Swedish mining company Grangex AB announced that its wholly-owned subsidiary Sydvaranger Drift AS has entered into a mining services agreement with Finnish mining company E. Hartikainen Oy in connection with the planned restart of the Sydvaranger mine in northern Norway.
The mining services agreement covers all open-pit mining services, including drilling, blasting, loading and transportation. The initial service life is five years with the possibility of extending the period for another five years. The total value of the mining services agreement over the initial five-year period is approximately $645 million, subject to final approval of the investment by Grangex's board of directors.
Grangex said the agreement will become effective upon final approval of the investment by the board of directors. The company confirmed that first commercial deliveries of ultra-high grade direct reduced iron ore concentrate are still expected in the fourth quarter of 2026.
Grangex noted that this is its largest operating contract to date and supports a predictable and responsible restart of operations at the Sydvaranger mine with defined production commitments, performance requirements and monitoring systems.
