Grangex has concluded a definitive feasibility study (DFS) for resuming operations at the Sydvaranger Mine in Kirkenes, northern Norway.
Managed by SLR Consulting, the DFS confirms the mine’s ability to produce “ultra-high-grade” direct reduction magnetite concentrate.
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The company is targeting a restart next year, with first commercial exports expected in late 2026.
The mine operated from 1910 to 1997 and was the largest mine in Norway for most of this period.
The study outlines the mine’s potential to produce 63.3 million tonnes (mt) of magnetite concentrate over a 25-year lifespan, utilising the existing Kirkenes port terminal for exports.
Grangex CEO Christer Lindqvist said: “It is with great pride that we today announce the successful completion of a positive DFS for Sydvaranger.
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By GlobalData“The DFS confirms Sydvaranger’s strong potential to become a world-class producer of ultra-high-grade direct reduction magnetite concentrate and an enabler of the European and global steel industries in their shift towards more sustainable production technologies.”
Grangex’s focus is on becoming a key player in the European and global steel industries by providing high-grade concentrate with a 70% iron content and low impurities, aligning with the industry’s shift towards more sustainable production methods.
Grangex is poised to make its final investment decision by the end of 2025, which will kick-start construction and refurbishments necessary for the mine’s operations.
This decision is contingent on securing the required project financing, following the previously announced preliminary economic assessment.
The life of mine cash operating cost is projected at $56.1 per tonne of concentrate, with phase one capital expenditure estimated at $193.6m (Skr1.83bn) and phase two at $223.8m.
