRK expects that decline
costs will be substantially higher.
Considerable detail will be required to develop the cost estimates to a FS level. There are
significant gaps in the current estimates (i.e. ground control) and the estimates are much
lower than would be anticipated for such an operation. These anomalies will have created a
false impression of the economics of the project and an understanding of the potential impact
of these changes should be well understood before advancing too far into the FS.
6.25 Capital Costs
6.25.1 Observations
Capital cost estimates are stated in the PEA as being derived from NIO‟s experience and
budget figures provided by two contractors. Capital cost estimates assume the mine decline is
developed down to the 875 mL. The costs for capitalised development were estimated
considering development unit costs derived from both NIO‟s experience and projected
contractor unit rates. The development costs, using unit costs from both sources, were
estimated with the figure applied to the PEA being approximately midway between the two
figures (Table 6-8).

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Table 6-8: Capitalised Development Costs

NIO Experience Contractor PEA Estimate
Item
MSEK MUSD MSEK MUSD MSEK MUSD
Mine Access and Ramps 369 52.7 406 58.0 381 54.4
Mine Vent Drifts and Shafts 43 6.1 92 13.1 76 10.9
Total Owner Costs 412 58.9 498 71.1 457 65.3
The mining-related capital cost estimate from the PEA for the life of the mine shown in Table
6-9.
Table 6-9: Capital Costs (Mining only) for the Life of Mine
Capital Costs MSEK MUSD
Mine Pumping 22 3.1
Mine Access and Ramps 381 54.4
Mine Ventilation Shafts and Drifts 76 10.9
Mining Equipment* 120 17.1
Ventilation and Control 69 9.9
Electrical Installations 22 3.1
Crushing/Hoisting 300 42.9
Total Capital Costs 990 141.4
Capital Cost excluding Equipment 870 124.3
The economic model assumes that no mining equipment capital is included in the capital
costs as this is covered in the operating costs.
A development plan has been produced reflecting the key activities required to bring the mine
from the commencement of construction to full production. The breakdown of itemised
activities is identical to those listed in the schedule shown above.
There has been some update to the capital cost estimate since the PEA in the scoping study
to reflect the higher production rates, though they have not been integrated into a revised
economic model. Ventilation costs have been revised to reflect the updated production rate
and high level materials handling costs have been revised as part of the trade-off study.
6.25.2 SRK Comments
The process used for the capitalisation of development is flawed. The economic model
assumes contract mining so no capital costs are applied for the mining equipment. Capitalised
development should therefore be estimated using the projected contractor costs alone. By
using a figure approximately midway between NIO‟s projected owner-operator unit rates and
the projected contractor unit rates for development, the margin built into the contractor costs
for the purchase of equipment is diminished and partially unaccounted for. The impact of this
approach using the numbers provided is approximately 5% of the overall mining capital costs.

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The capital cost estimation is limited in its scope. No contingency has been applied and whilst
the breakdown does aim to estimate the large-scale contributors to the economic model, it is
not considered to be sufficiently comprehensive. Considerable detail needs to be added to the
breakdown of capital costs to bring it up to FS. Costs should, where possible, be calculated
from first principles and reflect the purchase and replacement schedules.
6.26 Study Level
6.26.1 Observations
The PEA was conducted in 2011 and was undertaken to a scoping study standard. Additional
studies have been undertaken to varying degrees of accuracy since then. Much of the
additional work has focussed on assessment of various mining options and updating the
baseline assumptions in line with the proposed increase in production rate of 3 Mtpa of RoM.
The level of detail in the mine planning has advanced greatly since the PEA as a result. The
impact of these changes has been a reduction in the projected operating costs for the project.
SRK has not been provided with an updated technical-economic model that ties together the
revised data, nor has there been any consideration for the parallel advancement of the drilling
and Mineral Resource estimations.
The Phase 1 FS is intended to be the follow-up study to the PEA and no interim studies are
envisaged. The results of the Phase 1 FS will provide the basis for the investment decision on
the project to be made by the NIO‟s Board of Directors.
The environmental permit and mining concession for the Blötberget and Håksberg mines
were approved in 2014 limiting the permitting requirements to bring the project into operation.
6.26.2 SRK Comments
The PEA is a conceptual study and SRK considers that it would be worthwhile undertaking a
detailed Prefeasibility-level study (PFS) to provide assurance that the project will be
economically viable before progressing to a Feasibility level of study. SRK expects that this
project may be marginal and a PFS-level study will identify areas where the optimal approach
to mining and materials handling can be identified as well as the major areas of risk.
The technical work undertaken to date, including the scoping-level assessments undertaken
since the PEA, is based on a Resource base that includes Inferred Resources. In addition,
there are significant gaps in other areas of the study, discussed separately in this report,
including (but not limited to) geotechnical, hydrogeology and metallurgy. As a result, the
technical work undertaken to date could not be used as a basis of an Ore Reserve estimate.
The entire study would need to be brought up to a PFS-level study and based solely on the
Indicated and Measured portions of the Minerals Resource estimate.

Page 50 of 78
In recognition of the fact that NIO do not intend on undertaking a full PFS study prior to the
commencement of the Phase 1 FS, SRK recommend that all trade-off studies and options
analysis is completed whilst the field work is being undertaken for the other disciplines. Whilst
the baseline data required for these studies may be suboptimal, a single approach to mining
can be decided upon prior to the FS-level design work taking place. These studies should be
undertaken based on the currently available information and an increased tolerance be
applied to the results to account for the uncertainty in baseline data. Once the final approach
to mining is decided, an updated technical-economic model should be compiled to collate the
most up to date information available from all disciplines with production based solely on
Indicated and Measured Resources. This will provide a better assessment of the project
economics and will act as a proxy PFS in the absence of a formal study. This will enable
additional confidence in the project to be gained before significant outlay of capital for the FS.
SRK consider the Blötberget Mine to be a project of merit which needs to be studied in further
detail to understand the potential. The project is currently considered to be investigated to a
scoping study level of detail with a considerable variation in the quality of input data and detail
of the technical work.
The major strengths of the LIOP from a mining perspective are as follows:
 Robust history of mining and performance records;
 Proven underground mining methods;
 Close to good infrastructure;
 Skilled and well educated workforce; and
 Stable country with high level of technology for underground iron ore mines.
The major weaknesses of the LIOP observed by SRK are as follows:
 The underground workings have been flooded for 30 years and it will take considerable
effort to dewater, strip and rehabilitate these areas for the proposed production plan.
 The geotechnical properties of the orebody and rock mass (hanging wall in particular)
may be too competent and not be suitable for caving operations. A better
understanding of the rock conditions is required and geotechnical modelling to support
the future mine design and sequence of extraction.
 The current mine plan appears to be very conceptual and SRK recommends more work
is completed on the mining method selection, materials handling, definition of
production rate over the life of mine, optimisation and design, scheduling and cost
estimation before proceeding to a FS-level design.
 Groundwater inflows need to be understood in order to estimate dewatering

requirements of the life of the mine and whether the water needs to be treated before
release back into the environment.
 Mining costs are considered optimistic and may be presenting an over-optimistic

impression of the project economics.

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 The work to date includes Inferred Resources in the Resource base used for the study,
which do not have the geological confidence to be considered suitable to be used as a
basis of an Ore Reserve estimate.
 There was no technical-economic model available considering the Blötberget Mine on

its own merits. All previous economic assessments have combined the Blötberget Mine
with activities in the Håksberg Mine.
Overall, SRK recommends that preliminary studies be finalised to confirm a single approach
to mining for the FS and allow a revision of the technical-economic model to incorporate all of
the new information available. This step should be undertaken prior to the commencement of
the FS level mining study and could coincide with the drilling and metallurgical test work
programme.
The recommendations for the mining engineering sections of the Phase 1 FS have been
incorporated into the scope of work and schedule for the FS.
The gaps identified relating to the mining and Ore Reserves of the Project, which SRK

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7 PROCESSING
7.1 Historic Operation
The historical operations at Blötberget and Håksberg employed a combination of magnetic

separation and gravity separation to produce magnetite and hematite concentrates. Following
grinding of the ore to approximately -0.5 mm, the magnetite concentrate was produced using
wet Low Intensity Magnetic Separation (“LIMS”), following which the LIMS tailings were
subjected to gravity separation using spirals to produce the hematite concentrate.
Based on the very limited amount of historic production data available, the magnetite
concentrates produced were of an acceptable grade (high in Fe and with acceptable levels of
P), however the hematite concentrate, particularly from the higher P Blötberget deposit, were
both low in Fe (~61%) and high in P (~0.5%).
The beneficiation plant building from the historic operation at Blötberget still stands, however
NIO does not plan to re-use this facility for processing.
7.2 2011 PEA
The PEA published in late 2011 developed flowsheets for both Blötberget and Håksberg
based on a limited amount of bench scale testwork undertaken at the time. The testwork
consisted of Davis Tube (“DT”) Tests to test the amenability of producing both magnetite and
hematite concentrates. Dry LIMS testwork was also undertaken on material crushed to -5 mm,
to test the potential for the production of a “Sinter Fines” product.
The use of a DT to simulate hematite recovery is unusual; in this case the initial (i.e.
magnetite) separation tailings were roasted under reducing conditions, with the aim of
converting the hematite to magnetite. The roasted material was then re-processed using the
DT, after which the “hematite” concentrate was roasted under oxidising conditions, to covert
the magnetite back to hematite, before the final hematite concentrate was assayed.
The flowsheets were essentially identical, with a staged grinding and LIMS circuit producing a
magnetite concentrate, the tailings from which were to be subjected to Wet High Intensity
Magnetic Separation (“WHIMS”), with the WHIMS concentrate subjected to gravity separation
using spirals to remove contaminant mica. The LIMS and WHIMS/spiral concentrates, from
both deposits, were then to be combined and subjected to reverse flotation for apatite
(phosphorous) removal.
A dry LIMS circuit was incorporated into the crushing circuit for the Håksberg flowsheet, as
this material had demonstrated potential for the production of a Sinter Fines concentrate.
7.3 2014 Testwork
Metallurgical testwork in support of the FS has to date consisted of testwork conducted on a

single sample of ore from the Blötberget deposit. The testwork was conducted at the GTK
facility in Outokumpu, Finland, under the auspices of Tata Steel Consulting (“TSC”) acting on
behalf of NIO.

Page 53 of 78
The sample tested was taken from a single diamond drillhole drilled specifically to provide
material for metallurgical testwork. The drillhole intersected both the Flygruvan and
Kalvgruvan deposits, although the drillhole intervals chosen to make the composite sample
were taken from the Flygruvan intercepts only.
The composite was formed on the basis of matching the orebody average in terms of:
 Fe grade;
 Magnetite : hematite ratio; and
 P grade.
The testwork conducted was as follows:
 Head grade and mineralogy;
 Selected comminution testwork;
 Coarse (-20 mm and -6.7 mm) dry LIMS testwork;
 Wet LIMS, Medium Intensity Magnetic Separation (“MIMS”) and WHIMS testwork;
 Gravity separation testwork using shaking tables; and
 Reverse flotation for apatite removal.
The aim of the dry LIMS testwork was to test the potential to produce a heavy construction
aggregate as a potential early value product; the aim was to produce material with a specific
gravity in excess of 4.2.
7.4 Proposed Flowsheet
On the basis of the testwork conducted, TSC proposed the flowsheet shown in Figure 7-1.
The flowsheet consist of the following key elements:
 The option of producing a heavy aggregate product using dry LIMS after crushing;
 An initial spiral circuit to recover coarse magnetite and hematite;
 LIMS processing of the spiral product to produce a coarse magnetite concentrate and a
hematite “tailing”;
 Reverse flotation of the hematite stream for phosphate removal following grinding,
producing a fine hematite concentrate; and
 Staged grinding and LIMS, producing a fine magnetite concentrate.

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Feed
-20mm
LIMS
c.-100-300µm
Rougher
2-stage Spirals
Dry LIMS Hydrocyclone
LIMS Disc/Drum
Filter
Heavy
Aggregate
Cleaner
Spirals Recycle
Fine Magnetite
H2 O Ball Mill Concentrate
-1.2mm
Rod Mill
Phosphorus
Flotation
Thickener
Hydrocyclone
c.-100µm
Recycle
Inclined Screen LIMS

Hydrocyclone
Disc/Drum
Filter
Recycle
Pan Filter
Ball Mill Recycle
Recycle
Coarse Tailings Coarse Magnetite Fine Tailings Hematite

<1.2mm Concentrate Dewatering Pellet Fines
Figure 7-1: Proposed Flowsheet (Source: Tata Steel, 2014)

Page 55 of 78
Based on the testwork results, TSC estimated a mass balance for the flowsheet (excluding
heavy aggregate production) as shown in Table 7-1.
Table 7-1: Estimated Mass Balance

Stream Fe (%) SiO2 (%) Al2O3 (%) P2O5 (%) Fe Dist. (%) Mass Dist. (%)
Feed 37.4 36.2 5.27 0.71 100 100
Coarse Magnetite 70.6 1.55 0.45 0.15 49.1 26.0
Fine Magnetite 69.8 2.84 0.63 0.04 16.5 8.9
Hematite 67.8 2.17 0.49 0.06 23.2 12.8
Total 69.7 1.96 0.49 0.11 88.8 47.6
7.5.1 Testwork and Proposed Flowsheet
The proposed flowsheet is both supported by the testwork conducted on the sample on which
it was conducted, and, based on the results shown in Table 7-1, represents a significant
improvement over the historical operation, at least based on the limited amount of historical
data reviewed, particularly with respect to the quality of the hematite concentrate. In addition,
the reversal of the magnetic and gravity separation stages, with the spirals ahead of magnetic
separation, is likely to improve the flexibility of the circuit to handle differing proportions of
magnetite to hematite in the ore, as the gravity separation stage does not discriminate
between magnetite and hematite.
Significantly, the testwork on which this flowsheet concept is based was conducted on a
single composite sample. While this sample was generated in order to simulate the “average
orebody”, the actual plant feed is likely to vary from this precise combination of head grade,
magnetite : hematite ratio and P content on short, medium and long term bases.
It will therefore be critically important to test the response of this flowsheet to variations in the
orebody, in terms of the properties listed above, as well as lateral and vertical extent within
the orebody.
SRK understands that a further five samples have been identified for testwork to determine
the response of these samples, which vary in magnetite : hematite ratio, P content and
orebody location, to the proposed flowsheet. However, SRK believes that a significantly
greater variability testwork program is necessary to best define the range of expected
responses, and to provide the range of data required in order to optimise the eventual plant
design. Specifically, the variation in magnetite: hematite ratio will have impacts on different
parts of the circuit, e.g. a high proportion of hematite will result in a greater flow of material to
the reverse flotation section, whereas a greater proportion of magnetite will result in a greater
flow of material to the spiral tails LIMS circuit. An optimum point will therefore need to be
reached between oversizing these parts of the circuit and ore stockpiling and blending
requirements.
With regard to the hematite mineralisation within the ore, the flowsheet as proposed will not
recover fine hematite. While the amount of fine hematite in the sample tested was negligible,
the presence and distribution of fine hematite in the orebody is not well known at this stage.

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Fine hematite will not be recovered in the spiral stage, and so will report to the LIMS circuit.
However, it will also not be recovered in this stage, and so will be lost to the tailings of the two
LIMS stages.
SRK therefore recommends that a MIMS or WHIMS stage is tested on the tailings from these
two LIMS stages, in order to test the potential to recover fine hematite that may occur in other
sample that are tested as the FS progresses.
Given the presence of coarse, specular hematite observed during the site visit, it is perhaps
unfortunate that the proposed flowsheet only produces hematite a fine concentrate,
particularly given that a coarser product (~1 mm) will be potentially more desirable as it will fit
a sinter feed blend more readily than a concentrate ground to ~100 m.
The historical data indicates, albeit on the basis of one set of data, that the P in the hematite
concentrate was more concentrated in the finer size fractions than in the coarse size fractions.
On that basis, SRK recommends that the coarse LIMS tails is investigated for the potential to
produce at least some of the hematite at that relatively coarse size. Size-by-size assays
should be undertaken, as well as flotation of the coarse size fractions for apatite removal if
necessary. Assuming that such a flotation stage would remove composite hematite / apatite
particles, these could still be directed to the regrind circuit and the fine flotation stage.
7.5.2 Other FS Activities Related to Processing
Given that the engineering design activities of the FS have not yet commenced, there are no
“gaps” that can be identified in these activities, insofar as the entire engineering design and
cost estimation exercise is currently a “gap”.
SRK would expect NIO to undertake the FS in a manner that will address the necessary
engineering plant design and cost estimation elements to an appropriate level, such that all
key elements of the discipline study are covered.

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8 INFRASTRUCTURE
8.1 Site Access and Plant Site
Given the “brownfield” nature of the project and the nearby historical operational sites at
Blötberget and Grängesberg, SRK does not envisage any that significant problems should
arise with regard to opening up the site for the proposed operation.
SRK believes that the currently proposed plant site, which is based on the site infrastructure
developed for the 2011 PEA, is not ideal, particularly in that it straddles a watercourse.
However, SRK believes that there should be suitable plant sites either to the north or to the
north-west of the currently proposed location.
There is no particular need to site the beneficiation plant immediately adjacent to the rail
loadout area; these two pieces of infrastructure can be readily connected by a conveyor.
8.2 Power
A 50 kV power line crosses the project site, and the PEA assumed that the site would be
connected to this line via a sub-station to be located on the project site.
This appears to be a reasonable assumption, and SRK understands that there is sufficient
spare capacity in this line for the project‟s requirements. However, should this option not
prove feasible, other options are available; there is a large sub-station to the east of Ludvika,
and there is also likely to be a suitable facility in the vicinity of Grängesberg.
8.3 Product Transportation
The PEA identified three potential product transportation routes, i.e. rail corridors to existing
ports:
 Oxelösund, a rail distance of approximately 300 km to the south;
 Gävle; a rail distance of approximately 180 km to the south-west; and
 Lysekil, a rail distance of approximately 400 km to the north-east.
SRK understands that NIO currently favours the Oxelösund option. This port facility was
visited during the SRK site visit.
Given that Oxelösund is the port previously used for the Grängesberg operation, this would
appear to be the logical choice – while the rail transport distance is longer than Gävle, the rail
line between Blötberget and Oxelösund is appropriately designed and configured for heavy
bulk haulage, and the port, while now not dedicated to iron ore exportation, has sufficient
loading capacity and storage capacity for the project‟s needs.
Again, SRK would expect that the capacities of the Oxelösund port and the rail corridor to be
further investigated and developed as an integrated part of the execution of the FS.

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9 TAILINGS STORAGE FACILITY

9.1 Introduction
The tailings waste production will be a by-product of processing operation to produce the iron
ore concentrate. It has been predicted that approximately 30 Mt of tailings will be produced
and stored on the current mining lease. Based on the information received from the Client, the
preferred site for tailings storage facility (“TSF”) has been selected and partly permitted in the
Gravgruvan area which is located east of road 611. The area 2 shown in Figure 9-1 is the
extension of the previous TSF (area 1) which has been decommissioned in the 1970s. A new
TSF has been selected south of area 1 with the proposed clarification pond between two
areas.
Figure 9-1: Location of the proposed TSF (Source: PEA, 2011).
9.2 Deposition scenario
The previous studies have considered initial wet slurry deposition of the tailings waste behind
the starter dam, following further tailings storage using the upstream method. The proposed
TSF represent all side paddock type of containment.

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The first step in the construction of the TSF will be construction of a starter dam to elevation
+190 m (10 m high). The dam cross-section will have a typical arrangement including the
impervious clay core with both upstream and downstream shoulders made of waste rock
material. The waste tailings will be spiggoted of the starter dam and further storage will be
accomplished in the upstream direction using coarser fraction of the segregated tailings
waste. No compaction has been stipulated in the PEA design. The ultimate dam height has
been predicted up to elevation 210 m.
Water from the tailings pond will be pumped via a floating barge to the clarification pond
located between areas 1 and 2 and then either pumped back to the plant or released to the
environment.
In addition to area 2, the plan predicts raise of the existing TSF (area 1) to elevation 210 m.
Table 9-1 below summarizes the tailings disposal plan. Some additional options for storage
3
could be available to achieve 20 Mm of the volume required to meet the waste storage
requirements.
Table 9-1: Tailings storage facility

3
Tailings area Capacity (Mm )
Area 2 to elevation +210 m 12.0
Area 2 with crowning of the final surface utilizing thickened tailings 3.5
Area 1 to elevation +210 m 4.9
9.3 Geotechnical conditions of proposed TSF
Although the site investigation has not been performed as a part of the PEA it is predicted that
ground condition are generally good with moraine sediments predominantly underlying the
subject area. The in situ moraine soil unit is predicted to be strong with low permeability and
as such minimizing the ground preparation effort.
However any ground preparation for embankment construction would include removal of the
peat deposits as well as construction of the cut off trenches for any fluvial channels
encountered.
The site investigation should be performed as soon as it is practical to meet the timetable
milestone for the project.
Proposed TSF deposition method of wet slurry deposition may not be adequate for the
anticipated plant processing flow stream resulting in a coarse and dry tailings. The coarse and
dry tailings could create up to 90% of the waste mass depending on the final processing
scheme and as such virtually eliminating a need for the wet tailings storage facility. The dry
storage facility could be designed to accommodate additional small quantities of wet fine
tailings without a need to construct a tailings retention dam.

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Geotechnical data to support the proposed design of the TSF including borrow material
searches needs to be augmented by new site investigation as soon as possible.
Water balance for the TSF needs to be also developed to eliminate potential need for tailings
clarification pond which could be replaced by the surface water collection system.
Geochemical analysis of tailings and other wastes need to be confirmed to determine the
NPAG nature of these materials.
Final closure scenario needs to be developed and approved by all stakeholders.

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10 WATER
10.1 Meteorology, Hydrology and Surface Water Management
10.1.1 Meteorology
The Ludvika Iron Ore Project (“LIOP”) is situated in the Kolbäckens regional catchment area
2
measuring 3,118 km . Measured annual precipitation averaged 642 mm during the period
1961 to 1990 with 700 – 800 mm on average recorded between 1991 and 2000. The
discrepancy and range in values is not explained.
The Swedish Meteorological Institute‟s (“SMHI”) nearby weather station situated in

Rönnhyttan (approx. 21 km away) recorded July as the warmest month (14.4°C) and January
as the coldest (-6.9°C) months on average for the 1961-1990 period. Estimated average
evaporation ranges between 400 – 500 mm per year and average run-off between 300 to
400 mm per year. The wind direction is predominantly in a south-west direction in the area.
10.1.2 Surface Water Hydrology (Glaningen and Gonäsån)
Lake Glaningen is located approximately 300 m from the mining concession area at its
nearest point. The lake has an average elevation of 190 m above sea level and an area of
2 2 3
0.7 km with a lake catchment area of 35 km and average outlet discharge of 0.4 m /s.
Glaningen is surrounded by wetlands and the northern areas is declared protected bird
habitat.
Gonäsån River flows from west to east through the sub-catchment area and passes through
the northern part of the mining concession area where is merges with contributory streams
and flows into the largest nearby lake Väsman. Gonäsån is 15 km long with a sub-catchment
area of 78km2. The flow rate of the Gonäsån River ranges between less than 20 l/s
(0.017 cumecs) in summer and 5,250 l/s (5.25 cumecs) in spring (based on a 15-year record).
10.1.3 Re-routing of the Gonäsån River
The Gonäsån River flows between Lake Glaningen and Lake Väsman following a course that
runs through the Blӧtberget mining area. The river will be diverted along part of this route to
prevent surface water from draining into the mine workings. A diversion system was
established prior to the last period of mining (1950 to 1979) and this system will be re-used for
the planned operation. Figure 10-1 includes a photograph taken at the time the diversion
system was being constructed (left), an image of the lake (top right) and one of the weir
discharge from the lake into the Gonäsån River (bottom right).
The diversion system comprised two new watercourses, each including a section of tunnel
and connecting channels. Figure 10-2 shows the alignment of the diversions (thick blue lines
are channel sections and purple dashed lines are tunnel sections). The northern diversion
(Blӧtberget tunnel) was the main outlet with the southern diversion (Främundsberget tunnel)
acting as an emergency outlet when the lake level was particularly high. According to the
PEA the existing northern diversion will be cleared and re-commissioned and a new
emergency outlet for the southern channel constructed.

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Figure 10-1: Historic water re-routing tunnel under construction in 1950s and recent
images of Lake Glaningen
10.1.4 Mine Catchment Runoff
Runoff from the mine catchment area (red dotted line area in Figure 10-2) will be captured
and pumped to the channel leading to the Främundsberget tunnel. A new pumping station
will be constructed with a 300 l/s capacity which has been based on runoff during a 1 in 2 year
rainfall event.
10.1.5 Run-off from Plant Site and Other Industrial Areas
Passive run-off from the main plant site and other industrial areas will be achieved through a
gentle gradient on the pad. Run-off from closed areas or near potentially contaminating
activities (e.g. the gasoline filling station) will be collected, treated as appropriate, and
discharged to local surface watercourses.

Page 63 of 78
Figure 10-2: Natural Drainage Showing Flow Directions; the Two Tunnels Associated
with the Diversion of the Gonäsån River shown (Source: PEA, 2011)
10.2 Hydrogeology
The shallow geology of the study area consists predominantly of moraine soils with eskers
trending northwest to southeast through the mining concession area. These eskers consist
mainly of coarse silt to fine sand. Larger areas of peat exist around the concession and the
soil layer becomes patchy with outcropping bedrock at higher elevations at nearby hills.
These unconsolidated deposits are likely to support local aquifers.
The bedrock comprises greywacke units, overlain by mineralised volcanic units and
volcaniclastics which in turn are overlain by sandstones, the whole package (which is all
metamorphosed) being overlain by a granitic unit. The hydraulic properties of this package
are discussed in the modelling summary section below.

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Large deformation zones are present in the bedrock in the Blötberget area striking
northwest/northeast. A previous study has identified one of these zones as a 15 m width
crush zone with a system of permeable sub-vertical fractures.
One such crush zone has been intercepted by an exploration hole (BB12003) in the area
referred to as The Wedge. Figure 10-3 shows the nature of the competent rock mass before
the crush zone is intercepted at approximately 399.85 m below collar (this being an
underground hole). The hole ended within the crush zone.
Groundwater levels have not been monitored across the project area. The water level in the
historic workings has recovered to a natural condition and the pit lake reflects a shallow water
table (Figure 10-4).
Figure 10-3: Core Log from BB12003 showing typical Core (left) Entering Crush Zone
(right) (Source: SRK, 2014)
Figure 10-4: Pit Lake at Blӧtberget (Source: SRK, 2014)

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10.2.1 Numerical model

1
A numeric groundwater model was developed by Ramböll in 2011 as part of the PFS with the
purpose of estimating groundwater inflows to the underground mine when fully developed.
The model was created as a steady state 3D model in Visual Modflow.
The model grid was developed with a discretization of 600 x 600 m in the periphery and
gradually increased in resolution towards the mine area (10 x 10 m). The hydraulic
conductivity values used in the model were estimated based on:
 short term pumping tests in geothermal and water wells
 a fracture frequency method from core logging of one hole (to derive a hydraulic
conductivity of the hanging wall)
 values compiled by SKB for analogous mine settings

-10
On this basis the hydraulic conductivity of the hanging wall was estimated at 10 m/s whilst
the footwall was deemed less competent with the hydraulic conductivity one to two orders of
-8 -8
magnitude higher (0 to 150 m bgl: 7x10 m/s and greater than 150 m: 1x10 m/s).
Groundwater recharge estimates varied spatially as follows:
 25 to 90 mm per year in areas unaffected by mining
 100 to 400 mm per year within the anticipated deformation zone due to historic mining
The model was mainly calibrated by varying hydraulic conductivity in order to replicate historic
mine inflow rates. Some limited sensitivity analysis work was then undertaken.
10.3 Mine Dewatering
10.3.1 Historical mine inflow
Historically the average water inflow to the underground mine is estimated to be

approximately 40 l/s. However, the inflow rate is understood to have varied considerably.
The rate appears to include surface water ingress as well as groundwater inflow. In 1977, for
example, the mine was threatened with flooding following heavy rainfall. This suggests poor
surface water management at the time and surface water runoff entering the shaft.
10.3.2 Pre-development dewatering plan
All historic workings, including the open pit are currently filled with groundwater to the surface.
The pit lake is connected to the underground workings. Dewatering of the underground
workings will be a primary activity for the development of the proposed operations to
commence at the start of construction of the mine.
In order to dewater the workings prior to mine development submersible pumps will be
employed. Pumping will take place from the BS-shaft with pumps installed at 150 m vertical
lifts. The shaft is 570 m deep but most of the workings are in the upper 280 m. Total void
3
space is estimated to be 5 Mm .
1
This model pre-dates the analytical modelling undertaken by Golder which is described below. Normally
numerical groundwater modelling would follow on from preliminary analytical calculations.

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The dewatering process has been benchmarked against similar activities for the Dannemora
Project. The dewatering process is to commence at the start of 2015 and the intention is to
dewater the void space in 12 months. At least 3 months will be required before the upper
levels of the existing development become accessible.
An average flow rate of 150 l/s is anticipated with a maximum rate capped at 300 l/s.
Discharge water will be directed to the Gonäsån stream via sedimentation ponds. The
maximum discharge rate equals approximately 40% of Gonäsån‟s average flow rate pre-
mining (6% average peak flow and 6% average minimum flow).
10.3.3 Operational dewatering
Water inflow to the planned underground operation has been assumed to be 40 l/s based on
historical inflows. Some 50% of this water will be re-used for drilling and the remainder
pumped to surface for discharge via sedimentation ponds.
The dewatering system will use pumps and pipes, where possible, from the pre-development
dewatering programme. A main pumping station will be developed at 570 level from where
water will be lifted to surface.
10.3.4 SLC implications
Sublevel caving has been employed as part of the historic mining operation. The extent of
induced fracturing (and subsidence?) as a result of this mining method has not been
established through investigation and monitoring. Fracture connection linking the
underground working with the surface have implications for surface water infiltration to the
planned underground mine.
10.4 Environmental Aspects of Water Resource Management
A hydrogeological impact assessment was undertaken by Golder Associates to support the

EIA (Swedish MKB) and permit application process. Two analytical models were developed to
estimate the impact of mining on groundwater levels in surrounding areas.
All input data is desktop-based; hydraulic conductivity in the shallow bedrock was estimated
using data from water wells and geothermal energy wells. Hydraulic conductivity estimates
from SGU‟s well registry shows little spatial variation and the shallow bedrock was assumed
to act as one homogeneous hydrogeological unit with an equally elevated hydraulic
conductivity in deformation zones. In the absence of any groundwater level monitoring, static
groundwater level was assumed to equal the top of bedrock (or bottom of casing in cases
where soil depth was unknown).
Recharge is recognized as a highly uncertain parameter in the absence of site-specific

studies and a range of recharge values (35 to 130 mm/year) were therefore applied based on
Swedish studies in similar settings.
Results: the models estimated the drawdown influence distance as 2,100 m from the planned
underground mine (Figure 10-5). Blötberget has an historical exploration drift extending
northeast and the influence distance from this feature was determined to be 1,000 m.

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The estimated drawdown influence distance was corrected with respect to Lake Glaningen
and the protected bird habitat area wetland north of Glaningen. This implies that lake water
and groundwater are in hydraulic continuity which has implications for water inflow to the
planned underground operation (see Section 10.6 below).
Figure 10-5: Extent of Groundwater Level Drawdown showing the influence of the
Historic Drift (NE) and Lake Glaningen (SW) (Source: PEA, 2011)

Page 68 of 78
10.5 Water Balance
The mine site water balance is a conventional circuit whereby water collected from the TSF
clarification ponds will be returned to the process plant.
During period of deficit, either summer dry periods or in winter when slurry may freeze and
precipitation falls as snow, make up water can also be supplied via a planned pipeline from
Lake Vasman. The peak makeup water flow rate from Väsman is estimated to be 100 l/s
(0.1 cumecs) which comprises approximately 1% of Lake Väsman‟s average outlet discharge
during the wet period and 2-3% in dry periods.
During periods of excess water when the net water balance is positive the surplus will be
discharged into the southern diversion channel upstream of Främundsberget tunnel.
The overall hydrological characterisation of the project area requires further development
supported by fieldwork and observational data. This is particularly relevant to the
hydrogeological characterisation of the project which SRK considers is currently weakly
developed. Such characterisation work feeds into specific studies including; mine water
inflow estimation, hydrogeological impact assessment, storm water infrastructure design etc.
Establishing a groundwater level monitoring network is easy to implement and monitoring can
begin with immediate effect using existing exploration boreholes in particular, but also levels
in the flooded pit lakes and any local wells and ground source heat pump boreholes that are
not in active use. Monthly, or bi-monthly, monitoring data can be developed with time to
enable seasonal hydrographs to be constructed which will provide important information in
terms of natural groundwater level variation and responses to rainfall events.
The HIA study implies there is surface water/groundwater connection at Glaningen and this
should be explored further and, if necessary, investigated with field studies e.g. lake sediment
sampling, installation of piezometers close to the lake. If there is hydraulic connectivity
between this feature and local groundwater this could have implications for groundwater
inflow rates to the planned underground mine.
Characterisation of hydraulic properties, in particular hydraulic conductivity and storativity, is

also motivated for by SRK through hydrogeological site investigation. This is covered in the
discussion below on mine inflow characterisation.
Planning of the pre-development dewatering requires more detailed consideration. There are
several factors to take into consideration including:
 The Gonäsån River re-routing works should be carried out prior to dewatering as, if not,
the current watercourse effectively represents a recharge source to the flooded
workings and river water will need to be pumped out in addition to the stored water in
the workings.
 The open pits and underground workings are connected and therefore the water
volume to be dewatered must take into account the volume of water in the pits.

3
The current estimate of underground void space is put at 5 Mm . This volume estimate
needs confirming as accurately as possible.

Page 69 of 78
The estimation of groundwater inflow has been based on historic inflow rates. This is a
reasonable basis for prediction but assumes that no fundamental changes in rock mass
characteristics are encountered during future mining. In particular, large, interconnected
fractures or fault zones can have a significant effect in terms of increased groundwater inflow.
In this respect the crush zone feature in The Wedge is potentially significant. Targeted
hydrogeological investigation (see below) is required followed by further analysis, conceptual
model development and construction of a numerical groundwater model to accurately predict
inflows during mine development.
As part of the planned geotechnical drilling investigation SRK recommends that

hydrogeological testing is conducted at 4 drillhole locations as follows: hole BB13a in the
Wedge; two holes in Hugget; one hole in the southwest area. The following hydrogeological
testing is proposed at these locations:
 Monitoring of fluid loss during drilling
 Measurement of groundwater level during drilling (start and end of shifts etc)
 Down-hole impeller flow meter logging („spinner‟ testing)
 Double packer testing across selected intervals of interest i.e. potential flow horizons
associated with fractures/faults
Also, at these and other selected hole locations (both existing and other holes planned in the
2014 geotechnical/resource programme):
 Slug testing
 Conversion of holes to groundwater level monitoring boreholes (with vibrating wire

piezometers installed at selected locations).
The geotechnical investigation into induced fracturing as a result of historic SLC should also
have a hydrogeological component because such processes are important in terms of water
implications for the mining operation.
The design of all storm water infrastructure requires review against design storm events to
ensure these facilities are sized sufficiently. Finally, the project water balance requires review
and updating in accordance with any changes to process water requirements, life of mine
consideration, TSF design etc.
The gaps identified relating to the hydrology and hydrogeology of the Project, which SRK

Page 70 of 78
11 GEOCHEMISTRY
11.1 Mining waste and water treatments
11.1.1 Observations
Geochemical assessments consist mainly of metal and nitrogen analysis and related
predictions. Nitrogen assessments include a lot of assumptions and utilisation of data from
another iron mine. Acid rock drainage and metal leaching assessments were based on total
concentrations, ABA tests and a short 7 –week humidity cell test. No significant metal
leaching is expected in the assessments made for environmental permitting
Environmental permit gives a two year trail period for the water quality, with preliminary terms.
The preliminary limits are 1 mg/l of ammonium and100 mg/l solids. Permit requires filing a
measure plan within a month from exceeding the limit values. Trial period lasts two years from
the start of the actual mining.
11.1.2 SRK Comments
 Barium and cobalt total concentrations in Blötberget tailings exceeded Swedish limits
for less sensitive land-use and cobalt is part of the inert waste classification criteria.
Vanadium was slightly elevated. Therefore further assessments were needed even if
net neutralising potential in the waste is proven be good. Humidity cell tests were done,
but only for a 7 week period. Håksberget and Blötberget tailings (on average) were
interpreted having stabile status after the 7 week period. Result was stated to have
some uncertainties due to the short exposure period. Looking at Blötberget tailings
alone, iron and chrome were still increasingly getting released in the end of 7 week
period. It is not recommended to carry out FS with this uncertainty. Longer humidity cell
exposure time for Blötberget tailings, followed by numeric predictions on water quality
and watercourse is recommended to decrease uncertainty concerning tailings facility
and water treatment design and costs. Based on the current information status this can
be identified a risks of water impacts.
 Current water treatment scheme is completely sedimentation based. Impact of apatite

in tailings may become more significant to water quality when only Blötberg material is
utilised. Actual assessments of potential phosphor pollution and potential need of
mitigation measures are not included in a ESIA report, appendixes or complementary
studies for permitting. A geochemical assessment for apatite impacts should be
planned and potential requirement of mitigation measures should be identified (or
closed out with reasonable probability) during the FS. Receptor also has already a
recorded nutrition pollution status according to VISS (water authority information
system).

Page 71 of 78
 Potential need of improved N-compound removal may be needed during the operation.
This issue is left open in permit handling: measures are required if satisfactory level of
ammonium is not achieved. Sedimentation pools are not generally very effective in
nitrogen compound removal unless N is bound to solids. Nitrification potential is likely to
be limited during the winter season, especially if clearing pond will be ice covered.
Oxygen feed is discussed in reports, but artificial air feed is generally challenging in
pools meant for sedimentation, due to physical disturbance these systems cause to
both sediment and ongoing sedimentation. At this stage freezing probability (from flow
perspective) is though unknown in the clearing pond. Additive nitrogen removal is at
least a risk assessment issue in the FS and may require some supporting studies.
 Environmental permitting has taken place quite early in the project and FS is needed to
either confirm the preliminary choices to be technically and economically feasible or
lead to other alternatives. These potential changes could cause reassessment
requirements also form geochemical perspective. These potential reassessments are
listed in the Gap analysis chapter as potential information gaps.
11.2 Historical mining and liabilities
11.2.1 Observations
There are 5 MIFO 1 classifies objects within a potential impact area. MIFO 1 is the Swedish
contaminated soil first stage (preliminary) assessment. SRK understanding is that all these
objects are related to historical mining. All objects are in the lower risk classes at the moment.
11.2.2 SRK Comments
 A preliminary assessment of potential liabilities related to contaminated soil from

historical mining should be carried out. Especially risks of changing the circumstances
at or around contaminated soil areas are important. At least if new mining activities
would change these contaminated objects so, that impacts would be negative, this
could be likely to add to the company liabilities in some extent.
11.3 Summary of Gaps

11.3.1 Identified gaps
 Complementary phosphorus assessment for tailings, with numerical prediction of
impacts;
 Long term humidity cell testing or reassessment of certainty of the results from the
short term humidity cell test;
 Complementary assessments about potential need of additive water treatments for

nitrogen compounds; and
 Risk assessment related to historical contaminated soils.

Page 72 of 78
11.3.2 Potential information gaps

New information coming from other disciplines during the FS may cause additive work load
also to the geochemistry segment.
Consequences from the completion of geology studies, process planning and trial processing:
 Potential re-characterisation of mining waste (at least static test and interpretation of
results) and
 Potential reassessment of mitigation measures concerning impacts related to mining

waste water quality and air quality impacts.
If any significant changes in the operation plan compared to ESIA stage will take place, it is
possible that complementary impact assessments and mitigation measure design will be
required. An example of potential larger change could be technical alternative evaluation
leading to consideration of dry depositing of tailings, instead of wet tailings. New water quality
predictions and mitigation measures like redesign of water collection and treatment would
then become necessary.
12 ENVIRONMENT AND SOCIAL

12.1 Short summary of environmental and social setting
Blötberget mine is an existing closed mine in Ludvika municipality, approximately 5 km sout-

west from the town centre. Nearest community is Blötberget village.
There are no protected objects (like Natura 2000 areas, nature reserves or water protection
areas) in the planned operation area or within immediate range of impact areas. Some higher
nature values have been recognised within the area, which will be disturbed by tailings
storage and clearing facilities. Cultural heritage in the area is primarily related to historical
mining and objects and impacts are recognised in ESIA and permitting processes.
Primary impacted watercourse is Gonäsån, which leads water from Lake Glaningen via
Blötberget området to Lake Väsman.
What comes to area´s land-use planning status, whole Ludvika municipality has a general
plan and certain objects like Lake Glaningen and the Blötberget built mining environment are
mentioned in the plan. What comes to municipality detail plans, mining does not conflict with
current detail plans.
12.2 Status of ESIA, permitting and stakeholder engagement
12.2.1 Observations
There is an existing mining concession for both Blötberget and Håksberget projects, as one
permit for the two sites and their shared facilities. Currently only Blötberget mine is planned to
be opened. This change is likely to cause some information updating work.

Page 73 of 78
12.2.2 SRK Comments
 Downscaling and of information concerning environmental impacts and closure costs

needs to be carried out due to continuing only with Blötberget project without
Håksberget.
 Environmental permitting has taken place very early in the project, partially based on
relatively preliminary data and assumptions. It is possible, that some earlier
investigations must be updated or completed according to potential new information
coming from FS. These issues are listed in the gap summary as potential information
gaps.
 As ESIA and permitting processes are already carried out, official general framework
for stakeholder engagement is partly and temporarily missing, excluding some special
issues like ownership of potentially impacted wells. It is recommended to continue
informing different interest groups of project´s proceeding also between now and
mining start up. Potential changes due to progress of technical studies in the planned
operations may even require new formal consultations in the future.
12.3 Environmental and social studies and management of impacts

12.3.1 Observations
Majority of environmental information required for the FS is already available at least at
conceptual level, because of the completed environmental permitting procedure.
Most important environmental issues recognised in ESIA are following:
 Sinking of groundwater level, with impact on wells and geothermal heat wells*;
 Leading water to watercourses, especially during the initial dewatering the existing
mine, but also during the operation time dewatering;
 Diversion of Gonäsån (ecological impacts);
 Dust form roads and tailings;
 Noise, especially from transports and loading;
 Vibrations, especially from blasting; and
 Landscape impacts and impacts on outdooring.
*) Groundwater issues are discussed in the Hydrogeology segment of the report.
Ecological compensations are part of the permit terms due to diversion of Gonäsån. This
issue is already recognised in the EIA and permitting studies. There is an on-going
investigation about compensation measures, which will be finished in the end of the year
2014.
Cultural heritage objects and impacts were recognised in ESIA in an archaeological

investigation. Company has taken on a duty to have on-going communication with the
Province Administrative Board about any potential disturbance at the cultural heritage objects.
Company must be prepared to document mining related historical buildings (specified in the
permit) and avoid depositing soil or rock materials on cultural heritage objects.

Page 74 of 78
The noise impacts of new railroad and loading station are still partly insecure. If noise levels
are not acceptable for housing, relocation of few households is likely to become necessary.
SRK understanding is, that real estate specialists are assessing the real estate values to
create an understanding of the related costs due to NIO request.
Groundwater changes are probably going to cause compensation issues for private well and
geothermal heat well owners (ca 300 potentially impacted wells/heat pumps). Compensation
duty is defined in the permit, but extent of compensation is left open to be recognised when
the actual ground water changes take place. More information of groundwater issues is in the
Hydrogeology chapter of this document.
Court decision of other compensations for land/real estate owners was postponed. to the time
after the primary permit decision. These compensation issues are related to landowner
statements of impacts on real estate values, potential needs of sound walls etc. SRK
understanding is that this new decision has not taken place yet.
12.3.2 SRK Comments
 Even if environmental information largely exists, detail level needed for permitting does
not necessarily give enough support for project‟s economical assessments within all
topic areas. These additive information needs are most likely appear within
geochemistry and water treatment, but for example air quality and dust issues related
to processing will need more attention, when process planning gets to the final stages.
When final plans are available, can also impact prevention be assessed with better
certainty. If final selected functions do not significantly differ from permitted functions,
quantity of required additive studies is limited and majority of the environmental and
social FS work is just review work.
 Emissions to air are calculated according to operating both Blötberget and Håksberget
mines. These calculations must be updated according to current plan to operate just
Blötberget.
 Outcome of the ecological compensation investigation is needed for the FS.

Assumption is that the on-going investigation will provide all necessary data for
economical assessments of these measures.
 Noise levels follow general guidelines, but may be critical to processing and railway
loading station. Limit for noise at residential area are for daytime (07.00-18.00) 50 dB,
for night time (22.00-07.00) 40 dB and fir other times 45 dB. Momentarily noise limit is
55 dB. These levels are easily exceeded at and near the loading station. Potential costs
of relocation of some households should be taken to consideration in FS. Assumption is
that ongoing real estate specialist work provided required information to FS.
 Groundwater change –related compensations are handled in the Hydrogeology

chapter.
 Economic impacts of still undecided other compensations must be assessed in the FS

stage. Assumption is that court decision itself will include key figures for compensation
costs.
 Special attention should be paid to safety of the mining area and measures related to
any potential stability risks at the ground surface. Community is relatively near to all

Page 75 of 78
planned operations and there is traditionally lot of outdooring activity in the area. Permit
requires some fencing as minimum procedure. Total measures with cost should be
recognised in the FS when more information from geotechnical assessments is
available.
 For reliable material impact and risk assessments a final plan for mining and
processing is required. Potential new permitting requirements must be identified as
early as possible and permit process with impact assessments and stakeholder
communication must be initiated. This is obviously needed for avoiding project delays,
but it is also needed for being able to complete FS. In addition, for FS it is essential to
have as developed picture as possible concerning the risks related to permitting.
12.4 Mine closure

12.4.1 Observations
Environmental permit includes SEK 53 414 600 financial guarantee for closure.
SEK 15 762 000 must be paid forehand and SEK 3 150 000 must be paid annually until the
full guarantee is paid. Monitoring authority is authorised to accept changes in the size of the
guarantee.
12.4.2 SRK Comments
 Closure costs must be reassessed in the FS. This is due to the downscaling the
production since the permitting (including only Blötberget to the plan and leaving
Håksberget out). Naturally the whole cost structure for closure needs to be reviewed as
a standard part of FS , but also all potential new information coming from geochemical
and hydrogeological assessments (gaps mentioned in the report) need to be taken to
consideration. Closure strategy must be reviewed and potentially updated in terms of
latest information.
 Any potential new information of the mass balance of till in the end of the mine life
should be taken to consideration in closure cost assessments in form of risk
assessment. If for example majority of overburden resources near tailings area are
likely to be utilised before closure, transportation distance may have significant impact
on unit costs.
 Special attention should be paid to area safety and especially for physical maintenance
of the safety after closure.
12.5 Summary of Gaps
12.5.1 Identified gaps
Downscaling project since environmental permitting is the primary reason for following
reassessment requirements:
 Rescaling and reviewing closure costs and potentially updating closure strategy and
 Rescaling and reviewing air emissions and reconsideration impact prevention

measures according to final alternative.

Page 76 of 78
12.5.2 Potential information gaps
New information coming from other disciplines during the FS may cause additive work load
also to the geochemistry segment.
 If any significant changes in the operation plan compared to ESIA stage will take place,
it is possible that complementary impact assessments and permitting will be required.
Minor changes are possible within the framework of current permit and some decisions
are even delegated to the monitoring authority. An example of potential larger change
could be technical alternative evaluation leading to consideration of dry depositing of
tailings, instead of wet tailings. A situation like this could potentially require a new court
decision.
 Completion of process planning and trial processing may require for example
reassessment of mitigation measures concerning air quality impacts.

Page 77 of 78
13 REFERENCES
The references below relate to the main sources of information. The list of documents and
information provided is shown in Appendix A.
Geovista (Aug 2011). Mineral Resource Verification – Blötberget and Håksberg

(GVR11046_Blotb-Haksb_MRV.pdf).
Geovista (Jan 2013). Ludvika Mines – Mineral resource update (GVPM13001.docx).
Geovista (Jan 2014). Technical Report: Blötberget – Mineral Resource estimate (Draft)
(GVR14002 Blötberget - Mineral resource estimate_revised 140303 draft (2).pdf).
Golder Associates (June 2012). Ludvika Mines Miljökonsekvensbeskrivning (MKB Ludvika

gruvor 120625.pdf).
Nordic Iron Ore (February 2013). The Development Case For Nordic Iron Ore (THE
DEVELOPMENT CASE FOR NORDIC IRON ORE 1 Final Version.pdf)
Quinteiro, C., Quinteiro, M., and Hedström, O. (2001). Underground Iron Ore Mining at LKAB,
Sweden. Underground Mining Methods, Engineering Fundamentals and International Case
Studies, Society for Mining, Metallurgy, and Exploration, Inc., editor Hustrulid and Bullock, pp
361-368.
Ramboll (December 2011). Ludvika Mines Preliminary Economic Assessment

(PEA_rev_januari_2012_3_Final.pdf)
The Joint Ore Reserves Committee (2004). Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves.
For and behalf of SRK Consulting (Sweden) AB
Johan Bradley, Maxim Lesonen,

Managing Director and Principal Consultant Consultant
(Geology), (Mining Engineer),
SRK Consulting (Sweden) AB SRK Consulting (Sweden) AB

Page 78 of 78
SRK Consulting Ludvika Gap Analysis – Glossary, Abbreviations, Units
Glossary
Al2O3 Aluminium oxide (Alumina) %
CaO Calcium oxide %
Fe Total Total Iron %
Mn Manganese %
Mo Molybdenum %
P Phosphorous %
S Sulphur %
SiO2 Silicon dioxide (Silica) %
W Tungsten %
Abbreviations
JORC JORC Australian Reserves Committee
PEA Preliminary Economic Assessment
FS Feasibility study
PFS Pre-Feasibility study
Units
Mt Million metric tonnes
Ktpa Thousand tonnes per annum
Mtpa Million tonnes per annum
SEK Swedish Kronor
MSEK Million Swedish Kronor
USD US Dollars ($)
MUSD Million US Dollars ($)
% Percentage
ppm Parts per million
m Metres
cm Centimetres
mm Milimetres
bgl Below ground level
m/s Metres per second
l/s Litres per second

APPENDIX A
A FEASIBILITY STUDY SCHEDULE

Figure A-1: Ludvika Feasibility Study schedule

SRK Consulting Ludvika Gap Analysis – Technical Appendix B
APPENDIX B
B DOCUMENTS PROVIDED BY NIO

Overall Directory
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24/08/2012 07:23 4,558,901 SJ™KORT.jpg
14/09/2012 11:14 556 sjökort.rgf
04/06/2014 12:37 485 sjökort.str
2014\Terrain_model
07/04/2014 17:56 176,646 terrängmodell_gruvans system.DAT
21/02/2013 15:12 1,699,414 terrängmodell_gruvans system.dtm
07/04/2014 17:55 6,857,907 terrängmodell_gruvans system.dxf
09/04/2014 16:50 1,699,414 terrängmodell_gruvans_system.dtm
09/04/2014 16:50 1,055,136 terrängmodell_gruvans_system.str
2014\WF_MODEL_05-02-2014
05/02/2014 15:32 140,058 wf_flygruvan.dtm
05/02/2014 15:32 70,056 wf_flygruvan.str
05/02/2014 15:30 1,696,455 wf_hugget.dtm
05/02/2014 15:30 720,771 wf_hugget.str
05/02/2014 15:30 200,803 wf_kalvgruvan.dtm
05/02/2014 15:30 101,391 wf_kalvgruvan.str
18/02/2014 14:15 23,385 wf_sandell.dtm
18/02/2014 14:15 13,720 wf_sandell.str
10/04/2014 10:26 54,601 wf_the_wedge_fly.dtm
10/04/2014 10:26 30,451 wf_the_wedge_fly.str
10/04/2014 10:26 30,556 wf_the_wedge_kalv.dtm

10/04/2014 10:26 18,412 wf_the_wedge_kalv.str
Directory of P:\U6006 SE511 Ludvika NIO DFS\Project\Data\DATA FROM SITE MAY 2014\Geology\Reports
07/03/2013 15:30 6,699,547 Geological Logging of archive cores Feb 2013.pdf
15/02/2013 11:26 3,055,330 GVPM13001.docx
31/01/2013 16:55 1,725,034 GVR11046_Blotb-Haksb_MRV.pdf
02/04/2014 12:00 4,315,248 GVR14002 Blötberget - Mineral resource estimate_revised 140303 draft (2).pdf
05/12/2013 13:51 2,450,875 SE440_Ludvika_ITR_Followup_Memo_v02.docx
05/12/2013 13:50 1,071,519 SE440_Ludvika_ITR_Followup_Memo_v02.pdf
27/03/2013 11:49 12,717,968 SE440_Ludvika_Review_FINAL.docx
27/03/2013 11:40 16,693,319 SE440_Ludvika_Review_FINAL.pdf
Geotechnical
Directory of P:\U6006 SE511 Ludvika NIO DFS\Project\Data\DATA FROM SITE MAY 2014\Geotech\Petroteam Report 17-
04-13
26/05/2013 19:23 24,723 345-20 Delrapport 2 BL CH (ENG TRANS).docx
23/04/2013 08:13 1,681,735 345-20 Delrapport 2 BL CH.docx
26/05/2013 19:24 20,553 345-20 Delrapport 3 BL CH (ENG TRANS).docx
23/04/2013 08:13 2,483,800 345-20 Delrapport 3 BL CH.docx
23/04/2013 08:13 1,435,781 Bilaga 1, Qbas v„rden f”r Bl”tberget.docx
19/06/2014 13:52 <DIR> Bl”tberget
19/06/2014 13:58 0 geotech.txt
19/06/2014 13:54 <DIR> V„sman
Directory of P:\U6006 SE511 Ludvika NIO DFS\Project\Data\DATA FROM SITE MAY 2014\Geotech\Petroteam
Report 17-04-13\Bl”tberget
19/06/2014 13:51 <DIR> BB12011
19/06/2014 13:51 <DIR> BB12012
19/06/2014 13:52 <DIR> BB12013
19/06/2014 13:52 <DIR> Input files
Report 17-04-13\Bl”tberget\BB12011
03/04/2013 08:55 86,181 BB12011 1-3.pdf
03/04/2013 08:55 87,227 BB12011 2-3.pdf
03/04/2013 08:55 82,051 BB12011 3-3.pdf
03/04/2013 09:00 85,305 BB12012 1-6.pdf
03/04/2013 09:00 85,007 BB12012 2-6.pdf
03/04/2013 09:01 84,107 BB12012 3-6.pdf
10/04/2013 10:00 79,973 BB12012 4-6.pdf
03/04/2013 09:01 85,145 BB12012 5-6.pdf
03/04/2013 09:01 83,659 BB12012 6-6.pdf
02/04/2013 08:49 393,827 BB12013 1-16.pdf
02/04/2013 08:59 440,425 BB12013 10-16.pdf
02/04/2013 09:00 397,854 BB12013 11-16.pdf
02/04/2013 09:00 285,914 BB12013 12-16.pdf
02/04/2013 09:00 400,876 BB12013 13-16.pdf
02/04/2013 09:00 329,136 BB12013 14-16.pdf
02/04/2013 09:01 294,211 BB12013 15-16.pdf
02/04/2013 09:01 276,505 BB12013 16-16.pdf
02/04/2013 08:50 311,625 BB12013 2-16.pdf
02/04/2013 08:51 225,791 BB12013 3-16.pdf

02/04/2013 08:51 352,037 BB12013 4-16.pdf

02/04/2013 08:52 355,039 BB12013 5-16.pdf
02/04/2013 08:58 341,381 BB12013 6-16.pdf
02/04/2013 08:58 335,549 BB12013 7-16.pdf
02/04/2013 08:59 326,842 BB12013 8-16.pdf
02/04/2013 08:59 270,943 BB12013 9-16.pdf
Report 17-04-13\Bl”tberget\Input files
10/04/2013 13:34 78,336 345-10.Input.BB 12011 NIO.xls
10/04/2013 13:33 118,272 345-10.Input.BB 12012 NIO.xls
10/04/2013 13:33 303,616 345-10.Input.BB 12013 NIO.xls
Hydrology / Hydrogeology
Directory of P:\U6006 SE511 Ludvika NIO DFS\Project\Data\DATA FROM SITE MAY 2014\Hydro
15/05/2014 12:17 19,376,063 (Utskriven) Bilaga 9 PM hydrologisk konsekvensbeskrivning.pdf
16/05/2014 07:45 1,550,811 (Utskriven) Bilaga A_(Utskriven).pdf
15/05/2014 13:07 21,322,392 (Utskriven) MKB Ludvika gruvor 120625_slutgiltig.pdf
15/05/2014 15:41 2,337,569 (Utskriven) PM Hydrogeologi.pdf
16/05/2014 07:45 7,080,930 A1_R51-P001.pdf
16/05/2014 07:45 7,217,653 A2_R51-P002.pdf
16/05/2014 07:45 709,585 A3_R51-S001.pdf
16/05/2014 07:45 713,800 A4_R51-S002.pdf
16/05/2014 07:45 171,301 A5_R51-P003.pdf
16/05/2014 07:45 18,064,794 Bilaga 4 (Utskriven).pdf
16/05/2014 07:45 1,688,865 Bilaga 5.pdf
16/05/2014 07:45 1,586,049 Bilaga 8 brunnsinventering.pdf
16/05/2014 07:45 1,834,054 Bilaga 8.pdf
13/05/2014 22:08 1,965,240 deldom_M_3812-12.pdf
20/05/2014 13:30 <DIR> Vattenf”rlustm„tningar
Directory of P:\U6006 SE511 Ludvika NIO DFS\Project\Data\DATA FROM SITE MAY

2014\Hydro\Vattenförlustmätningar
01/10/2012 07:04 192,444 Beskrivning för vattenförlustmätning.pdf
20/05/2014 13:30 <DIR> Vattenförlustmätningsprotokoll

2014\Hydro\Vattenförlustmätningar\Vattenförlustmätningsprotokoll
10/10/2012 08:58 34,304 Vattenförlustmätningsprotokoll VAS 12010.xls
Mining
Directory of P:\U6006 SE511 Ludvika NIO DFS\Project\Data\DATA FROM SITE MAY 2014\Mining
16/05/2014 09:29 297,362 20130124_Blotberget Production Statistics.pdf
20/05/2014 11:43 <DIR> ALLA presentationer
20/05/2014 11:43 <DIR> Blötberget
20/05/2014 10:05 64,512 FW Feed to process plant - Blotberget.msg
20/05/2014 11:28 <DIR> Hoisting Study
20/05/2014 11:31 <DIR> kapacitetstak
04/06/2014 11:43 <DIR> presentationen
21/01/2013 15:14 5,590,049 u4561_GM CPR_FINAL.docx
21/01/2013 15:11 2,107,975 u4561_GM CPR_FINAL.pdf
20/05/2014 11:38 <DIR> Uppdatering brytningsplanering

20/05/2014 11:39 <DIR> vent dec 2012
Directory of P:\U6006 SE511 Ludvika NIO DFS\Project\Data\DATA FROM SITE MAY 2014\Mining\ALLA
presentationer
14/05/2012 07:25 7,715,122 Atlas möte _1.pptx
14/05/2012 07:36 14,078,464 Atlas möte_2.ppt
18/08/2010 15:04 13,136,384 foton Blötbergsgruvan.ppt
28/01/2011 07:42 1,874,432 Foton Gonäsån 1996 Mtlu.ppt
23/08/2010 16:10 12,154,880 Gruvan Blötberget.ppt
14/05/2012 07:23 6,930,944 Gruvan Blötberget_1.ppt
14/05/2012 07:25 839,680 Gruvan Blötberget_2.ppt
18/11/2012 13:01 12,960,768 Gruvan och vent.ppt
30/06/2011 10:46 5,877,674 Ludvika Gruvor bergteknik 2011-06-30.pptx
10/08/2011 16:04 59,539 Möte 12 augusti.pptx
30/01/2013 10:00 7,711,776 Orica träff _1.pptx
15/01/2012 17:07 36,332,032 PEA_Presentation_2012-01-16.ppt
30/01/2013 10:02 35,692,544 PEA_Presentation_2012-01-16_utan.ppt
02/05/2012 14:48 46,971 Planeringsfrågor_jan2012.pptx
19/09/2012 12:37 15,804,668 Provbrytning Kompanigr mm.pptx
15/06/2011 17:36 19,473,408 Påverkans områden_20110607.ppt
13/10/2011 12:45 195,725 Tunnel under Väsman.pptx
Directory of P:\U6006 SE511 Ludvika NIO DFS\Project\Data\DATA FROM SITE MAY 2014\Mining\Blötberget
12/02/2013 21:55 9,939,852 Blötberget med pusselbiten.jpg
31/01/2013 14:26 81,951 Blötberget rest.jpg
31/01/2013 14:34 141,166 Blötberget rest2.jpg
12/02/2013 21:17 1,458,780 Malmbrytning utan text.jpg
12/02/2013 21:25 301,219 Malmbrytning-liten.jpg
12/02/2013 21:24 1,591,058 Malmbrytning.jpg
12/02/2013 17:18 1,963,596 Ny tillredning.jpg
12/02/2013 21:42 5,729,412 Ny tillredning4.jpg
12/02/2013 21:46 6,187,262 Ramp (2).jpg
11/02/2013 20:36 2,099,741 Ramp Guldkannan.jpg
12/02/2013 21:30 2,551,035 Tillredning äldre.jpg
Directory of P:\U6006 SE511 Ludvika NIO DFS\Project\Data\DATA FROM SITE MAY 2014\Mining\Hoisting
Study
20/05/2014 11:28 <DIR> 1. General Description
20/05/2014 11:28 <DIR> 2. Summary
20/05/2014 11:28 <DIR> 3. Alt 1 Investm., Operation costs
20/05/2014 11:28 <DIR> 4. Alt 2 investm., operation costs
20/05/2014 11:28 <DIR> 6. Common documentation
20/05/2014 11:28 <DIR> 7. Different type of trucks
15/01/2013 07:56 10,171 Front Page Oct 2012.pdf
15/01/2013 07:56 9,978 Table of Contents.pdf
Study\1. General Description
15/01/2013 07:56 13,013 General Description and Basic Data.pdf
Study\2. Summary
15/01/2013 07:56 10,364 Summary.pdf
Study\3. Alt 1 Investm., Operation costs
15/01/2013 07:56 13,899 ALT 1 Description.pdf

20/05/2014 11:28 <DIR> Drawings

15/01/2013 07:56 10,901 Investm, Operation costs Alt 1.pdf
Study\3. Alt 1 Investm., Operation costs\Drawings
15/01/2013 07:56 125,124 201209-100 SHAFT.pdf
15/01/2013 07:56 262,744 201209-101 SHAFT SKIP.pdf
15/01/2013 07:56 124,894 201209-102 SHAFT HOIST.pdf
15/01/2013 07:56 150,321 201209-105 SHAFT SECTION.pdf
Study\4. Alt 2 investm., operation costs
20/05/2014 11:28 <DIR> Drawings
Study\4. Alt 2 investm., operation costs\Drawings
15/01/2013 07:56 72,476 201209-200 CONVEYOR.pdf
15/01/2013 07:56 82,936 201209-210 CONV.SECTION.pdf
15/01/2013 07:56 170,526 201209-230 CRUSHING.pdf
Study\5. Alt 3 investm., operation costs
15/01/2013 07:56 7,510,277 Different types of Trucks.docx
20/05/2014 11:28 <DIR> Drawings
15/01/2013 07:56 10,996 Investm, Operation costs Alt 3a.pdf
15/01/2013 07:56 11,077 Investm, Operation costs Alt 3b.pdf
Study\5. Alt 3 investm., operation costs\Drawings
15/01/2013 07:56 78,718 201209-300 TRUCK.pdf
15/01/2013 07:56 150,379 201209-310 TRUCK CRUSHING.pdf
Study\6. Common documentation
15/01/2013 07:56 34,703 201209-110 RAMP SECTION.pdf
15/01/2013 07:56 76,611 201209-120 CONV.SECTION.pdf
Study\7. Different type of trucks
15/01/2013 07:56 15,575 Different type of trucks.pdf

2014\Mining\kapacitetstak
13/03/2013 10:55 639,581 001.pdf
10/02/2014 11:36 110 001.pdf.md
21/03/2013 12:45 1,382,376 002.pdf
10/02/2014 11:36 110 002.pdf.md
13/03/2013 10:58 496,418 003.pdf
10/02/2014 11:36 110 003.pdf.md
21/03/2013 12:46 963,505 004.pdf
10/02/2014 11:36 110 004.pdf.md
21/03/2013 12:47 373,450 005.pdf
10/02/2014 11:37 110 005.pdf.md
20/03/2013 14:43 188,914 006.pdf
10/02/2014 11:37 110 006.pdf.md
13/03/2013 10:17 162,661 007.pdf
10/02/2014 11:37 110 007.pdf.md

13/03/2013 11:26 386,689 008.pdf

10/02/2014 11:37 110 008.pdf.md
20/03/2013 14:42 150,451 009.pdf
10/02/2014 11:37 110 009.pdf.md
20/03/2013 14:44 163,403 010.pdf
10/02/2014 11:37 110 010.pdf.md
21/03/2013 12:48 416,968 011.pdf
10/02/2014 11:37 110 011.pdf.md
20/03/2013 14:50 125,295 012.pdf
10/02/2014 11:37 110 012.pdf.md
20/03/2013 14:50 124,476 013.pdf
10/02/2014 11:37 110 013.pdf.md
20/03/2013 15:33 172,513 014.pdf
10/02/2014 11:37 110 014.pdf.md
20/03/2013 16:08 176,224 015.pdf
10/02/2014 11:37 110 015.pdf.md
20/03/2013 17:01 137,648 016.pdf
10/02/2014 11:37 110 016.pdf.md
20/03/2013 17:49 138,707 017.pdf
10/02/2014 11:37 110 017.pdf.md
21/03/2013 10:23 185,650 018.pdf
10/02/2014 11:37 110 018.pdf.md
21/03/2013 11:59 183,788 019.pdf
10/02/2014 11:37 110 019.pdf.md
01/12/2011 14:36 1,202,913 Att. 2_Rapport 2 - Brytningsmetoder.pdf
10/02/2014 11:37 142 Att. 2_Rapport 2 - Brytningsmetoder.pdf.md
01/12/2011 15:00 1,150,118 Att. 4.4_Bilaga 4-4 Utfraktskapacitet i Blötberget och Håksberg.pdf
10/02/2014 11:37 170 Att. 4.4_Bilaga 4-4 Utfraktskapacitet i Blötberget och Håksberg.pdf.md
01/12/2011 15:04 2,299,661 Att. 4.5_Bilaga 4-5 Ventilation i Blötberget och Håksberg.pdf
10/02/2014 11:37 164 Att. 4.5_Bilaga 4-5 Ventilation i Blötberget och Håksberg.pdf.md
02/12/2011 11:54 2,025,415 Att. 4.6.1_Bilaga 4-6 Early tonnage Blötberget.pdf
10/02/2014 11:37 153 Att. 4.6.1_Bilaga 4-6 Early tonnage Blötberget.pdf.md
01/12/2011 15:12 1,361,580 Att. 4_Rapport 4 - Gruvproduktion.pdf
10/02/2014 11:37 140 Att. 4_Rapport 4 - Gruvproduktion.pdf.md
09/12/2013 15:07 2,503,504 Blötberget 2013-12-04.pptx
10/02/2014 11:37 129 Blötberget 2013-12-04.pptx.md
10/02/2014 11:37 141 Blötberget malmbild_brytningsplan.pptx.md
11/02/2014 11:47 127,608 Gruvgeometrier_dimensionerande.xlsx
10/02/2014 11:37 138 Gruvgeometrier_dimensionerande.xlsx.md
20/05/2014 11:30 <DIR> malmbild
20/05/2014 11:31 <DIR> Möte maskiner febr 13
01/12/2011 15:35 878,081 PEA Appendix 3_Mining.pdf
10/02/2014 11:37 128 PEA Appendix 3_Mining.pdf.md
20/05/2014 11:31 <DIR> Planritning orter alt 1 och 2
22/03/2013 12:11 6,701,568 Ritningar Blötberget.msg
24/01/2014 10:52 127 Ritningar Blötberget.msg.md
22/03/2013 13:07 1,772,544 Tillredningsplan Blötberget_20130322A.doc
24/01/2014 10:52 144 Tillredningsplan Blötberget_20130322A.doc.md
09/12/2013 12:01 752,522 Tillredningsplan Blötberget_20130322A.pdf
10/02/2014 11:37 144 Tillredningsplan Blötberget_20130322A.pdf.md
22/03/2013 13:02 866,304 Tillredningsplan Håksberg_20130322A.doc
24/01/2014 10:52 142 Tillredningsplan Håksberg_20130322A.doc.md
20/01/2014 13:20 882,576 Update brytningsplan_20130307.pdf
10/02/2014 11:37 136 Update brytningsplan_20130307.pdf.md
10/02/2014 11:36 131 ~$Blötberget 2013-12-04.pptx.md
10/02/2014 11:36 143 ~$Blötberget malmbild_brytningsplan.pptx.md
10/02/2014 11:39 140 ~$Gruvgeometrier_dimensionerande.xlsx.md

20/05/2014 09:10 297,472 rsproduktion_20140324_ver01.xls

2014\Mining\kapacitetstak\malmbild
12/02/2014 10:15 310,802 Blötberget_model_13-09-13.zip
12/02/2014 10:06 2,694,039 bm_bberget.rar
12/02/2014 10:20 598,425 kalv-hug-all-geology.str
12/02/2014 10:20 667,403 kalv-hug-all-mag-hem.str
12/02/2014 10:20 3,444 kalv-hug-geology-hem-100m.str
12/02/2014 10:20 8,494 kalv-hug-geology-mag-100m.str
12/02/2014 10:20 859 kalv-hug-geology-mag-400m.str
12/02/2014 10:06 140,058 wf_flygruvan.dtm

12/02/2014 10:06 70,056 wf_flygruvan.str

12/02/2014 10:06 1,696,455 wf_hugget.dtm
12/02/2014 10:06 720,771 wf_hugget.str
12/02/2014 10:06 200,803 wf_kalvgruvan.dtm
12/02/2014 10:06 101,391 wf_kalvgruvan.str
12/02/2014 12:01 39,854 wf_res_pillar_fly.dtm
12/02/2014 12:01 22,927 wf_res_pillar_fly.str
12/02/2014 12:01 36,503 wf_res_pillar_kalv.dtm
12/02/2014 12:01 21,288 wf_res_pillar_kalv.str
12/02/2014 10:06 23,385 wf_sandell.dtm
12/02/2014 10:06 13,720 wf_sandell.str
12/02/2014 12:01 54,601 wf_the_wedge_fly.dtm
12/02/2014 12:01 30,451 wf_the_wedge_fly.str
12/02/2014 12:01 30,556 wf_the_wedge_kalv.dtm
12/02/2014 12:01 18,412 wf_the_wedge_kalv.str

2014\Mining\kapacitetstak\Möte maskiner febr 13
12/02/2014 16:24 2,124,736 Blötberget malmbild_brytningsplan.pptx
13/02/2014 15:19 2,125,154 Blötberget malmbild_brytningsplan2.pptx
17/03/2014 09:24 950,389 Simulering NIOAB.pdf

2014\Mining\kapacitetstak\Planritning orter alt 1 och 2
03/02/2014 16:22 41,760 Alt 1 K+F.pdf
11/02/2014 07:43 343 Alt 1 K+F.pdf.md
03/02/2014 16:21 618,700 Alt 1 Ludvika_orter.pdf
11/02/2014 07:43 363 Alt 1 Ludvika_orter.pdf.md
10/02/2014 16:26 134,133 Alt 2 Orter.pdf
11/02/2014 07:43 348 Alt 2 Orter.pdf.md
11/02/2014 08:07 198,643 Alt 2 Orter.PNG
11/02/2014 08:10 349 Alt 2 Orter.PNG.md
10/02/2014 14:08 79,283 Alt 2.png
11/02/2014 07:47 335 Alt 2.png.md
31/01/2014 11:18 287,459 Hela malmkroppen.docx
11/02/2014 07:43 866 Hela malmkroppen.docx.md
10/02/2014 12:03 91,856 Malmkroppen.PNG
11/02/2014 07:46 347 Malmkroppen.PNG.md

2014\Mining\presentationen
29/08/2013 14:55 6,457,563 2011_047_tk_geo_11_2.pdf
20/12/2011 14:22 380,154 BILAGA 3.pdf
20/12/2011 15:06 1,692,530 BILAGA 6A.pdf
01/10/2013 21:21 4,414,976 Blötberget.ppt
13/07/2011 13:13 9,452,544 Centrala Håksberg.ppt
01/10/2013 21:23 4,739,584 Håksberg.ppt
22/09/2013 16:40 6,037,504 Håksberg_20130923.ppt
29/09/2013 11:52 2,550,272 Håksberg_KarlAnders.ppt
04/10/2013 14:06 2,850,975 Iviken väg.pptx
01/10/2013 17:50 3,801,000 Iviken.pptx
01/10/2013 17:27 7,138,107 kontrollprogram_5.pptx
23/09/2013 13:15 13,722,473 Sektioner och mätningar.pptx
01/10/2013 21:24 152,576 Sättnings_storlek_1.ppt
14/08/2013 09:33 2,547,419 ™versikt.pdf
Directory of P:\U6006 SE511 Ludvika NIO DFS\Project\Data\DATA FROM SITE MAY 2014\Mining\Uppdatering
brytningsplanering

20/05/2014 11:37 <DIR> Bilder

20/05/2014 11:37 <DIR> Bilder och skisser tillredning och brytning
15/03/2013 12:04 13,664 Femman gruvan.docx
29/10/2012 17:12 362,655 Haksberg.pdf
20/05/2014 11:38 <DIR> kartbilder
20/05/2014 11:38 <DIR> Levererat mars 2013
05/02/2013 16:18 991,502 Malmbevisning tidiga ton_Blötberget 20130205.pdf
05/02/2013 14:56 977,851 Malmbevisning tidiga ton_Blötberget.pdf
22/02/2013 17:16 15,272 Mine Design_confidence.docx
26/02/2013 14:37 83,968 Mine Design_confidence_2.docx
18/03/2013 07:42 160,323 Möte_plan 20130314.docx
28/02/2013 15:58 386,774 Möte_VBkraft_1.docx
24/04/2012 12:11 163,328 Provbrytning och brytningsstart.xls
25/02/2013 11:08 566,784 Rapport 4 - Gruvproduktion.doc
20/05/2014 11:38 <DIR> Ritningar Blötberget
08/03/2013 09:24 6,319,427 Snedbana och brytningsramper.pdf
08/03/2013 09:18 43,520 snedbanan nivå 420-700 med inslag till malm.msg
12/03/2013 17:22 10,803,712 Tillredningsplan Blötberget_20130312.doc
13/03/2013 09:31 10,804,224 Tillredningsplan Blötberget_20130313.doc
13/03/2013 09:31 744,604 Tillredningsplan Blötberget_20130313.pdf
14/03/2013 09:16 253,440 Tillredningsplan Håksberg_20130313.doc
14/03/2013 13:39 219,648 Tillredningsplan Håksberg_20130314.doc
12/03/2013 17:19 144,149 Tillredningsplan mars 11 2013.xlsx
25/02/2013 11:29 3,287,923 Tonnage Håksbergfältet_nivåer.xlsx
25/02/2013 17:22 3,295,936 Tonnage Håksbergfältet_nivåer_ramper 2013.xlsx
13/02/2013 11:45 338,944 Update brytningsplan_20130213 (reparerad).doc
13/02/2013 08:27 450,048 Update brytningsplan_20130213.doc
15/02/2013 17:02 10,599,936 Update brytningsplan_20130213A.doc
22/02/2013 14:05 265,216 Update brytningsplan_20130222 utan.doc
01/03/2013 12:45 9,276,928 Update brytningsplan_20130301 utan.doc
05/03/2013 15:50 9,402,368 Update brytningsplan_20130306 utan.doc
05/03/2013 16:41 9,404,928 Update brytningsplan_20130307.doc
05/03/2013 16:41 882,576 Update brytningsplan_20130307.pdf
08/03/2013 14:48 9,943,552 Update brytningsplan_20130308.doc
12/02/2013 17:38 105,166 Utbyggnadsplan_20111020_B_update march2013.xlsx
brytningsplanering\Bilder
20/05/2014 11:36 <DIR> Blötberget
27/02/2013 08:58 283,590 Blötberget_Håksberg.jpg
28/01/2013 19:24 1,667,528 Flygruvan.jpg
19/02/2013 09:00 486,293 Guldkannan topp.JPG
19/02/2013 09:03 509,746 Guldkannan.JPG
28/01/2013 19:24 1,143,952 Kalv och Flygruvan 2.jpg
28/01/2013 19:12 1,404,820 Kalvgruvan.jpg
25/01/2013 13:57 16,773 Nordic_Iron_Ore.png
12/02/2013 21:46 6,187,262 Ramp (2).jpg
27/02/2013 09:50 918,924 Ramp 3.jpg


09/01/2013 08:51 2,916,591 Sammanställning.jpg
09/01/2013 08:53 2,797,854 Sammanställning1.jpg
14/01/2013 13:44 2,651,731 Sammanställning3.jpg
20/05/2014 11:36 <DIR> Tidiga tonage
26/02/2013 10:17 1,862,878 Tidigare tillredd inkl rampmalm.jpg
20/05/2014 11:37 <DIR> Tillredning Hugget
20/05/2014 11:37 <DIR> Tillredning Kalv Fly
20/05/2014 11:37 <DIR> Tillredning Sandell
01/02/2011 10:16 6,648,443 topo_blötberget.tif
15/06/2009 10:31 4,269,162 topo_håksberg.bmp
27/02/2013 09:14 737,164 Uppfodring alt1 (2).jpg
13/02/2013 13:34 2,705,616 Uppfodring alt1.jpg
brytningsplanering\Bilder\Blötberget
14/01/2013 13:30 947,544 1.jpg
10/01/2013 16:18 1,248,782 10.jpg
10/01/2013 16:19 1,143,958 11.jpg
14/01/2013 13:26 1,099,514 12.jpg
14/01/2013 13:27 1,140,382 13.jpg
14/01/2013 16:47 1,033,549 14.jpg
14/01/2013 16:48 935,191 15.jpg
14/01/2013 16:49 923,267 16.jpg
21/01/2013 11:07 1,509,813 17.jpg
14/01/2013 13:31 940,533 2.jpg
10/01/2013 16:11 884,255 3.jpg
10/01/2013 16:12 1,009,730 4.jpg
10/01/2013 16:13 927,052 5.jpg
14/01/2013 13:38 953,415 6.jpg
14/01/2013 13:39 902,831 7.jpg
10/01/2013 16:17 1,009,095 8.jpg
10/01/2013 16:18 970,376 9.jpg
14/01/2013 19:50 489,261 Blötberget old.jpg
21/01/2013 19:13 9,787,421 Blötberget stor.jpg
14/02/2013 18:57 9,808,560 Blötberget.jpg
14/01/2013 13:36 1,054,254 Kalv och Flygruvan.jpg
14/02/2013 16:37 215,699 Laven.jpg
brytningsplanering\Bilder\Tidiga tonage
03/02/2013 18:35 584,287 Figur 10.jpg
03/02/2013 18:45 753,604 Figur 11.jpg
03/02/2013 17:51 1,029,634 Figur 6.jpg
03/02/2013 18:04 1,096,554 Figur 7.jpg
03/02/2013 18:21 992,475 Figur 8.jpg
03/02/2013 18:28 578,584 Figur 9-2.jpg
03/02/2013 18:28 582,384 Figur 9.jpg
05/02/2013 20:47 1,224,292 G005.jpg
05/02/2013 20:14 686,576 G6-01.jpg
03/02/2013 12:18 223,281 restmalm.jpg
brytningsplanering\Bilder\Tillredning Hugget
26/02/2013 15:40 580,227 Tillredning Hugget 1.jpg


26/02/2013 20:35 1,020,623 Tillredning Hugget 3.jpg
04/03/2013 15:09 23,218 Tillredning Hugget 360.pdf
26/02/2013 20:31 1,739,832 Tillredning Hugget.jpg
04/03/2013 17:29 22,420 Tillredning Kalv_Fly 420.pdf
brytningsplanering\Bilder\Tillredning Kalv Fly
27/02/2013 08:30 1,145,532 Tillredning Kalv 2.jpg
27/02/2013 08:35 928,591 Tillredning Kalv 3.jpg
27/02/2013 08:27 1,006,848 Tillredning Kalv.jpg
brytningsplanering\Bilder\Tillredning Sandell
26/02/2013 19:55 1,821,388 Tillredning Sandell.jpg
brytningsplanering\Bilder och skisser tillredning och brytning
20/05/2014 11:37 <DIR> Blötberget
04/03/2013 15:09 23,218 Tillredning Hugget 360.pdf
04/03/2013 17:29 22,420 Tillredning Kalv_Fly 420.pdf
brytningsplanering\Bilder och skisser tillredning och brytning\Blötberget
20/03/2013 13:56 107,520 Jag ringer....msg
12/02/2013 21:42 5,729,412 Ny tillredning4.jpg
12/02/2013 21:46 6,187,262 Ramp (2).jpg
15/02/2013 14:09 697,666 Sammanställning.jpg
brytningsplanering\kartbilder
13/03/2013 10:55 639,581 001.pdf
21/03/2013 12:45 1,382,376 002.pdf
13/03/2013 10:58 496,418 003.pdf
21/03/2013 12:46 963,505 004.pdf
21/03/2013 12:47 373,450 005.pdf
20/03/2013 14:43 188,914 006.pdf
13/03/2013 10:17 162,661 007.pdf
13/03/2013 11:26 386,689 008.pdf
20/03/2013 14:42 150,451 009.pdf
20/03/2013 14:44 163,403 010.pdf
21/03/2013 12:48 416,968 011.pdf
20/03/2013 14:50 125,295 012.pdf
20/03/2013 14:50 124,476 013.pdf
20/03/2013 15:33 172,513 014.pdf
20/03/2013 16:08 176,224 015.pdf

20/03/2013 17:01 137,648 016.pdf

20/03/2013 17:49 138,707 017.pdf
21/03/2013 10:23 185,650 018.pdf
21/03/2013 11:59 183,788 019.pdf
22/03/2013 12:37 42,015 snedbana_0-200 med orter_Iviken.jpg
brytningsplanering\Levererat mars 2013
13/03/2013 10:55 639,581 001.pdf
21/03/2013 12:45 1,382,376 002.pdf
13/03/2013 10:58 496,418 003.pdf
21/03/2013 12:46 963,505 004.pdf
21/03/2013 12:47 373,450 005.pdf
20/03/2013 14:43 188,914 006.pdf
13/03/2013 10:17 162,661 007.pdf
13/03/2013 11:26 386,689 008.pdf
20/03/2013 14:42 150,451 009.pdf
20/03/2013 14:44 163,403 010.pdf
21/03/2013 12:48 416,968 011.pdf
20/03/2013 14:50 125,295 012.pdf
20/03/2013 14:50 124,476 013.pdf
20/03/2013 15:33 172,513 014.pdf
20/03/2013 16:08 176,224 015.pdf
20/03/2013 17:01 137,648 016.pdf
20/03/2013 17:49 138,707 017.pdf
21/03/2013 10:23 185,650 018.pdf
21/03/2013 11:59 183,788 019.pdf
brytningsplanering\Ritningar Blötberget
13/03/2013 10:55 639,581 001.pdf
13/03/2013 11:02 1,369,743 002.pdf
13/03/2013 10:58 496,418 003.pdf
13/03/2013 10:59 843,125 004.pdf
13/03/2013 11:00 342,721 005.pdf
13/03/2013 10:14 189,442 006.pdf
13/03/2013 10:17 162,661 007.pdf
13/03/2013 11:26 386,689 008.pdf
Directory of P:\U6006 SE511 Ludvika NIO DFS\Project\Data\DATA FROM SITE MAY 2014\Mining\vent dec
2012
14/12/2012 13:49 159,744 FK Flödesschema Håksberg.msg
13/12/2012 16:38 6,843 Från Per-Erik_Bergarbeten för ventilation - Blötberget.pdf
06/07/2010 16:13 1,120,388 GAK Ventilation Blötbeget.jpg
03/12/2012 16:48 71,680 Håksberg - flödesberäkning.msg
14/12/2012 13:40 112,392 Håksberg_Flödesschema FL121214.pdf
07/01/2013 11:33 1,077,092 Ludvika gruvor - ™versyn gruvventilation 121217.pdf
07/12/2012 14:49 495,539 PEA App. 4_Attachment 4 Flowsheet Blötberget.pdf
14/12/2012 14:22 24,064 Ramböll_Cost Calculation ventilation 20121214 .xlsx.msg
07/01/2013 10:57 1,466,081 Schemaskiss_blötberget.pdf
14/12/2012 15:29 500,834 Ventilation Blötberget.pdf
14/12/2012 15:29 500,834 Ventilation Blötberget_2.pdf
03/12/2012 16:06 16,026 ventilation utbyggnad.xlsx

03/12/2012 12:53 24,540 Ventilationsprinciper - Håksberg.pdf
Directory of P:\U6006 SE511 Ludvika NIO DFS\Project\Data\DATA FROM SITE MAY 2014\Mining Concession
Application 2011
20/05/2014 10:04 <DIR> 1_Geology and Resources
20/05/2014 10:04 <DIR> 2_Mine Development, mining engineering and mine planning
20/05/2014 10:04 <DIR> 3_Metallurgical testwork and Process Plant
20/05/2014 10:04 <DIR> 4_Tailings Management
20/05/2014 10:04 <DIR> 5_Site Services and Infrastructure
20/05/2014 10:04 <DIR> 6_Transportation Logistics
20/05/2014 10:04 <DIR> 7_Water
Application 2011\1_Geology and Resources
20/05/2014 10:04 <DIR> Early tonnage
20/05/2014 10:04 <DIR> Surface mapping
Application 2011\1_Geology and Resources\Early tonnage
16/05/2014 07:27 473,088 bb_drillholes.dgn
16/05/2014 07:27 531,456 Blötbergets borrhål i design fil.msg
16/05/2014 07:27 1,446,682 Malmbevisning tidiga ton Håksberg.pdf
16/05/2014 07:27 1,162,737 Malmbevisning tidiga ton_Blötberget.pdf
16/05/2014 07:27 105,075 Utbyggnad varianter.xlsx
Application 2011\1_Geology and Resources\Surface mapping
16/05/2014 07:27 507,216 Fältanteckningar blötberget.pdf
16/05/2014 07:27 712,934 Förstudie för provbrytning- Håksberg.pdf
16/05/2014 07:27 1,111,832 Förstudie för provbrytning-Blötberget.pdf
16/05/2014 07:27 9,067,537 Hällkartering vid Våghalsen, Finnäset och Iviken_med bilagor_20111214.pdf
16/05/2014 07:28 1,117,104 Inventering av hematitmalm.pdf
16/05/2014 07:27 43,733 Provtagningsprotokoll.pdf
Application 2011\2_Mine Development, mining engineering and mine planning
20/05/2014 10:04 <DIR> BoQ
20/05/2014 10:04 <DIR> Hoisting Study
20/05/2014 10:04 <DIR> Updated Mining Plan
20/05/2014 10:04 <DIR> vent dec 2012
Application 2011\2_Mine Development, mining engineering and mine planning\BoQ
16/05/2014 07:28 44,892 Alt 1 AA.pdf
16/05/2014 07:28 114 Alt 1 AA.pdf.md
16/05/2014 07:28 172,419 Alt 1.pdf
16/05/2014 07:28 111 Alt 1.pdf.md
16/05/2014 07:28 38,372 Alt 2 BB.pdf
16/05/2014 07:28 114 Alt 2 BB.pdf.md
16/05/2014 07:28 99,010 Alt 2.pdf
16/05/2014 07:28 111 Alt 2.pdf.md
16/05/2014 07:28 32,159 Blötberget - Kostnadssammanställning FK121213.pdf
16/05/2014 07:28 151 Blötberget - Kostnadssammanställning FK121213.pdf.md
16/05/2014 07:28 93,696 Kostnader - Blötberget.msg
16/05/2014 07:28 128 Kostnader - Blötberget.msg.md
16/05/2014 07:28 11,699 Kostnadssammaställning - differens mot tidigare PM.pdf
16/05/2014 07:28 156 Kostnadssammaställning - differens mot tidigare PM.pdf.md
16/05/2014 07:28 55,296 NCC cost estimate Nordic Iron Ore 110922.xls

16/05/2014 07:28 146 NCC cost estimate Nordic Iron Ore 110922.xls.md
16/05/2014 07:28 61,952 Ny redovisning av kostnadsdifferens.msg
16/05/2014 07:28 141 Ny redovisning av kostnadsdifferens.msg.md
16/05/2014 07:28 29,709 Ramböll_Cost Calculation ventilation 20121214 .xlsx
16/05/2014 07:28 153 Ramböll_Cost Calculation ventilation 20121214 .xlsx.md
16/05/2014 07:28 70,656 Update development Nordic Iron Ore 130306.xls
16/05/2014 07:28 148 Update development Nordic Iron Ore 130306.xls.md
16/05/2014 07:28 67,584 Update development estimate Nordic Iron Ore 130118.xls
16/05/2014 07:28 156 Update development estimate Nordic Iron Ore 130118.xls.md
Application 2011\2_Mine Development, mining engineering and mine planning\Hoisting Study
20/05/2014 10:04 <DIR> 1. General Description
20/05/2014 10:04 <DIR> 2. Summary
20/05/2014 10:04 <DIR> 3. Alt 1 Investm., Operation costs
20/05/2014 10:04 <DIR> 6. Common documentation
20/05/2014 10:04 <DIR> 7. Different type of trucks
16/05/2014 07:28 10,171 Front Page Oct 2012.pdf
Application 2011\2_Mine Development, mining engineering and mine planning\Hoisting Study\1. General
Description
16/05/2014 07:28 13,013 General Description and Basic Data.pdf
Application 2011\2_Mine Development, mining engineering and mine planning\Hoisting Study\2. Summary
16/05/2014 07:28 10,364 Summary.pdf
Application 2011\2_Mine Development, mining engineering and mine planning\Hoisting Study\3. Alt 1
Investm., Operation costs
20/05/2014 10:04 <DIR> Drawings
Investm., Operation costs\Drawings
16/05/2014 07:28 125,124 201209-100 SHAFT.pdf
16/05/2014 07:28 262,744 201209-101 SHAFT SKIP.pdf
16/05/2014 07:28 124,894 201209-102 SHAFT HOIST.pdf
16/05/2014 07:28 150,321 201209-105 SHAFT SECTION.pdf
investm., operation costs
20/05/2014 10:04 <DIR> Drawings
investm., operation costs\Drawings

16/05/2014 07:28 72,476 201209-200 CONVEYOR.pdf

16/05/2014 07:28 82,936 201209-210 CONV.SECTION.pdf
16/05/2014 07:28 170,526 201209-230 CRUSHING.pdf
investm., operation costs
16/05/2014 07:28 7,510,277 Different types of Trucks.docx
20/05/2014 10:04 <DIR> Drawings
16/05/2014 07:28 10,996 Investm, Operation costs Alt 3a.pdf
16/05/2014 07:28 11,077 Investm, Operation costs Alt 3b.pdf
investm., operation costs\Drawings
16/05/2014 07:28 78,718 201209-300 TRUCK.pdf
16/05/2014 07:28 150,379 201209-310 TRUCK CRUSHING.pdf
Application 2011\2_Mine Development, mining engineering and mine planning\Hoisting Study\6. Common
documentation
16/05/2014 07:28 34,703 201209-110 RAMP SECTION.pdf
16/05/2014 07:28 76,611 201209-120 CONV.SECTION.pdf
Application 2011\2_Mine Development, mining engineering and mine planning\Hoisting Study\7. Different
type of trucks
16/05/2014 07:28 15,575 Different type of trucks.pdf
Application 2011\2_Mine Development, mining engineering and mine planning\Updated Mining Plan
16/05/2014 07:28 639,581 001.pdf
16/05/2014 07:28 1,382,376 002.pdf
16/05/2014 07:28 496,418 003.pdf
16/05/2014 07:28 963,505 004.pdf
16/05/2014 07:28 373,450 005.pdf
16/05/2014 07:28 188,914 006.pdf
16/05/2014 07:28 162,661 007.pdf
16/05/2014 07:28 386,689 008.pdf
16/05/2014 07:28 150,451 009.pdf
16/05/2014 07:28 163,403 010.pdf
16/05/2014 07:28 416,968 011.pdf
16/05/2014 07:28 125,295 012.pdf
16/05/2014 07:28 124,476 013.pdf
16/05/2014 07:28 172,513 014.pdf
16/05/2014 07:28 176,224 015.pdf
16/05/2014 07:28 137,648 016.pdf
16/05/2014 07:28 138,707 017.pdf
16/05/2014 07:28 185,650 018.pdf
16/05/2014 07:28 183,788 019.pdf
Application 2011\2_Mine Development, mining engineering and mine planning\vent dec 2012
16/05/2014 07:28 159,744 FK Flödesschema Håksberg.msg

16/05/2014 07:28 130 FK Flödesschema Håksberg.msg.md

16/05/2014 07:28 6,843 Från Per-Erik_Bergarbeten för ventilation - Blötberget.pdf
16/05/2014 07:28 160 Från Per-Erik_Bergarbeten för ventilation - Blötberget.pdf.md
16/05/2014 07:28 1,120,388 GAK Ventilation Blötbeget.jpg
16/05/2014 07:28 131 GAK Ventilation Blötbeget.jpg.md
16/05/2014 07:28 71,680 Håksberg - flödesberäkning.msg
16/05/2014 07:28 132 Håksberg - flödesberäkning.msg.md
16/05/2014 07:28 112,392 Håksberg_Flödesschema FL121214.pdf
16/05/2014 07:28 136 Håksberg_Flödesschema FL121214.pdf.md
16/05/2014 07:28 1,077,092 Ludvika gruvor - ™versyn gruvventilation 121217.pdf
16/05/2014 07:28 154 Ludvika gruvor - ™versyn gruvventilation 121217.pdf.md
16/05/2014 07:28 150 PEA App. 4_Attachment 4 Flowsheet Blötberget.pdf.md
16/05/2014 07:28 24,064 Ramböll_Cost Calculation ventilation 20121214 .xlsx.msg
16/05/2014 07:28 157 Ramböll_Cost Calculation ventilation 20121214 .xlsx.msg.md
16/05/2014 07:28 1,466,081 Schemaskiss_blötberget.pdf
16/05/2014 07:28 128 Schemaskiss_blötberget.pdf.md
16/05/2014 07:28 500,834 Ventilation Blötberget.pdf
16/05/2014 07:28 128 Ventilation Blötberget.pdf.md
16/05/2014 07:28 500,834 Ventilation Blötberget_2.pdf
16/05/2014 07:28 130 Ventilation Blötberget_2.pdf.md
16/05/2014 07:28 16,026 ventilation utbyggnad.xlsx
16/05/2014 07:28 128 ventilation utbyggnad.xlsx.md
16/05/2014 07:28 24,540 Ventilationsprinciper - Håksberg.pdf
16/05/2014 07:28 138 Ventilationsprinciper - Håksberg.pdf.md
Application 2011\5_Site Services and Infrastructure\Electrical power
16/05/2014 07:28 46,342 Blötberget Kraftförsörjning E62001.pdf
16/05/2014 07:28 15,828 El utbyggnad Blötberget.docx
16/05/2014 07:28 19,247 El utbyggnad Blötberget_2.docx
16/05/2014 07:28 46,450 Håksberg Kraftförsörjning E62002.pdf
16/05/2014 07:28 24,745 Motor List Concentrator B+H.pdf
16/05/2014 07:28 12,483 Motor List Prim Crush, Hoisting Blötberget.pdf
16/05/2014 07:28 15,049 Motor List Prim Crush, Hoisting Håksberg.pdf
16/05/2014 07:28 17,213 Motor lists Vent, Dust, Heat.pdf
20/05/2014 10:04 <DIR> möte 2
16/05/2014 07:28 123,495 Möte_VBkraft_2.pdf
16/05/2014 07:28 3,382,784 Några filer som jag bläddrade i vid dagens mötePE.msg
16/05/2014 07:28 58,078 PEA Appendix 12.2.1 Machine List Blötberget.pdf
16/05/2014 07:28 124,799 PEA Appendix 12b Dewatering the mines.pdf
16/05/2014 07:28 913,066 PEA Appendix 9 Power Supply.pdf
16/05/2014 07:28 95,159 PEA Appendix 9.1 Blötberget Cost Calculation Electric power.pdf
16/05/2014 07:28 109,631 PEA Appendix 9.2 Håksberg Cost Calculation Electric power.pdf
16/05/2014 07:28 2,847,879 PPT Hans, Anläggningsplan.pptx
16/05/2014 07:28 1,772,542 T0201_ENG - Copy.pdf
Application 2011\5_Site Services and Infrastructure\Electrical power\möte 2
16/05/2014 07:28 2,246,529 IMG_1755.JPG
16/05/2014 07:28 114 IMG_1755.JPG.md
Mineral Processing and Metallurgy

Directory of P:\U6006 SE511 Ludvika NIO DFS\Project\Data\DATA FROM SITE MAY 2014\Processing
15/05/2014 11:25 16,763 Metallurgical Development - Schedule (v.1).xlsx

15/05/2014 07:03 20,883,171 TSC - Blotberget Met Development (v2.0).pptx
PEA 2011
Directory of P:\U6006 SE511 Ludvika NIO DFS\Project\Data\DATA FROM SITE MAY 2014\PEA 2011
20/05/2014 10:01 <DIR> Appendix 1
20/05/2014 10:01 <DIR> Appendix 10
20/05/2014 10:01 <DIR> Appendix 11
20/05/2014 10:01 <DIR> Appendix 12
20/05/2014 10:01 <DIR> Appendix 13
20/05/2014 10:01 <DIR> Appendix 14
20/05/2014 10:01 <DIR> Appendix 2
22/05/2014 18:35 <DIR> Appendix 3
20/05/2014 10:01 <DIR> Appendix 4
20/05/2014 10:01 <DIR> Appendix 5
20/05/2014 10:01 <DIR> Appendix 6
20/05/2014 10:01 <DIR> Appendix 7
20/05/2014 10:01 <DIR> Appendix 8
20/05/2014 10:01 <DIR> Appendix 9
11/01/2012 18:31 317,952 CD-omslag.doc
11/01/2012 18:24 745 CD-omslag.doc.md
11/01/2012 09:32 112 ChaosDesktopFolder.md
11/01/2012 10:01 2,035,432 PEA_rev_januari_2012_3_Final.pdf
11/01/2012 07:58 133 PEA_rev_januari_2012_3_Final.pdf.md
Directory of P:\U6006 SE511 Ludvika NIO DFS\Project\Data\DATA FROM SITE MAY 2014\PEA 2011\Appendix
1
20/05/2014 10:01 <DIR> .

20/05/2014 10:01 <DIR> ..
23/11/2011 14:14 2,696,256 PEA Appendix 1a.pdf
25/11/2011 13:38 752 PEA Appendix 1a.pdf.md
23/11/2011 19:27 1,219,283 PEA Appendix 1b.pdf
27/11/2011 08:36 120 PEA Appendix 1b.pdf.md
23/11/2011 19:29 1,107,964 PEA Appendix 1c.pdf
25/11/2011 13:38 752 PEA Appendix 1c.pdf.md
10
31/08/2011 14:11 70,008 Blötberget Kommunikation E71001.pdf
01/09/2011 14:14 137 Blötberget Kommunikation E71001.pdf.md
31/08/2011 14:13 58,487 Håksberg Kommunikation E71003.pdf
01/09/2011 14:14 135 Håksberg Kommunikation E71003.pdf.md
31/08/2011 14:12 53,442 Iviken Kommunikation E71002.pdf
01/09/2011 14:14 133 Iviken Kommunikation E71002.pdf.md
24/11/2011 14:04 23,056 PEA App. 10.1_Blötberget Cost Calculation Communication.pdf
27/11/2011 08:39 160 PEA App. 10.1_Blötberget Cost Calculation Communication.pdf.md
24/11/2011 14:24 23,055 PEA App. 10.2_Håksberg Cost Calculation Communication.pdf
27/11/2011 08:39 158 PEA App. 10.2_Håksberg Cost Calculation Communication.pdf.md
24/11/2011 11:26 933,131 PEA Appendix 10 Communication.pdf
27/11/2011 08:39 134 PEA Appendix 10 Communication.pdf.md
11
20/05/2014 10:01 <DIR> PEA App. 11_Att. 2_Drawings
25/11/2011 18:39 88,676 PEA App. 11_Att.1_Drawing List.pdf

27/11/2011 08:39 135 PEA App. 11_Att.1_Drawing List.pdf.md

24/11/2011 09:13 256,690 PEA Appendix 11 Capital cost buildings.pdf
27/11/2011 08:39 143 PEA Appendix 11 Capital cost buildings.pdf.md
11\PEA App. 11_Att. 2_Drawings
19/10/2011 14:16 45,221 A-40 3-1021.pdf
19/10/2011 14:17 756 A-40 3-1021.pdf.md
08/09/2011 16:14 137,362 A-40.1-1001.pdf
12/09/2011 10:17 117 A-40.1-1001.pdf.md
08/09/2011 16:15 164,152 A-40.1-101.pdf
12/09/2011 10:17 116 A-40.1-101.pdf.md
08/09/2011 16:08 141,907 A-40.1-1101.pdf
12/09/2011 10:17 117 A-40.1-1101.pdf.md
08/09/2011 16:16 112,023 A-40.1-1201.pdf
12/09/2011 10:17 117 A-40.1-1201.pdf.md
08/09/2011 16:10 164,338 A-40.1-1301.pdf
12/09/2011 10:17 117 A-40.1-1301.pdf.md
08/09/2011 16:12 57,401 A-40.1-1401.pdf
12/09/2011 10:17 117 A-40.1-1401.pdf.md
08/09/2011 16:12 60,559 A-40.1-1501.pdf
12/09/2011 10:17 117 A-40.1-1501.pdf.md
08/09/2011 16:18 98,820 A-40.1-201.pdf
12/09/2011 10:17 116 A-40.1-201.pdf.md
08/09/2011 16:07 106,308 A-40.1-301.pdf
12/09/2011 10:17 116 A-40.1-301.pdf.md
08/09/2011 16:13 106,470 A-40.1-401.pdf
12/09/2011 10:17 116 A-40.1-401.pdf.md
08/09/2011 16:19 620,048 A-40.1-501.pdf
12/09/2011 10:17 116 A-40.1-501.pdf.md
08/09/2011 16:20 132,404 A-40.1-502.pdf
12/09/2011 10:17 116 A-40.1-502.pdf.md
08/09/2011 16:09 140,722 A-40.1-601.pdf
12/09/2011 10:17 116 A-40.1-601.pdf.md
08/09/2011 16:17 107,254 A-40.1-701.pdf
12/09/2011 10:17 116 A-40.1-701.pdf.md
08/09/2011 16:11 163,884 A-40.1-801.pdf
12/09/2011 10:17 116 A-40.1-801.pdf.md
08/09/2011 16:12 64,469 A-40.1-901.pdf
12/09/2011 10:17 116 A-40.1-901.pdf.md
19/10/2011 14:16 51,293 A-40.2-1011.pdf
19/10/2011 14:18 757 A-40.2-1011.pdf.md
08/09/2011 16:15 61,113 A-40.2-111.pdf
12/09/2011 10:17 116 A-40.2-111.pdf.md
08/09/2011 16:08 102,725 A-40.2-1111.pdf
12/09/2011 10:17 117 A-40.2-1111.pdf.md
08/09/2011 17:58 102,662 A-40.2-1211.pdf
12/09/2011 10:17 117 A-40.2-1211.pdf.md
08/09/2011 16:10 152,488 A-40.2-1311.pdf
12/09/2011 10:17 117 A-40.2-1311.pdf.md
08/09/2011 16:18 109,045 A-40.2-211.pdf
12/09/2011 10:17 116 A-40.2-211.pdf.md
08/09/2011 16:07 130,135 A-40.2-311.pdf
12/09/2011 10:17 116 A-40.2-311.pdf.md
08/09/2011 16:13 130,134 A-40.2-411.pdf
12/09/2011 10:17 116 A-40.2-411.pdf.md
08/09/2011 16:20 183,974 A-40.2-511.pdf

12/09/2011 10:17 116 A-40.2-511.pdf.md

08/09/2011 18:00 101,619 A-40.2-611.pdf
12/09/2011 10:17 116 A-40.2-611.pdf.md
08/09/2011 18:02 101,518 A-40.2-711.pdf
12/09/2011 10:17 116 A-40.2-711.pdf.md
08/09/2011 16:11 153,301 A-40.2-811.pdf
12/09/2011 10:17 116 A-40.2-811.pdf.md
19/10/2011 14:16 59,444 A-40.3-1022.pdf
19/10/2011 14:18 758 A-40.3-1022.pdf.md
08/09/2011 16:08 56,544 A-40.3-1121.pdf
12/09/2011 10:17 117 A-40.3-1121.pdf.md
08/09/2011 16:08 63,943 A-40.3-1122.pdf
12/09/2011 10:17 117 A-40.3-1122.pdf.md
08/09/2011 16:15 65,230 A-40.3-121.pdf
12/09/2011 10:17 116 A-40.3-121.pdf.md
08/09/2011 16:16 68,447 A-40.3-122.pdf
12/09/2011 10:17 116 A-40.3-122.pdf.md
08/09/2011 16:16 62,254 A-40.3-1221.pdf
12/09/2011 10:17 117 A-40.3-1221.pdf.md
08/09/2011 16:17 57,029 A-40.3-1222.pdf
12/09/2011 10:17 117 A-40.3-1222.pdf.md
08/09/2011 16:10 60,606 A-40.3-1321.pdf
12/09/2011 10:17 117 A-40.3-1321.pdf.md
08/09/2011 16:10 66,106 A-40.3-1322.pdf
12/09/2011 10:17 117 A-40.3-1322.pdf.md
08/09/2011 16:18 63,141 A-40.3-221.pdf
12/09/2011 10:17 116 A-40.3-221.pdf.md
08/09/2011 16:18 56,398 A-40.3-222.pdf
12/09/2011 10:17 116 A-40.3-222.pdf.md
08/09/2011 16:07 66,715 A-40.3-321.pdf
12/09/2011 10:17 116 A-40.3-321.pdf.md
08/09/2011 16:07 57,669 A-40.3-322.pdf
12/09/2011 10:17 116 A-40.3-322.pdf.md
08/09/2011 16:13 66,310 A-40.3-421.pdf
12/09/2011 10:17 116 A-40.3-421.pdf.md
08/09/2011 16:13 57,651 A-40.3-422.pdf
12/09/2011 10:17 116 A-40.3-422.pdf.md
08/09/2011 16:21 87,771 A-40.3-521.pdf
12/09/2011 10:17 116 A-40.3-521.pdf.md
08/09/2011 16:21 67,458 A-40.3-522.pdf
12/09/2011 10:17 116 A-40.3-522.pdf.md
08/09/2011 16:09 55,971 A-40.3-621.pdf
12/09/2011 10:17 116 A-40.3-621.pdf.md
08/09/2011 16:09 63,568 A-40.3-622.pdf
12/09/2011 10:17 116 A-40.3-622.pdf.md
08/09/2011 16:17 62,196 A-40.3-721.pdf
12/09/2011 10:17 116 A-40.3-721.pdf.md
08/09/2011 16:18 56,161 A-40.3-722.pdf
12/09/2011 10:17 116 A-40.3-722.pdf.md
08/09/2011 16:11 60,235 A-40.3-821.pdf
12/09/2011 10:17 116 A-40.3-821.pdf.md
08/09/2011 16:11 65,590 A-40.3-822.pdf
12/09/2011 10:17 116 A-40.3-822.pdf.md
12


20/05/2014 10:01 <DIR> PEA App. 12_Attachments
24/11/2011 15:36 146,140 PEA Appendix 12.1.1 Cost Estimation Blötberget.pdf
27/11/2011 08:40 151 PEA Appendix 12.1.1 Cost Estimation Blötberget.pdf.md
24/11/2011 15:37 108,414 PEA Appendix 12.1.2 Cost Estimation Håksberg.pdf
27/11/2011 08:40 149 PEA Appendix 12.1.2 Cost Estimation Håksberg.pdf.md
24/11/2011 15:42 58,078 PEA Appendix 12.2.1 Machine List Blötberget.pdf
27/11/2011 08:40 148 PEA Appendix 12.2.1 Machine List Blötberget.pdf.md
24/11/2011 15:43 52,372 PEA Appendix 12.2.2 Machine List Håksberg.pdf
27/11/2011 08:40 146 PEA Appendix 12.2.2 Machine List Håksberg.pdf.md
24/11/2011 17:08 114,610 PEA Appendix 12a Re-routing Gonäsån.pdf
27/11/2011 08:40 140 PEA Appendix 12a Re-routing Gonäsån.pdf.md
24/11/2011 17:10 124,799 PEA Appendix 12b Dewatering the mines.pdf
27/11/2011 08:40 142 PEA Appendix 12b Dewatering the mines.pdf.md
24/11/2011 17:13 222,569 PEA Appendix 12c Water management and water balance.pdf
27/11/2011 08:40 156 PEA Appendix 12c Water management and water balance.pdf.md
24/11/2011 17:20 132,932 PEA Appendix 12d Fire water supply.pdf
27/11/2011 08:40 139 PEA Appendix 12d Fire water supply.pdf.md
12\PEA App. 12_Attachments
19/09/2011 07:23 407,114 130_1.pdf
27/11/2011 08:40 110 130_1.pdf.md
19/09/2011 07:21 399,819 130_2.pdf
27/11/2011 08:40 110 130_2.pdf.md
19/09/2011 07:18 58,685 130_3.pdf
27/11/2011 08:40 110 130_3.pdf.md
19/09/2011 07:25 70,676 130_4.pdf
27/11/2011 08:40 110 130_4.pdf.md
19/09/2011 07:24 427,473 160_1.pdf
27/11/2011 08:40 110 160_1.pdf.md
19/09/2011 07:17 71,711 160_2.pdf
27/11/2011 08:40 110 160_2.pdf.md
19/09/2011 07:32 430,325 200_1.pdf
27/11/2011 08:40 110 200_1.pdf.md
19/09/2011 07:33 394,843 200_11.pdf
27/11/2011 08:40 111 200_11.pdf.md
19/09/2011 07:28 402,334 200_13.pdf
27/11/2011 08:40 111 200_13.pdf.md
19/09/2011 07:29 81,058 200_2.pdf
27/11/2011 08:40 110 200_2.pdf.md
19/09/2011 07:27 413,535 200_3.pdf
27/11/2011 08:40 110 200_3.pdf.md
13
11/01/2012 09:25 619,928 PEA Attachment 13 Nordic Iron ore Market Study ver 2011 12 22.pdf
11/01/2012 09:26 166 PEA Attachment 13 Nordic Iron ore Market Study ver 2011 12 22.pdf.md
14
11/01/2012 09:29 330,916 PEA_Appendix_14_Base_case_final.pdf
11/01/2012 09:31 768 PEA_Appendix_14_Base_case_final.pdf.md

2
23/11/2011 18:52 2,553,117 PEA Appendix 2 GVR11046 Blötberget and Håksberg mineral resource
verification.pdf
25/11/2011 13:38 867 PEA Appendix 2 GVR11046 Blötberget and Håksberg mineral resource
verification.pdf.md
3
20/05/2014 10:01 <DIR> PEA App. 3_Attachment 0 (in swedish)
01/12/2011 15:35 878,081 PEA Appendix 3_Mining.pdf
02/12/2011 11:51 146 PEA Appendix 3_Mining.pdf.md
3\PEA App. 3_Attachment 0 (in swedish)
01/12/2011 14:29 931,385 Att 0_LIST OF DRAWINGS MINING.pdf
27/11/2011 08:37 134 Att 0_LIST OF DRAWINGS MINING.pdf.md
03/10/2011 14:12 194,389 Att 0_M-2 PFS Present Mine 3D from HW.pdf
27/11/2011 08:37 142 Att 0_M-2 PFS Present Mine 3D from HW.pdf.md
03/10/2011 14:10 406,898 Att 0_M-3 PFS Present Mine 3D from FW.pdf
27/11/2011 08:37 142 Att 0_M-3 PFS Present Mine 3D from FW.pdf.md
03/10/2011 14:08 396,013 Att 0_M-5 PFS Cross section.pdf
27/11/2011 08:37 132 Att 0_M-5 PFS Cross section.pdf.md
21/10/2011 13:54 473,459 Att 0_M-7 Håk Present Mine 3D-North.pdf
27/11/2011 08:37 140 Att 0_M-7 Håk Present Mine 3D-North.pdf.md
21/10/2011 13:54 727,132 Att 0_M-8 Håk Present Mine 3D-Middle.pdf
27/11/2011 08:37 141 Att 0_M-8 Håk Present Mine 3D-Middle.pdf.md
21/10/2011 13:55 825,947 Att 0_M-9 Håk Present Mine 3D-South.pdf
27/11/2011 08:37 140 Att 0_M-9 Håk Present Mine 3D-South.pdf.md
03/10/2011 08:17 2,326,355 Att 0_M1 PFS.pdf
27/11/2011 08:37 117 Att 0_M1 PFS.pdf.md
03/10/2011 08:12 165,561 Att 0_M10_PFS.pdf
27/11/2011 08:37 118 Att 0_M10_PFS.pdf.md
03/10/2011 08:18 173,647 Att 0_M11_PFS.pdf
27/11/2011 08:37 118 Att 0_M11_PFS.pdf.md
03/10/2011 08:13 1,749,745 Att 0_M4_PFS.pdf
27/11/2011 08:37 117 Att 0_M4_PFS.pdf.md
03/10/2011 08:15 108,123 Att 0_M6_PFS.pdf
27/11/2011 08:37 117 Att 0_M6_PFS.pdf.md
01/12/2011 14:30 1,794,043 Att. 1.2_Bilaga 1-2 Kartering bergslänter Iviken.pdf
27/11/2011 08:38 153 Att. 1.2_Bilaga 1-2 Kartering bergslänter Iviken.pdf.md
01/12/2011 14:31 1,875,548 Att. 1.3_Bilaga 1-3 Kartering bergslänter Blötberget och Håksberg.pdf
27/11/2011 08:38 170 Att. 1.3_Bilaga 1-3 Kartering bergslänter Blötberget och Håksberg.pdf.md
01/12/2011 14:33 1,112,399 Att. 1_Rapport 1 - Basdata Bergmekanik.pdf
27/11/2011 08:38 143 Att. 1_Rapport 1 - Basdata Bergmekanik.pdf.md
10/01/2012 10:26 800,621 PEA App 3 attach 1-1 Kärnkartering.pdf

11/01/2012 08:34 139 PEA App 3 attach 1-1 Kärnkartering.pdf.md
01/12/2011 14:36 1,202,913 Att. 2_Rapport 2 - Brytningsmetoder.pdf
27/11/2011 08:38 140 Att. 2_Rapport 2 - Brytningsmetoder.pdf.md
01/12/2011 14:38 1,437,479 Att. 3_Rapport 3 - Val av brytningsmetoder.pdf
27/11/2011 08:38 147 Att. 3_Rapport 3 - Val av brytningsmetoder.pdf.md
10/01/2012 10:20 441,335 PEA App3 Attach 3-1 Mathews stabilitetsmetod för Blötberget.pdf
11/01/2012 08:34 164 PEA App3 Attach 3-1 Mathews stabilitetsmetod för Blötberget.pdf.md
01/12/2011 14:58 2,043,468 Att. 4.1_Bilaga 4-1 Bedömning rasvinkel Iviken.pdf
02/12/2011 11:51 170 Att. 4.1_Bilaga 4-1 Bedömning rasvinkel Iviken.pdf.md
01/12/2011 14:59 2,041,661 Att. 4.2_Bilaga 4-2 Bedömning rasvinkel Håksberg.pdf
02/12/2011 11:51 172 Att. 4.2_Bilaga 4-2 Bedömning rasvinkel Håksberg.pdf.md
01/12/2011 14:59 2,777,174 Att. 4.3_Bilaga 4-3 Bedömning rasvinkel Blötberget.pdf
02/12/2011 11:51 175 Att. 4.3_Bilaga 4-3 Bedömning rasvinkel Blötberget.pdf.md
01/12/2011 15:00 1,150,118 Att. 4.4_Bilaga 4-4 Utfraktskapacitet i Blötberget och Håksberg.pdf
02/12/2011 11:51 188 Att. 4.4_Bilaga 4-4 Utfraktskapacitet i Blötberget och Håksberg.pdf.md
01/12/2011 15:04 2,299,661 Att. 4.5_Bilaga 4-5 Ventilation i Blötberget och Håksberg.pdf
02/12/2011 11:51 181 Att. 4.5_Bilaga 4-5 Ventilation i Blötberget och Håksberg.pdf.md
02/12/2011 11:54 2,025,415 Att. 4.6.1_Bilaga 4-6 Early tonnage Blötberget.pdf
02/12/2011 11:55 826 Att. 4.6.1_Bilaga 4-6 Early tonnage Blötberget.pdf.md
02/12/2011 11:55 2,292,150 Att. 4.6.2_Bilaga 4-6 Early tonnage Håksberg.pdf
02/12/2011 11:55 821 Att. 4.6.2_Bilaga 4-6 Early tonnage Håksberg.pdf.md
02/12/2011 11:52 540,203 Att. 4.7_Bilaga 4-7 Explosives consumption_eng.pdf
02/12/2011 11:57 817 Att. 4.7_Bilaga 4-7 Explosives consumption_eng.pdf.md
01/12/2011 15:12 1,361,580 Att. 4_Rapport 4 - Gruvproduktion.pdf
02/12/2011 11:51 158 Att. 4_Rapport 4 - Gruvproduktion.pdf.md
22/05/2014 15:49 14,288 Att 5.2 Eng.docx
01/12/2011 15:15 968,736 Att. 5.1_Budget offert Blötberget och Håksberg Raiseboring.pdf
25/11/2011 14:12 164 Att. 5.1_Budget offert Blötberget och Håksberg Raiseboring.pdf.md
01/12/2011 15:16 1,316,558 Att. 5.2_Indikativ prissättning Nordic Iron Ore.pdf
27/11/2011 08:38 152 Att. 5.2_Indikativ prissättning Nordic Iron Ore.pdf.md
01/12/2011 15:16 912,800 Att. 5.3_NCC cost estimate Nordic Iron Ore 110922.pdf
27/11/2011 08:38 154 Att. 5.3_NCC cost estimate Nordic Iron Ore 110922.pdf.md
25/11/2011 14:21 55,296 NCC cost estimate Nordic Iron Ore 110922.xls
16/11/2011 13:18 146 NCC cost estimate Nordic Iron Ore 110922.xls.md
4
02/12/2011 11:05 109,242 PEA App. 4_Attachment 1.1 equipment Blötberget.pdf
02/12/2011 11:50 171 PEA App. 4_Attachment 1.1 equipment Blötberget.pdf.md
02/12/2011 10:49 144,849 PEA App. 4_Attachment 1.2 equipment Håksberg.pdf
02/12/2011 11:51 167 PEA App. 4_Attachment 1.2 equipment Håksberg.pdf.md

02/12/2011 10:45 161,523 PEA App. 4_Attachment 2.1 Motor list Blötberget.pdf
02/12/2011 11:51 172 PEA App. 4_Attachment 2.1 Motor list Blötberget.pdf.md
02/12/2011 10:41 188,905 PEA App. 4_Attachment 2.2 Motor list Håksberg.pdf
02/12/2011 11:51 169 PEA App. 4_Attachment 2.2 Motor list Håksberg.pdf.md
02/12/2011 10:51 53,053 PEA App. 4_Attachment 3.1 Costs Blötberget.pdf
02/12/2011 11:51 167 PEA App. 4_Attachment 3.1 Costs Blötberget.pdf.md
02/12/2011 10:54 60,403 PEA App. 4_Attachment 3.1.1 Costs Blötberget.pdf
02/12/2011 11:51 168 PEA App. 4_Attachment 3.1.1 Costs Blötberget.pdf.md
02/12/2011 10:55 53,932 PEA App. 4_Attachment 3.1.2 Costs Blötberget.pdf
02/12/2011 11:51 168 PEA App. 4_Attachment 3.1.2 Costs Blötberget.pdf.md
02/12/2011 10:58 53,178 PEA App. 4_Attachment 3.2 Costs Håksberg.pdf
02/12/2011 11:51 165 PEA App. 4_Attachment 3.2 Costs Håksberg.pdf.md
02/12/2011 11:02 61,713 PEA App. 4_Attachment 3.2.1 Costs Håksberg.pdf
02/12/2011 11:51 166 PEA App. 4_Attachment 3.2.1 Costs Håksberg.pdf.md
02/12/2011 11:03 53,716 PEA App. 4_Attachment 3.2.2 Costs Håksberg.pdf
02/12/2011 11:51 167 PEA App. 4_Attachment 3.2.2 Costs Håksberg.pdf.md
02/12/2011 11:51 169 PEA App. 4_Attachment 4 Flowsheet Blötberget.pdf.md
01/12/2011 16:56 970,100 PEA App. 4_Attachment 5 Flow sheet Håksberg.pdf
02/12/2011 11:51 168 PEA App. 4_Attachment 5 Flow sheet Håksberg.pdf.md
02/12/2011 10:26 1,111,033 PEA Appendix 4_Mine ventilation.pdf
02/12/2011 11:51 154 PEA Appendix 4_Mine ventilation.pdf.md
5
15/10/2011 08:32 6,030 1. General Description and Summary.zip
19/10/2011 08:24 294 1. General Description and Summary.zip.md
25/09/2011 16:39 5,743 10. Construction Time Schedule.zip
19/10/2011 08:24 287 10. Construction Time Schedule.zip.md
16/10/2011 16:23 76,387 2. Basic Design and Test Report.zip
19/10/2011 08:24 289 2. Basic Design and Test Report.zip.md
15/10/2011 08:34 13,165 3. Summary of Investment and Operation Costs.zip
19/10/2011 08:24 314 3. Summary of Investment and Operation Costs.zip.md
12/10/2011 11:43 44,369 4. Motor List.zip
19/10/2011 08:24 253 4. Motor List.zip.md
14/10/2011 10:40 445,951 5. Investment Costs Details.zip
19/10/2011 08:24 281 5. Investment Costs Details.zip.md
15/10/2011 09:46 28,264 6. Operation Costs Details.zip
19/10/2011 08:24 278 6. Operation Costs Details.zip.md
06/10/2011 12:29 422,773 7. Description of Process and Process Control System.zip
19/10/2011 08:24 331 7. Description of Process and Process Control System.zip.md
11/10/2011 11:33 1,252,520 8. Concentrator Process Flow Sheets.zip
19/10/2011 08:24 295 8. Concentrator Process Flow Sheets.zip.md
23/09/2011 13:18 3,091,860 9. Layouter.zip
19/10/2011 08:24 249 9. Layouter.zip.md
20/05/2014 10:01 <DIR> File Front Page, Table of Content
5\File Front Page, Table of Content
24/11/2011 17:48 879,208 Front Page Sept 2011.pdf
19/10/2011 08:27 775 Front Page Sept 2011.pdf.md
19/10/2011 08:27 767 Table of Contents.pdf.md
6


24/11/2011 13:22 1,239,467 PEA App.6_Att.1_G01 Blötberget.pdf
27/11/2011 08:39 135 PEA App.6_Att.1_G01 Blötberget.pdf.md
24/11/2011 13:19 455,390 PEA Appendix 6 Mine tailings.pdf
27/11/2011 08:39 133 PEA Appendix 6 Mine tailings.pdf.md
7
01/12/2011 10:29 10,943,933 PEA Appendix 7a_Transport logistics and cost calculations (in swedish).pdf
04/12/2011 11:21 193 PEA Appendix 7a_Transport logistics and cost calculations (in swedish).pdf.md
23/11/2011 17:19 57,921 PEA Appendix 7b_Cost calculations rail transport (in Swedish).pdf
02/12/2011 11:18 838 PEA Appendix 7b_Cost calculations rail transport (in Swedish).pdf.md
8
24/11/2011 09:56 911,510 PEA Appendix 8 Roads and surfaces.pdf
27/11/2011 08:39 138 PEA Appendix 8 Roads and surfaces.pdf.md
24/11/2011 09:35 47,975 PEA Appendix 8.1 cost calculation roads surfaces.pdf
27/11/2011 08:39 153 PEA Appendix 8.1 cost calculation roads surfaces.pdf.md
14/09/2011 14:54 1,772,542 T0201_ENG - Copy.pdf
27/11/2011 08:39 121 T0201_ENG - Copy.pdf.md
14/09/2011 14:53 1,947,588 T0211_ENG - Copy.pdf
27/11/2011 08:39 121 T0211_ENG - Copy.pdf.md
14/09/2011 14:54 1,464,922 T0501_ENG - Copy.pdf
27/11/2011 08:39 121 T0501_ENG - Copy.pdf.md
14/09/2011 14:54 1,294,168 T0502_ENG - Copy.pdf
27/11/2011 08:39 121 T0502_ENG - Copy.pdf.md
14/09/2011 14:53 1,346,063 T0503_ENG - Copy.pdf
27/11/2011 08:39 121 T0503_ENG - Copy.pdf.md
14/09/2011 14:54 1,437,692 T0511_ENG - Copy.pdf
27/11/2011 08:39 121 T0511_ENG - Copy.pdf.md
14/09/2011 14:54 1,455,849 T0512_ENG - Copy.pdf
27/11/2011 08:39 121 T0512_ENG - Copy.pdf.md
9
31/08/2011 14:09 46,342 Blötberget Kraftförsörjning E62001.pdf
01/09/2011 14:14 140 Blötberget Kraftförsörjning E62001.pdf.md
31/08/2011 14:08 46,450 Håksberg Kraftförsörjning E62002.pdf
01/09/2011 14:14 138 Håksberg Kraftförsörjning E62002.pdf.md
24/11/2011 10:23 913,066 PEA Appendix 9 Power Supply.pdf
25/11/2011 13:41 348 PEA Appendix 9 Power Supply.pdf.md
24/11/2011 10:28 95,159 PEA Appendix 9.1 Blötberget Cost Calculation Electric power.pdf
27/11/2011 08:39 164 PEA Appendix 9.1 Blötberget Cost Calculation Electric power.pdf.md
24/11/2011 10:52 109,631 PEA Appendix 9.2 Håksberg Cost Calculation Electric power.pdf
27/11/2011 08:39 162 PEA Appendix 9.2 Håksberg Cost Calculation Electric power.pdf.md
MKB / EIA
Directory of P:\U6006 SE511 Ludvika NIO DFS\Project\Data\DATA FROM SITE MAY 2014\Environmental Permit
Application 2013
20/05/2014 10:01 <DIR> 1_EIA
20/05/2014 10:02 <DIR> 2_Technical Description
20/05/2014 10:02 <DIR> 3_Completion
20/05/2014 10:02 <DIR> 4_Finding
13/05/2014 22:33 2,129,421 Samradshandling_LG_version_110916_ver_B.pdf

Directory of P:\U6006 SE511 Ludvika NIO DFS\Project\Data\DATA FROM SITE MAY 2014\Environmental
Permit Application 2013\1_EIA
14/05/2014 06:26 260,294 Bilaga 10 BB.pdf
14/05/2014 06:26 95,399 Bilaga 10 HK filtr.pdf
14/05/2014 06:26 118,052 Bilaga 10 HK.pdf
14/05/2014 06:26 158,327 Bilaga 11.pdf
14/05/2014 06:26 1,835,669 Bilaga 12 Fuktkförsök.pdf
14/05/2014 06:26 178,236 Bilaga 13.pdf
14/05/2014 06:26 1,843,553 Bilaga 14 bullerutred.pdf
14/05/2014 06:26 9,856,904 Bilaga 15 Vib_utredning.pdf
14/05/2014 06:26 351,105 Bilaga 16 markdef Blötberget.pdf
14/05/2014 06:26 793,816 Bilaga 16 markdef Håksberg.pdf
14/05/2014 06:26 2,832,601 Bilaga 17a.pdf
14/05/2014 06:26 1,946,083 Bilaga 17b Stabilitetsberäkning.pdf
14/05/2014 06:26 3,651,120 Bilaga 18.pdf
14/05/2014 06:26 13,254,057 Bilaga 19.pdf
14/05/2014 06:26 391,653 Bilaga 1A_översiktskarta A4_1112.pdf
14/05/2014 06:25 383,093 Bilaga 1B_Blötberget_A4_1112.pdf
14/05/2014 06:25 431,841 Bilaga 1C_Håksberg A4_1112.pdf
14/05/2014 06:25 7,088,649 Bilaga 2.pdf
14/05/2014 06:25 4,810,069 Bilaga 20.pdf
14/05/2014 06:24 1,950,458 Bilaga 21.pdf
14/05/2014 06:24 13,931,545 Bilaga 3 Lokaliseringsutredning.pdf
14/05/2014 06:25 18,064,794 Bilaga 4.pdf
14/05/2014 06:25 1,688,865 Bilaga 5.pdf
14/05/2014 06:26 36,376,149 Bilaga 6 Naturmiljö_inventering.pdf
14/05/2014 06:26 4,885,134 Bilaga 7 Arkeologisk utredning.pdf
14/05/2014 06:26 1,586,049 Bilaga 8 brunnsinventering.pdf
14/05/2014 06:26 1,834,054 Bilaga 8.pdf
14/05/2014 06:25 19,372,933 Bilaga 9 PM hydrologisk konsekvensbeskrivning.pdf
14/05/2014 06:25 13,723,568 Bilaga 9.pdf
14/05/2014 06:25 21,322,392 MKB Ludvika gruvor 120625_slutgiltig.pdf
Permit Application 2013\2_Technical Description
14/05/2014 06:27 16,406,982 BILAGA 1.pdf
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14/05/2014 06:26 1,258,586 BILAGA 5D.pdf
14/05/2014 06:26 1,692,530 BILAGA 6A.pdf
14/05/2014 06:26 1,432,098 BILAGA 6B.pdf
14/05/2014 06:26 1,319,795 BILAGA 6C.pdf
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14/05/2014 06:26 1,701,704 Teknisk_beskrivning.pdf
Permit Application 2013\3_Completion

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14/05/2014 06:27 3,287,725 Golder_Ramböl_13 01 31.pdf
14/05/2014 06:27 79,872 Skrift 130201 förslag MMD komplettering 4334001.doc
15/05/2014 12:51 179,422 Ersättningmodell brynnar.docx
20/09/2013 06:25 5,134,619 Rapport fladdermusinventering salamander inv Ludvika 20130916.pdf
14/05/2014 06:27 308,313 Skrift 131028 Lst återkallelse ansökan 4334001.pdf
20/05/2014 10:02 <DIR> Bilaga A
20/05/2014 10:02 <DIR> Bilaga B
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20/05/2014 10:02 <DIR> BILAGA D
20/05/2014 10:02 <DIR> Bilaga E
20/05/2014 10:02 <DIR> bilaga F
20/05/2014 10:02 <DIR> Bilaga G
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14/05/2014 06:27 49,073 Förklaring till tyrckeriet vilken storlek ritningar ska skrivas ut i.docx
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14/05/2014 06:27 175 ~$rklaring till tyrckeriet vilken storlek ritningar ska skrivas ut i.docx.md
Permit Application 2013\3_Completion\2013 11 28\Bilaga A
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14/05/2014 06:27 7,217,653 A2_R51-P002.pdf
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14/05/2014 06:27 709,585 A3_R51-S001.pdf
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Permit Application 2013\3_Completion\2013 11 28\Bilaga B
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Permit Application 2013\3_Completion\2013 11 28\BILAGA D
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14/05/2014 06:28 9,617,698 Bilaga D1 A4.pdf
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Permit Application 2013\3_Completion\2013 11 28\Bilaga E
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Permit Application 2013\3_Completion\2013 11 28\bilaga F
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Permit Application 2013\3_Completion\2013 11 28\Bilaga G
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14/05/2014 06:28 114 Bilaga G.pdf.md
20/05/2014 10:02 <DIR> G1
20/05/2014 10:02 <DIR> G2
Permit Application 2013\3_Completion\2013 11 28\Bilaga G\G1
14/05/2014 06:28 9,817,990 1-001 Planläge utskov A1 med rasterkarta inkl klarningsbassäng.pdf
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14/05/2014 06:28 459,901 1-002 Längdmätning dammar A1 med längdmätning.pdf

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14/05/2014 06:28 1,177,823 Bilaga G1 PM dimensionering 2013-11-08.pdf
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14/05/2014 06:28 26,062 Ritningsförteckning.pdf
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Permit Application 2013\3_Completion\2013 11 28\Bilaga G\G2
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14/05/2014 06:28 6,331,190 Skrift 140130 MMD kompletteringsbemötande, bilaga 1 4334001.pdf
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14/05/2014 06:29 1,069,495 20140204165332256.pdf
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14/05/2014 06:29 15,134,635 ATT13792.pdf
Permit Application 2013\4_Finding
14/05/2014 06:29 1,965,240 Deldom M 3812-12.pdf

Srk-Ludvika Dfs Gap Analysis Report

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A FEASIBILITY STUDY GAP ANALYSIS

FOR THE LUDVIKA IRON ORE

SRK Consulting (Sweden) AB

COPYRIGHT AND DISCLAIMER

SRK Legal Entity: SRK Consulting (Sweden) AB

SE511_U6006 Ludvika DFS GapAnalysis_Final Report.docx June 2014

2 WORK UNDERTAKEN BY SRK

3 CONCLUSIONS AND RECOMMENDATIONS

Group Offices: Africa

Table ES 1: SRK Recommendations and current progress / status

Planned for May- October 2014

SE511_U6006 Ludvika DFS GapAnalysis_Final Report.docx June 2014

Metallurgical / Mineral Processing

Finalised approach to materials handling On-going October 2014 High

SE511_U6006 Ludvika DFS GapAnalysis_Final Report.docx June 2014

Geotechnical site investigation. Being planned End-2014 Very High

Water balance for TSF. Being planned End-2014 Medium

Closure scenario. Being planned Start 2015 Low

SE511_U6006 Ludvika DFS GapAnalysis_Final Report.docx June 2014

Environment and Social

SE511_U6006 Ludvika DFS GapAnalysis_Final Report.docx June 2014

SE511_U6006 Ludvika DFS GapAnalysis_Final Report.docx June 2014

5.6.2 SRK comments............................................................................................................ 18

SE511_U6006 Ludvika DFS GapAnalysis_Final Report.docx June 2014

6.12.2 SRK Comments ........................................................................................................... 38

SE511_U6006 Ludvika DFS GapAnalysis_Final Report.docx June 2014

6.26 Study Level ............................................................................................................................ 50

SE511_U6006 Ludvika DFS GapAnalysis_Final Report.docx June 2014

11.1.1 Observations ............................................................................................................... 71

SE511_U6006 Ludvika DFS GapAnalysis_Final Report.docx June 2014

List of Technical Appendices

SE511_U6006 Ludvika DFS GapAnalysis_Final Report.docx June 2014

A FEASIBILITY STUDY GAP ANALYSIS FOR THE LUDVIKA IRON

SRK Consulting (Sweden) AB (“SRK”) is an associate company of the international group

1.2 Work Undertaken by SRK

Group Offices: Africa

Table 1-1: FS Gap Analysis SRK Reviewers

Discipline Author* SRK Reviewer (job title) SRK Site Visit

Ben Lepley (Consultant Resource Geologist)

1.3 Limitations and Reliance

SE511_U6006 Ludvika DFS GapAnalysis_Final Report.docx June 2014

2 PROPERTY LOCATION AND DESCRIPTION

Figure 2-1: Property location showing exploitation concessions in red

2.1 Nordic Iron Ore (NIO)

2.2 Ludvika Project PEA 2011

 It is favourable to implement a project in a brownfield area with existing above ground,

SE511_U6006 Ludvika DFS GapAnalysis_Final Report.docx June 2014

 Competitive access to European markets.

 Several options are at hand and are proposed below:

o Mining commences initially in Blötberget and a development drift to Håksberg is

SE511_U6006 Ludvika DFS GapAnalysis_Final Report.docx June 2014

2.3 Licences and Permits

2.3.1 Exploration Licences and Exploitation Concessions

All exploration permits cover the areas of near-future proposed drilling.

2.3.2 Environmental Permits

SE511_U6006 Ludvika DFS GapAnalysis_Final Report.docx June 2014

The individual project histories are shown below:

 1900 Mining Co Vulcanus started large-scale mining.

 1949 Stora Kopparberg bought Vulcanus.