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Norway

Sydvaranger Mine

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Sydvaranger Mine

Location: 7 km SW from Kirkenes, Norway

Project Contacts:

Västmannagatan 1
Stockholm
Sweden
111 24

Contacts:

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Summary

Mine TypeOpen Pit
Study CompletedFeasibility
StageRestarting
Commodities
  • Iron Ore
Mining Method
  • Truck & Shovel / Loader
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Mine Life... Lock
SnapshotSydvaranger is a brownfield open pit iron ore restart project with existing mine, concentrator in Kirkenes, railway, and concentrate handling facilities at Tschudi Bulk Terminal.

As Europe’s third-largest iron ore mine, it was operated from 1910 to 1997 and then again from 2009 to 2015.

The Definitive Feasibility Study for the restart of operations at the Sydvaranger Mine, completed in September 2025, aims to enhance the final concentrate grade and increase throughput at the currently non-operational Sydvaranger Plant through a two-phase development strategy.

Sydvaranger has all the permits in place to restart operations, however, a few secondary permits will be required later in the mine plan.

Sydvaranger has strong potential to become a world-class producer of ultra-high grade direct reduction magnetite concentrate.

In December 2025, Grangex partnered with Anglo American for an exclusive 100% volume off-take agreement based on transparent index pricing.
Latest NewsHartikainen Oy to help restart Sydvaranger iron ore mine in Norway     January 23, 2026

Owners

SourceSource
CompanyInterestOwnership
Tschudi Group 1.5 % Indirect
Grangesberg Exploration Holding AB (GRANGEX) 98.5 % Indirect
Sydvaranger project is owned 100% by Sydvaranger Mining AS, which is owned by Grangex Sydvaranger AS. Swedish company Grangex AB owns 98.5% of Grangex Sydvaranger. The Tschudi Group owns the remaining 1.5%. The Sydvaranger operations are managed by two subsidiaries of Sydvaranger Mining: namely SYD and Sydvaranger Eiendom AS.

Contractors

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SourceSource

Deposit type

  • Banded iron formation

Summary:

Sydvaranger is considered a typical Algoma-type banded iron deposit consisting of thinly banded to laminated quartz-magnetite iron formations. Comparable deposits include the Lake Superior-type iron formations.

All of the iron deposits that comprise the Project are situated in the metamorphosed sedimentary iron formations of the Fisketind Formation. The iron formations are structurally deformed and moderately to strongly metamorphosed and have been defined over a 12 km strike length from Bjørnevatn in the north to Kjellmansåsen in the south. More than 23 separate iron deposits have been identified in the region to date.

The stratigraphic rock units relevant to the iron ore deposits are the Fisketind and Bjørnefjell Formations of the Bjørnevatn Group. The Fisketind Formation contains all the economically important iron formations, whereas most of the waste that has to be mined comprises the Bjørnefjell Formation. The principal and best-known parts of the Fisketind iron formations are the Bjørnevatn West and East deposits located in the northern portion of the syncline within the central part of the Sydvaranger mining area.

Throughout the Sydvaranger deposit, the magnetite occurs in thin bands up to several millimetres in thickness laminated together with quartz and amphiboles. The amount of magnetite and gangue minerals is variable in different layers of the deposit. The amount of sulphides present in the mineralisation is generally very low with only occasional thin veins and disseminations of pyrite and pyrrhotite. Sulphides generally occur in shear zones, mylonite, and brecciation structures.

Reserves

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Mining Methods

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Heavy Mobile Equipment

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Comminution

Crushers and Mills

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Processing

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Water usage

Parameter2025
River water 250 m3/h

Commodity Production

CommodityProductUnitsAvg. AnnualLOM
Iron Ore Concentrate kt 3,300 *63,300 *
* According to 2025 Restart study.

Operational metrics

Metrics
Hourly processing capacity  ....  Subscribe
Annual ore mining rate  ....  Subscribe
Stripping ratio  ....  Subscribe
Waste tonnes, LOM  ....  Subscribe
Ore tonnes mined, LOM  ....  Subscribe
* According to 2025 Restart study.

Production Costs

CommodityUnitsAverage
Cash costs Iron Ore USD  ....  Subscribe
Assumed price Iron Ore USD  ....  Subscribe
* According to 2025 Restart study / presentation.

Operating Costs

CurrencyAverage
OP mining costs ($/t mined) USD  ....  Subscribe
OP mining costs ($/t milled) USD  ....  Subscribe
* According to 2025 Restart study.

Project Costs

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscribe
Equipment leasing costs $M USD  ......  Subscribe
Sustaining CapEx $M USD  ......  Subscribe
Closure costs $M USD  ......  Subscribe
OP OpEx $M USD  ......  Subscribe
Processing OpEx $M USD 894.8
G&A costs $M USD 147.2
Total OpEx $M USD  ......  Subscribe
Gross revenue (LOM) $M USD  ......  Subscribe
EBITDA (LOM) $M USD  ......  Subscribe
After-tax Cash Flow (LOM) $M USD  ......  Subscribe
Pre-tax NPV @ 8% $M USD  ......  Subscribe
After-tax NPV @ 8% $M USD  ......  Subscribe
Pre-tax IRR, %  ......  Subscribe
After-tax IRR, %  ......  Subscribe
After-tax payback period, years  ......  Subscribe

Personnel

Mine Management

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Workforce

Aerial view:

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