Sweden-based miner Grangex AB has announced that its wholly-owned subsidiary Sydvaranger Drift AS has entered into a mining services agreement with Finnish mining company E. Hartikainen Oy in relation to the planned restart of the Sydvaranger mine in northern Norway.
The mining services agreement covers full open-pit mining services, including drilling, blasting, loading and hauling. The initial operating term is five years, with an option to extend the term for an additional five years. The total value of the mining services agreement over the initial five-year period is approximately $645 million, subject to final investment approval by Grangex’s board of directors.
Grangex stated that the agreement will become effective following a final investment approval by its board of directors. The company reiterated that first commercial deliveries of ultra-high-grade direct reduction-grade iron ore concentrate are still expected in the fourth quarter of 2026.
Grangex noted that this represents its largest operational 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.
