Swedish mining company Grangex announced a strategic partnership with Anglo American to restart operations at its Sydvaranger magnetite iron ore mine in Kirkenes, northern Norway. 

The mine is planned to produce approximately 3.5 million tons of ultra-high-grade magnetite concentrate with an iron content of 70% annually, targeting direct reduction steelmaking needs and supporting the low-carbon transition of the European and global steel industries.

Under the agreement, Anglo American will waive its original US$37 million royalties and exclusively purchase all output for the mine's lifetime, while providing US$5 million in non-dilutive transitional financing, disbursed in two phases. 

Grangex stated that the project aims to resume operations by the end of 2026 and will simultaneously advance financing and ESG governance mechanisms to strengthen sustainable mining and environmental management, enhancing the overall economic and environmental benefits of the project.