Mine in Sweden’s Arctic back from the brink

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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)
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.

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