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25/04/2024
Mining News

Grangex CEO addresses security concerns amid plans to revitalize Sydvaranger mine

Christer Lindquist, CEO of Grangex, acknowledges that the security situation in the Norwegian-Russian border area might deter investors. Lindquist emphasized the uniqueness of the ore found in the region, crucial for the green transition in the European steel industry.

Grangex announced its intention to buy the Sydvaranger mine in 2023, which is considered the third-largest of its kind in Europe. Plans include reopening the more than 100-year-old mine and establishing environmentally sustainable and commercially sound iron ore production. While the deal was initially planned for the second half of 2023, the signing is now expected soon, and production could commence in 2027.

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The Sydvaranger mining area, located near the Russian border, faces security concerns from potential investors. Lindquist acknowledges the difficulty but emphasizes the growing interest in green mining. Despite Scandinavians’ confidence in the security situation, convincing international investors is crucial. Grangex is urging the Norwegian state to play a more active role in the project, arguing that reopening the mine will generate jobs and enhance local security. Discussions with Norwegian leaders aim to kickstart the project and revive the economy in Kirkenes.

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