Canadian iron ore producer Champion Iron Limited has announced that it has entered into a transaction agreement to acquire all shares of Norwegian high grade iron ore producer Rana Gruber ASA for approximately NOK 2.93 billion ($289 million).
The transaction has received unanimous support from Rana Gruber’s executive management and board, while shareholders representing around 51 percent of the issued shares have provided pre-acceptance undertakings to tender their holdings.
Long-life high-grade asset in stable jurisdiction
The acquisition provides Champion Iron with a long-life iron ore asset located in a politically stable jurisdiction, benefiting from access to renewable electricity.
Rana Gruber is a well-established producer with annual output exceeding 1.8 million mt of high-grade iron ore. Its operations consist of an underground mine and several nearby open pits, supported by an extensive resource base capable of sustaining current production levels for decades.
The Norwegian producer currently produces two hematite iron ore concentrates and is advancing a project to upgrade output to 65 percent Fe iron ore concentrate, closely aligned with rising demand from the green steel value chain.
Thanks to its use of renewable electricity, Rana Gruber operates with one of the lowest carbon emission intensities per mt of iron ore concentrate globally, strengthening its appeal as a low-carbon raw material supplier.
Portfolio diversification and European market access
Strategically, the transaction expands Champion Iron’s portfolio to include additional blends of high-grade iron ore concentrate and magnetite products used in the chemical industry. These products typically command premiums to the Platts IODEX 65 percent Fe CFR China benchmark.
The combination is expected to create a more diversified high-grade iron ore producer, with enhanced opportunities for sales and logistics collaboration and a stronger foothold in European markets.
Supporting green steel supply chain
The acquisition further reinforces Champion Iron’s position as a supplier to low-carbon and green steel production, leveraging Rana Gruber’s upgraded product quality and potential future grade improvements.
Subject to customary closing conditions, the transaction is expected to close in the second quarter of the 2026 calendar year.