Grangex buys mine in Kirkenes

By Lennart Håkansson, North Sweden Business May 9, 2024
129
Sydvaranger Kirkenes
Sydvaranger’s concentrator is located at the harbour in Kirkenes. Photo: Lennart Håkansson

KIRKENES Swedish mining company Grangex (Grängesberg Exploration Holding AB) has finalised the acquisition of Sydvaranger Mining AS, which owns the iron ore mine in Kirkenes in northern Norway.

Grangex now owns two iron ore mines, the Dannemora mine in Uppland in Sweden and the Sydvaranger mine outside Kirkenes.

Grangex’s strategy is to resume production of high-grade iron ore at both mines to become a leading supplier to the European and global steel industry in the ongoing “green steel revolution”, the company said in a press release.

British mining company Anglo American is co-financing the purchase of the Sydvaranger mine. Grangex will pay Anglo American a 3% royalty on deliveries from Sydvaranger.

The mine outside Kirkenes has been closed since 2015. The planned production is 4 million tonnes of pellet concentrate, making it the largest mine in Norway. The plan is for Anglo American to eventually buy the entire production of Grangex’s two mines.

Lennart Håkansson, North Sweden Business

[email protected]