Swedish advanced iron ore products producer LKAB has announced the inauguration of Europe's biggest iron ore project Gruvberget near the village of Svappavaara in the municipality of Kiruna, Sweden.
LKAB's president Lars-Eric Aaro and Kiruna's municipal commissioner Kenneth Stålnacke together fired the first blasting round to inaugurate LKAB's first new iron ore mine in 50 years.
LKAB plans to open three iron ore mines in the Svappavaara field over the coming years. The other two are Leveäniemi and Mertainen. Ore from the three mines will enable LKAB to boost annual production of finished products to 37 million mt, allowing LKAB to keep pace with the growth of its customers.
LKAB is investing about SEK 240 million ($30.7 million) in the project. The Gruvberget deposit holds an estimated 25 million mt of magnetite, which will now be mined in an open pit. Gruvberget also holds about 50 million mt of hematite ore, but this will not be mined for the time being.