Swedish iron ore producer LKAB has announced that it will acquire 75 percent of shares in Sweden-based supplier of mining services Bergteamet AB and become the new principal owner of the latter company. The acquisition of the shares needs to be approved by the Swedish Competition Authority, with notification expected within four to six weeks.
“As part of LKAB’s mining strategy at great depths in our underground mines, we see a great need for specialized rock contracts for a long time to come,” Leif Boström, senior vice president, business area special products, at LKAB, said.
According to the statement, Bergteamet AB will continue operations under its existing brand.