Latest News


04 Nov 2011 - Agr with the Swedish Transport Admin
Mining company Grängesberg Iron AB and the Swedish Transport Administration have signed a co-operation agreement on investigations regarding future ore train traffic between the iron ore mine in Grängesberg and the Port of Oxelösund. “With the co-operation agreement, the framework is now set for analysing the possibilities of transporting the ore products from the mine to the port”, says Kenth Nilsson of the Swedish Transport Administration. The results are to be presented during the first quarter of 2012, with a further aim of establishing an implementation agreement.

“Rail transport is a very important part of an iron ore project, due to the large tonnage to be transported”, says Gösta Bergman, Chairman of the Board of Grängesberg Iron AB. Oxelösund has the most suitable Swedish port for this project and the co-operation agreement is an significant step towards transporting a yearly 2.5 million tonnes of iron ore products to that port.


09 Jun 2011 - Sale of iron ore permits
Grängesberg Iron AB and Scandinavian Resources Ltd has signed an agreement regarding the transfer of nine iron exploration permits in northern Sweden from Grängesberg Iron AB to Kiruna Iron AB, a subsidiary to Australian mining company Scandinavian Resources Ltd. Among the permits are the high potential exploration targets of Ekströmsberg, Tjårrojokka and Pattok.

The agreement comprises for Grängesberg Iron AB to receive a cash component of USD 2 million payment, a Net Smelter Return (NSR) component of 1% and issue of 8.2 million fully paid ordinary shares in Scandinavian Resources Ltd. “The sale of the permits provides excellent possibilities for Grängesberg Iron to focus on reopening the historic Grängesberg iron ore mine in the south-central of Sweden”, says Gösta Bergman, Chairman of the Board of Directors of Grängesberg Iron. “The agreement also further improves the conditions for completing an IPO during 2011”.


07 Jun 2011 - Matti Sundberg joins the Board
Grängesberg Iron AB welcomes Mining Counsellor Matti Sundberg as a Director of the Board. Matti Sundberg was in March elected as a Director of the Board in Grängesberg Iron AB. Among his other board assignments are Director of the Board of Boliden, SSAB Svenskt Stål (Swedish Steel), Skanska, and Chairman of the Board of Chempolis Oy. Among his earlier assignments are Regional Director of Scania AB, CEO and Board Member of Valmet, Metso and Ovako Steel.

Matti Sundberg takes the chair previously held by Pekka Perä, who leaves the Board and enters an Advisory Board, newly created by Grängesberg Iron and shortly to be fully announced. “The strength and experience of the Board of Directors and the Advisory Board of Grängesberg Iron is of great importance for the company, which currently is working on finishing the Pre-Feasibility Study for the re-opening of the Grängesberg mine”, says Gösta Bergman, Chairman of the Board of Directors of Grängesberg Iron AB.


25 Nov 2010 - Letter of Intent with K2 Shipping
Grängesberg Iron AB and shipping service and logistics provider K2 Shipping Ltd have signed a Letter of Intent. The agreement is aimed at the mutual goal of developing an efficient and competitive ocean logistic solution for iron ore products from the Grängesberg iron ore mine, scheduled for re-opening in 2014. The current target production volume is a yearly minimum of 2.5 million tons of iron ore pellets.

The Letter of Intent opens the opportunity for Grängesberg Iron to get access to the valuable competence within the logistic area that K2 Shipping can offer. Strong logistic solutions are important for a successful iron ore project, and the Letter of Intent with K2 Shipping Ltd further adds to the possibilities of creating optimal logistics for the Grängesberg iron ore mine project. The recently communicated agreement with the Port of Oxelösund, together with the Letter of Intent with K2 Shipping, provides Grängesberg Iron with a strong potential to provide customers with effective transports of iron ore products.


06 Oct 2010 - Letter of Intent with the Port of Oxelösund
Grängesberg Iron AB and the Port of Oxelösund (Oxelösunds Hamn AB) have signed a Letter of Intent on future transports and loading of iron ore from the Grängesberg mine through the Oxelösund port. ”The Letter of Intent between our company and the port is an important step towards a future co-operation and displays the tremendous logistic advantages of the Grängesberg project”, says Gösta Bergman, Chairman of the Board of Grängesberg Iron AB. One of the important strengths of the project is the high capacity railway from the mine all the 250 kilometers down to the Port of Oxelösund.

“We are proud to say that our unique infrastructure, which connects sea and railway transports, is the reason for why Grängesberg Iron has made the choice to initiate a co-operation with the Port of Oxelösund”, says Erik Zetterlund, Managing Director of Oxelösunds Hamn AB. The iron ore products will be transported by train to Oxelösund for unloading and storage until shipping. The Port of Oxelösund has shown a strong development the last years and has made major investments to increase effectivity and for environmental benefits. Since 2006, the company has invested the equivalent of 30 million USD in the port and four new cranes have been taken in service.


24 Aug 2010 - USD 3,5 million financing through a subordinated loan
Grängesberg Iron AB has retained First Securities AS to advice on and effect a private placement with gross proceeds amounting to USD 3,5 million directed towards an institutional investor. The placement was completed through a subordinated loan with the right to receive repayment for the full or partial amount in shares through a set-off new issue. The subscription price in the Set-off Issue shall be equal to the price per share set in a future IPO and/or private placement, less an agreed rebate.

Proceeds of the Loan will be employed for the future development of the Grängesberg iron ore mine, incl. of PFS part of feasibility study, preliminary EIA, application for mining concession, recruitment of key management and for preparations for listing on the Oslo Stock Exchange (Axess). Andreas Simoncic, CEO of Grängesberg Iron AB commented: “We are very pleased with the placement, which improves the company’s financial standing and allows us to accelerate the development of the project aiming to start commercial iron ore production from the Grängesberg mine by 2014.”


23 Aug 2010 - First Securities engaged for upcoming IPO
Grängesberg Iron AB has engaged First Securities AS in Norway to evaluate financing and a possible IPO on Oslo Axess and later on Oslo Børs (Oslo Stock Exchange). Oslo Axess is a regulated stock exchange, as Oslo Børs, although with a focus toward companies in a pre-commercial phase.

The interest for commodity share has been increasing lately, due to rising raw materials prices and several international mining companies have been listed, or are currently in the process of being listed, on Oslo Børs.

A listing in Oslo will give Grängesberg Iron better access to Norwegian and international investors with a commodity focus. A broad investor base and good share liquidity are important prerequisites for a secure financing of the project to re-open the Grängesberg iron ore mine.


07 Jun 2010 - Pattok - new iron ore license
Grängesberg Iron has been granted the exploration license for the Pattok deposit in the north of Sweden, situated 39 km southwest of Kiruna. The license covers an area of 72 000 m2 and contains an estimated 68 million tons of iron ore down to a depth of 250 meters, with an average grade of 45.1% and 1.99% P.

The mineralization was discovered in 1960 by SGU, The Geological Survey of Sweden, by airborne magnetic measurement and has been surveyed with 23 diamond drill holes, totalling 5164.27 meters.


13 Nov 2009 - Pekka Perä joins the Board
The Board of Grängesberg Iron AB welcomes Mr. Pekka Perä as a new member of the Board of Directors. "The addition of Mr. Perä brings further strength and important experience from the mining industry to the Board of Directors of Grängesberg Iron", said the Chairman of the Board, Mr. Gösta Bergman.

Pekka Perä is the Chief Executive Officer of Talvivaara Mining Company Plc. He is the founder of that company and a member of the Board of Directors. The Talvivaara mine in northern Finland is one the largest nickel deposits in Europe. Earlier Mr. Perä has worked as the Project Manager of Mining at Arctic Platinum Partnership and as a Project Manager at Pyhäsalmi Mine Oy. He has also held various positions within the Outokumpu Group.


22 Oct 2009 - Full feasibility based on considerable resources
Grängesberg Iron AB is now taking the project of re-opening the dormant Grängesberg iron ore mine to the next phase. "The promising resources stated in the independent report by Behre Dolbear International makes starting a full feasibility study an easy decision", says Gösta Bergman, Chairman of the Board.

As reported earlier, the Measured and Indicated mineral resources at Grängesberg amount to 82.8 million tons, NI43-101 compliant, together with further Inferred resources of 37.5 million tons of mainly magnetite at an average Fe grade of 57 %. The procurement for the feasibility study has now started.



17 Sep 2009 - Pekka Erkkilä joins the Board
Grängesberg Iron AB welcomes Pekka Erkkilä as a new member of the Board of Directors. "Mr. Erkkilä brings great added strength and important experience from the steel and mining industry to the Board of Directors of Grängesberg Iron", said the Chairman of the Board, Mr. Gösta Bergman.

Pekka Erkkilä, today Executive Vice President - General Stainless of Outokumpu Oyj, has been a Member of the Executive Committee of Outokumpu Oyj since 2003 and employed by that company since 1983. He is a Member of the Board of the International Stainless Steel Forum, a Board Member of the University of Oulu and also serves as Member of the Board of Jernkontoret - the Swedish Steel Producers' Association.


20 Jul 2009 - Resources NI43-101 classified
The main mineral resources of Grängesberg Iron AB are now compliant with the National Instrument 43-101 standard. In a recent report by the independent company Behre-Dolbear, the iron ore resources at Grängesberg, Measured and Indicated, amount to 82.8 Mt, with additional Inferred resources of 37.5 Mt. Average Fe grades are 57%. A scoping study for turning the closed Grängesberg mine into production is imminent.

The Behre-Dolbear report further identifies a potential of 70 Mt at 57% average Fe grade between 1000 and 1280 m depth. Grängesberg Iron AB also has two deposits close to Kiruna, in the north of Sweden, Ekströmsberg and Tjårrojåkka, with Measured resources of 30.4 Mt and Inferred of 94.2 Mt, at Fe average grade of 51-52%. These deposits are advanced stage exploration projects, needing development with further measurements and drilling.


16 Jun 2009 - Peltovaara - new deposit
Grängesberg Iron has acquired a new iron ore deposit, Peltovaara, 10 km SW of Gällivare. The exploration permit was transferred earlier this spring, from Roslagen Resources AB, the current owners of Grängesberg Iron.

The Peltovaara iron ore deposit was explored by the Swedish company Stora Kopparberg in the early '60s and, although of fairly low grades (25-30%), it has an interesting potential with an area of the orebody of some 25 000 m2, amenable to open pit mining, and an oretype well suited for easy and cheap concentration processes.


24 Mar 2009 - Name change - Grängesberg Iron
Grängesberg Iron AB is the new name for the company formerly named Grängesberg Iron Ore Company AB. The name change is an important step in the company's branding strategy towards a clear and easily discernable corporate identity. The name change is implemented during March 2009.


25 Jan 2009 - 100% owned subsidiary
Grängesberg Iron AB is now a subsidiary to Roslagen Resources AB, which owns 100% of the company. The previous joint venture between Grängesberg Iron Ore Plc and Roslagen Resources ended earlier this year, due to market aspects affecting the former company.

The work towards developing the historic Grängesberg mine, which closed in 1990, and the high grade iron ore deposits of Ekströmsberg and Tjårrojåkka close to Kiruna, into modern profitable mines with a yearly production of 2,5 million tonnes of high-class iron ore pellets each, continues.