1. The domestic metallic and mineral resources in Europe. Is the lack geological or political? Pär Weihed Centre of Advanced Mining & Metallurgy Luleå University of Technology

2. Why do we need metal extraction in Europe?

3. Hi! Did you know that each of us will, during our life time use......more than 1700 tonnes of metals and minerals!

4. Some take aways: In general 2-3% increase in global consumption of metals per year EU contributes around 3% and consumes over 20% Decrease in “world class” or “tier 1” mineral deposit discoveries For many of the “critical materials” the world demands are satisfied by 2-3 new mines Recycling rate of infrastructure metals close to maximum in EU (not the case with high tech metals) Increased focus on LCA of metals, peak metal, scarcity, limits to growths etc.

5. Preliminary geological scarcity “stress test”

6. Cu-production and reserves reported by USGS in annual commodity reports 1995-2010 Kt NO FIXED STOCK!

7. Aitik, Sweden Kt Cu NO FIXED STOCK!

8. Population growthUrbanisation Why metal consumption will continue to increase over the foreseeable future!

10. Source production data 2008: USGS Demand forecast

11. The geological potential in Europe

12. Lapland (Fe) Skellefte-Pyhäsalmi (Cu, Zn, Au, Ni, Co) Bergslagen (Fe, Zn) Foresudetic basin (Cu, Co, Pt, Re) Carpathians (Pb, Zn, Au) Balkans (Cu, Au, Sn) Irish (Zn) Iberian Pyrite Belt (Cu, Zn, Sn) AND KEY METALLOGENIC PROVINCES

14. Romania, Bulgaria, Greece, Turkey Major potential for base and precious metals, very limited exploration Social license to operate limited Image of mining (Baia Mare spill) CSR legacy? Source: Hellas Gold, IGME Greece ABCD-belt

15. Spain, Portugal Major potential for base, one of the largest accumulations of massive sulphides on earth, limited deep exploration Social license to operate limited in some areas (Dam failure Aznacollar) Image of mining? Iberian pyrite belt Source: LNEG, IGME Spain

16. Poland (Germany) Major potential for base and precious metals, limited deep exploration Social license to operate ok (Germany?) Image of mining ok (Germany?) Forsudetic basin (Kupferschiefer) Source: TU BAF, KGHM Cuprum

17. Finland, Norway, Sweden (Greenland) Major potential for ferrous, base and precious metals, limited deep exploration Social license to operate ok Image of mining generally ok (Indigenous peoples issues) Fennoscandia

18. Exploration – Where things go wrong…

24. Exploration investment, why is Europe lagging behind? Global non-ferrous exploration approx. US$18 200 million in 2011 (MEG, 2012) European exploration approximately € 400 million in 2011. An all time high, but only 4% of global (RMG 2012) Sweden, Finland, Norway and Greenland and Poland, accounted for €288 million, or more than two thirds of total European exploration expenditure (RMG 2012) Access to land limited in many parts Social license top operate limited in many parts Legislation unclear in many parts Political support for mining lacking in many parts Better value for money elsewhere… Few majors active in Europe

25. Non-ferrous Exploration expenditure 2011 Sources: Metals Economics Group, Raw materials Group, Wikipedia Figures should be treated with care since the different sources have not exactly defined the geographical extent of the regions. In the EU figures also ferrous exploration is included.

26. So… – Is lack of resources geological or political?

27. EU export of “impact” not sustainable? Will D + I = E + C be possible?

28. Summary Global consumption will continue to increase Europe will, if exploration investment is not increasing, widen the gap between consumption and domestic supply There is a huge untapped potential for new discoveries in Europe Legislation, access to land, image and perception issues must be tackled CSR is a MUST RDI in Europe must focus on improved exploration technology and understanding the geology in 3D