Söndag 7 September | 15:41:30 Europe / Stockholm

Prenumeration

Kalender

Est. tid*
2026-02-17 08:20 Bokslutskommuniké 2025
2025-11-11 08:40 Kvartalsrapport 2025-Q3
2025-08-20 - Kvartalsrapport 2025-Q2
2025-05-21 - X-dag ordinarie utdelning GRANGX 0.00 SEK
2025-05-20 - Årsstämma
2025-05-20 - Kvartalsrapport 2025-Q1
2025-02-13 - Bokslutskommuniké 2024
2024-11-14 - Kvartalsrapport 2024-Q3
2024-08-22 - Kvartalsrapport 2024-Q2
2024-05-17 - X-dag ordinarie utdelning GRANGX 0.00 SEK
2024-05-16 - Årsstämma
2024-05-16 - Kvartalsrapport 2024-Q1
2024-02-20 - Bokslutskommuniké 2023
2023-12-07 - Extra Bolagsstämma 2023
2023-11-09 - Kvartalsrapport 2023-Q3
2023-08-23 - Kvartalsrapport 2023-Q2
2023-05-17 - X-dag ordinarie utdelning GRANGX 0.00 SEK
2023-05-16 - Årsstämma
2023-05-16 - Kvartalsrapport 2023-Q1
2023-02-16 - Bokslutskommuniké 2022
2022-11-17 - Kvartalsrapport 2022-Q3
2022-08-18 - Kvartalsrapport 2022-Q2
2022-06-02 - Split GRANGX 500:1
2022-05-20 - X-dag ordinarie utdelning GRANGX 0.00 SEK
2022-05-19 - Årsstämma
2022-05-19 - Kvartalsrapport 2022-Q1
2022-02-17 - Bokslutskommuniké 2021
2021-11-18 - Kvartalsrapport 2021-Q3
2021-08-19 - Kvartalsrapport 2021-Q2
2021-05-24 - X-dag ordinarie utdelning GRANGX 0.00 SEK
2021-05-21 - Årsstämma
2021-02-18 - Bokslutskommuniké 2020
2020-08-27 - Kvartalsrapport 2020-Q2
2020-06-26 - X-dag ordinarie utdelning GRANGX 0.00 SEK
2020-06-25 - Årsstämma
2020-02-27 - Bokslutskommuniké 2019
2019-08-29 - Kvartalsrapport 2019-Q2
2019-06-14 - Årsstämma
2019-05-24 - X-dag ordinarie utdelning GRANGX 0.00 SEK
2019-02-28 - Bokslutskommuniké 2018
2018-10-25 - Kvartalsrapport 2018-Q3
2018-06-14 - Årsstämma
2018-05-25 - X-dag ordinarie utdelning GRANGX 0.00 SEK
2018-05-24 - Kvartalsrapport 2018-Q1
2018-02-27 - Bokslutskommuniké 2017
2017-10-26 - Kvartalsrapport 2017-Q3
2017-10-10 - Extra Bolagsstämma 2017
2017-08-24 - Kvartalsrapport 2017-Q2
2017-05-19 - X-dag ordinarie utdelning GRANGX 0.00 SEK
2017-05-18 - Årsstämma
2017-05-18 - Kvartalsrapport 2017-Q1
2017-02-23 - Bokslutskommuniké 2016
2016-10-27 - Kvartalsrapport 2016-Q3
2016-08-30 - Kvartalsrapport 2016-Q2
2016-05-27 - X-dag ordinarie utdelning GRANGX 0.00 SEK
2016-05-26 - Årsstämma
2016-05-26 - Kvartalsrapport 2016-Q1
2016-02-25 - Bokslutskommuniké 2015
2015-12-08 - Split GRANGX 100:1
2015-11-05 - Kvartalsrapport 2015-Q3
2015-08-28 - Kvartalsrapport 2015-Q2
2015-05-29 - X-dag ordinarie utdelning GRANGX 0.00 SEK
2015-05-28 - Årsstämma
2015-05-28 - Kvartalsrapport 2015-Q1
2015-02-26 - Bokslutskommuniké 2014
2015-01-13 - Extra Bolagsstämma 2015
2014-10-24 - Kvartalsrapport 2014-Q3
2014-08-28 - Kvartalsrapport 2014-Q2
2014-05-26 - X-dag ordinarie utdelning GRANGX 0.00 SEK
2014-05-23 - Årsstämma
2014-05-23 - Kvartalsrapport 2014-Q1
2014-02-27 - Extra Bolagsstämma 2014
2014-02-27 - Bokslutskommuniké 2013
2013-10-25 - Kvartalsrapport 2013-Q3
2013-08-28 - Kvartalsrapport 2013-Q2
2013-07-29 - Extra Bolagsstämma 2013
2013-05-17 - X-dag ordinarie utdelning GRANGX 0.00 SEK
2013-05-16 - Årsstämma
2013-04-26 - Kvartalsrapport 2013-Q1
2013-02-27 - Bokslutskommuniké 2012
2012-10-26 - Kvartalsrapport 2012-Q3
2012-08-29 - Kvartalsrapport 2012-Q2
2012-04-30 - X-dag ordinarie utdelning GRANGX 0.00 SEK
2012-04-27 - Årsstämma
2012-04-27 - Kvartalsrapport 2012-Q1
2012-02-29 - Bokslutskommuniké 2011
2011-10-28 - Kvartalsrapport 2011-Q3
2011-08-26 - Kvartalsrapport 2011-Q2
2011-08-04 - Extra Bolagsstämma 2011
2011-05-31 - Split GRANGX 100:1
2011-04-29 - X-dag ordinarie utdelning GRANGX 0.00 SEK
2011-04-28 - Årsstämma
2011-04-28 - Kvartalsrapport 2011-Q1
2011-02-25 - Bokslutskommuniké 2010

Beskrivning

LandSverige
ListaFirst North Stockholm
SektorRåvaror
IndustriGruvdrift & metaller
Grangex är en koncern som avser att vara av en del av den europeiska metallförsörjningen genom utveckling av mineralprojekt för utvinning av i första hand järnmalmsprodukter, kritiska mineraler såsom fosforbärande apatit samt andra mineral med fokus på sällsynta jordartsmetaller (REE). I första hand utvecklas järnmalmsgruvan i Dannemora och en apatitfyndighet i Grängesberg. Bolaget har sitt huvudkontor i Stockholm.
2025-09-01 08:00:00

GRANGEX AB (publ) (“Grangex” or “the Company”) is today pleased to announce the completion of a Definitive Feasibility Study (“DFS”) for the restart of operations at the Company’s Sydvaranger mine, located in Kirkenes, Northern Norway (the “Sydvaranger Mine”).

Key highlights from the DFS include:

  • Pre-tax NPV8 of US$1,552m
  • Pre-Tax IRR of 37.7%
  • 25 years total mine life
  • Total production of 63.3mt of 70% ultra-high-grade direct reduction magnetite concentrate
  • Life of mine cash operating cost of US$56.1/t of concentrate
  • Phase 1 capital expenditure of US$193.6m and Phase 2 capital expenditure of US$223.8m

The DFS was managed by SLR Consulting (“SLR”), a Tier-1 international multidisciplinary consulting firm, and prepared according to international reporting standards.

Grangex’s stated strategy is to restart production of ultra-high-grade direct reduction magnetite concentrate at the Sydvaranger Mine and to become a leading supplier to the European and global steel industries as they undergo the current ‘green steel revolution’.

The currently estimated re-start of operations is in 2026 with first commercial exports in late 2026. The DFS has confirmed Sydvaranger Mine’s techno-economic feasibility to produce an ultra-high-grade direct reduction magnetite concentrate with an Fe content of 70% with low deleterious elements, with the planned processing circuit upgrades. The Sydvaranger Mine is expected to produce 63.3mt of ultra-high-grade direct reduction magnetite concentrate over its 25 year mine life. All produced concentrate will be exported from the Sydvaranger Mines’ captive existing Kirkenes port terminal.

Grangex expects to reach its Final Investment Decision (“FID”) by end of 2025 for the commencement of the required construction and refurbishments at the Sydvaranger Mine to enable re-start of operations. FID remains conditional upon successful raising of the required project financing, a process which has been underway since the completion of a previously announced Preliminary Economic Assessment (“PEA”). Further announcements relating to the project financing will be made by the Company as appropriate.

Christer Lindqvist, Chief Executive Officer of Grangex, states: “It is with great pride that we today announce the successful completion of a positive DFS for Sydvaranger. The DFS confirms Sydvaranger’s strong potential to become a world-class producer of ultra-high grade direct reduction magnetite concentrate and an enabler of the European and global steel industries in their shift towards more sustainable production technologies.

Grangex was established on the fundamental belief that Scandinavia has the potential to be a leader in the sustainable development and operation of world-class mining assets and since the acquisition of Sydvaranger in May 2024, the entire Grangex team has worked tirelessly to confirm that belief.

Sydvaranger will be the largest mining operation in Norway and an economic motor especially for the Finnmark region. I continue to be impressed with the support from the local communities and I look forward to Grangex becoming an integral part of Kirkenes for the next several generations.

I would like to thank the SLR team and all other partners that have worked with Grangex to deliver this DFS – their professionalism is a credit to their respective institutions. I of course also have to thank the whole Grangex team for their absolute dedication in delivering this milestone on time and on budget – every single member of Grangex has made a crucial contribution and as we now move towards construction, I look forward to expanding the Grangex family.

As we now move to project financing and our target final investment decision by end of 2025, I look forward to providing further updates to all our stakeholders”

DFS Summary

The DFS has determined the technical, financial, and operational viability for the implementation of the Sydvaranger Mine. The DFS valuated factors such as the ore resource quality, extraction methods, infrastructure needs, environmental impacts, market dynamics process solutions and financial feasibility.

The DFS analyzed the Sydvaranger Mine based on two distinct phases:

Phase 1Year 1 to Year 4Early restart using existing infrastructure to produce 2.5 Mtpa of ultra-high-grade direct reduction magnetite concentrate
Phase 2Year 4 OnwardsReplace and relocate the primary crusher from Pit 1 to new location to produce 3.0mtpa to 3.5mtpa of ultra-high-grade direct reduction magnetite concentrate

A summary of the DFS is presented below:

Pre-tax NPV8US$1,522m
Pre-Tax IRR37.7 %
Phase 1 Capital ExpenditureUS$193.6m
Phase 2 Capital ExpenditureUS$223.8m
Mine Life25 years
Concentrate Produced63.3mt
FOB Selling Price (Average over LoM)US$138.2/t conc
Life of Mine Cash Operating CostUS$56.1/t conc
Concentrate Grade70.0 %
Ore Mined161.2mt
Stripping Ratio2.95
First ShipmentNov 2026

The DFS Executive Summary is available on the Company’s website at www.grangex.se and is attached to this press release.

DFS vs PEA Summary

On 23 January 2025, Grangex announced the completion of a PEA for the restart of operations at the Sydvaranger Mine. The DFS has confirmed significant upside potential for the Sydvaranger Mine as presented below:


PEADFS
Variance
Pre-tax NPV8US$1,215mUS$1,522m
+US$307m
Pre-Tax IRR46.9%37.7%
-9.2%
Phase 1 Capital ExpenditureUS$104.4mUS$193.6m
+US$89.2m
Phase 2 Capital ExpenditureUS$243.5mUS$223.8m
-US$19.7m
Mine Life19 years25 years
+6 years
Concentrate Produced54.3mt63.3mt
+9mt
Life of Mine Cash Operating CostUS$61.9/t concUS$56.1/t conc
-US$5.8/t
Concentrate Grade70%70%
--
First ShipmentJan 2027Nov 2026
2 months

The increase in Phase 1 and total capital expenditure is due to:

  • Allocation of US$48.3m of Capitalized Operating Costs in 2026 to Capital Expenditure (accounted for as Operating Costs in the PEA)
  • An accelerated investment schedule with all direct capital expenditure to be completed by December 2028 (vs December 2029 in the PEA).

Capital Expenditure

Phase 1 capital expenditure for the Sydvaranger Mine has been estimated at US$193.6m, including US$48.3m of capitalized operating expenses and a US$17.9m contingency. Estimates have been based on supplier quotations to within an estimated +/- 10-15% order of accuracy, reviewed and compiled by SLR.

Capital expenditure for mining equipment is based on leasing. The leasing for the mining equipment has been based on a 20% downpayment and the balance payable over the lifetime of the equipment and the monthly leasing cost calculated as operating costs.


Phase 1Phase 2
Direct Capital ExpenditureUS$103.6mUS$164.2m
Indirect Capital ExpenditureUS$14.0mUS$22.8m
Owner’s CostsUS$9.8mUS$5.6m
Capitalized Operating ExpensesUS$48.3m--
ContingencyUS$17.9mUS$31.2m
TotalUS$193.6mUS$223.8m

Excluding capitalized mining operating costs from the total initial capital expenditure, the Project contingency totals 15.3%. A schedule contingency allowance of 1 month for Phase 1 and 3 months for Phase 2 has been included.

Operating Costs

An operating cost estimate for the Project has been developed in accordance with the requirements of NI 43-101 and the CIM Best Practice Guidelines (2019) for feasibility-level studies.


Life of Mine
MiningUS$2,410.7mUS$38.1/t
ProcessingUS$894.8mUS$14.1/t
G & AUS$147.2 mUS$2.3/t
LeasingUS$99.2mUS$1.6/t
TotalUS$3,551.9mUS$56.1/t

Product Pricing

In order to establish a Kirkenes Port FOB price for the Sydvaranger Mine’s production, Grangex retained Fastmarkets, a leading global commodity price reporting agency in the metals and mining space, to conduct an independent market study to confirm the following:

  • Forecast price for 2026 to 2045 for the 67.5% iron ore indices
  • Forecast Kirkenes Port FOB price for the Sydvaranger concentrate specification

The Kirkenes Port FOB price for the Sydvaranger Mine ultra-high-grade direct reduction magnetite concentrate has been forecast by Fastmarkets as US$113/t in 2026, rising to a peak of US$150/t by 2035. The forecast for the period 2026 to 2045 has been utilized in the DFS for the financial analysis of the Sydvaranger Mine.

Conclusion and Recommendation

Based on the findings of the DFS, SLR recommends that the Sydvaranger Mine proceed to the funding phase, with the expectation of commencing Phase 1 in Q1 2026.

  • Sydvaranger Mine as described is economically viable, having achieved consistent profitability in the third year of operation (2029)
  • Sydvaranger Mine is technically viable, employing widely used technologies and processes for iron ore production. Mining methods and equipment are conventional and widely used in the mining industry
  • There are no significant environmental issues or permits required that could materially hinder development of the Sydvaranger Mine
  • The product is marketable and within acceptable specifications for direct reduction smelters. There is an offtake agreement in place for 100% of the production and the concentrates are marketable
  • Grangex has invested in an Asset Integrity study and developed an achievable plan to construct, commission, and operate the Sydvaranger Mine for Phase 1 and through to the second phase

Independent Qualified Persons as defined in NI 43-101

Mineral Reserves Estimation: Mr. Bryan Pullman, P. Eng., Technical Director: Mining Advisory with SLR Consulting UK Ltd.,

Mineral Resource Estimates: Mr. Logan Behuniak, P. Geo., Principal Geologist with SLR Consulting UK Ltd.,an Independent Qualified Person (QP) as defined in NI 43-101. Mineral Processing and Engineering: Mr. Bo Arvidson (PhD) of Bo Arvidson Consulting LLC, Colorado, USA.

Environment and Social: Henning Holmstrom, MAusIMM, MAIG, FAMMP, Senior Principal with Geosyntec Consultants, Sweden

Attachments

Definitive Feasibility Study Executive Summary