Mine in Sweden’s Arctic back from the brink

Radio Sweden
Posted: Monday, April 29, 2013 at 14:43
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Kaunisvaara mine, outside Pajala. The first shipments of ore left the Norwegian port of Narvik last week, bound for Tata Steel in the Netherlands. (Northland, Radio Sweden)

The Canadian-owned mining company Northland Resources has secured long term financing for one of Europe’s largest iron ore mines in Pajala, in northern Sweden.

In a press release the company’s CEO Karl Axel Waplan wrote that the financing “will secure Northlands need for liquidity both in the short and long term..[and] allow us to reach full production by the third quarter of 2014”.

The future of the depopulated northern town has hung in the balance since the company announced a major budget miscalculation in January which led to its shares being suspended on the Oslo and Toronto stock markets.