Posted on 06 Nov 2024
Grangex has started a preliminary economic assessment for the restart of mining at its Norway-based Sydvaranger mine, which it acquired earlier this year. The feasibility study will be completed in January 2025 and be followed immediately by a definitive feasibility study.
The initial study will be managed by SLR Consulting and overseen by a steering committee including a representative from Anglo American, with whom Grangex has royalty and off-take agreements. The definitive study, to confirm the technical and economic viability of the Sydvaranger mine, should be completed in mid-2025.
The Swedish miner plans to start production of ultra-high-grade direct reduction magnetite concentrate at Sydvaranger, located in Kirkenes, as well as at its Dannemora mine in Sweden, and to become a leading supplier to the steel industry.
Grangex has also submitted an application to switch its listing to the Nasdaq First North Premier Growth Market from the current Nordic Growth Market.
“Through the listing change, we increase the visibility of the Grangex share and strengthen our profile vis-à-vis both Swedish and international investors, a key for the upcoming financing required for a successful restart of these two mines,” Grangex chief executive Christer Lindqvist says in a note seen by Kallanish. “Our vision is to contribute to a sustainable society by supplying the minerals needed for the steel industry's green transition, and the list change is another step towards the end goal.”
Source:Kallanish
