Australian Northern Iron plans to reopen the Sydvaranger iron ore mine in northern Norway which is said to contain 2.9 million tpy of magnetite concentrate from 7 million tpy of run-of-mine ore with 19 years expected mine life, the schedule is set to complete by the second quarter of 2009.

The cost to revive the mine closed in 1997 is estimated about US$100 million. Norwegian shipping company Tschudi holds 51.5 percent of the mine's share.