Restart of copper mine in northern Sweden raises resource estimates
Copperstone Resources this week announced revised and expanded ambitions for the reopening of the Viscaria copper mine in Kiruna, northern Sweden. The estimated annual production at the crushing rate is now 3 million tonnes per year, compared to previous assumptions of 2 million tonnes. This will be enough to produce 30,000 tonnes of copper per year.
The increased production, combined with growing demand and higher prices in the world market, is boosting the company’s annual net profit, now estimated at SEK 3-4 billion (294-393 million euros) per year.
The underground copper mine, located next to the largest iron mine in Europe, was initially launched by LKAB in 1983. Two years later the operation was sold to Outokumpu who mined the ore to its closure in 1996 following the collapse of world copper prices. At the time, the Viscaria mine was the largest underground copper mine in Europe.
With the ambition to restart mining by 2023, Copperstone Resources says the global copper market is favorable, with the prospect of a long-term imbalance between supply and demand.
Copper is a key metal for a world on the way to finding sustainable solutions for power generation in times of climate crisis.
“It is very gratifying to see that we are gradually making progress in restarting the Viscaria mine and that the team’s efforts and the promising market conditions have resulted in a better and larger project than we previously estimated. In addition, our growing team of experts is constantly finding new solutions that result in more optimized and sustainable production, ”said Anna Tyni, CEO of the company in a statement. declaration.
Restarting the mine would bring some 200 new jobs to Kiruna.