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Grangex and Anglo American have formed a strategic alliance to restart the Sydvaranger iron ore mine in Norway. The mine, dormant since 2015, is significant for its substantial magnetite reserves suitable for hydrogen-based green steel production.

This initiative aligns with the European Union's objectives for critical raw materials and supply chain diversification, particularly in light of geopolitical tensions. The project aims to produce several million metric tons annually, enhancing European steel producers' access to high-quality iron ore.

The partnership leverages Grangex's regional expertise and Anglo American's financial and technical resources, with an investment estimated between $300-500 million. The collaboration will include phased development involving feasibility studies and environmental assessments, aiming to comply with Norway's stringent regulations. The mine's historical production exceeded 3 million metric tons annually, serving European markets and establishing existing logistics and customer relationships.