Kaunisvaara iron ore mine

Kaunisvaara is an open-pit magnetite mine situated 100 km north of the Arctic Circle in Norrbotten Country in northern Sweden. The mine is owned and operated by Kaunis Iron and is one of three company owned deposits in the vicinity. Kaunis Iron acquired the asset in February 2018 from Northland Resources. Production commenced in 2018 and the mine reached full capacity of 2 Mtpa in 2020 with a 20 year mine life. Kaunisvaara produces a 68.5% Fe concentrate, mainly to European customers. Kaunisvaara’s biggest challenge has been environmental permits but this has now been largely resolved for existing operations, although granted with production limits. Kaunis Iron will need to re-enter negotiations to extend beyond current production levels. If Kaunis Iron gets new environmental permits for its two other deposits, annual production has the potential to double, but Kaunis Iron will need to source additional financing.