The company has received all the necessary permits for the initial project in Blötberget and will be able to produce a high-grade iron ore concentrate. Nordic Iron Ore is well positioned in a market where demand for high-grade iron ore concentrate is increasing.
Vision
Nordic Iron Ore will be a major Swedish producer of high-grade iron ore products.
Business concept
Nordic Iron Ore’s business concept is to own iron ore deposits in the mining district known as Bergslagen either under its own auspices or with other operators, and to develop them into operational mines with sound long-term profitability that can supply high-grade products to steelworks in Europe and other parts of the world.
Strategy
- Nordic Iron Ore aims to realise our business concept through:
- Exploring and developing high-grade iron ore deposits
- Creating an efficient, complete solution for mining, concentration and logistics
- Being an attractive business partner providing a high level of reliability of supply for selected customer segments, and having the ability to tailor products specifically to customers
- Producing and marketing a niche product with a very high iron content
Objectives
The company’s operational objectives are to:
- Resume mining operations at Blötberget and Håksberg, starting in Blötberget (where necessary permits are granted), and gradually expanding to an anticipated annual production of about 4 million tonnes of end product at full operation
- Substantially expand its mineral resources, primarily through continued exploration of the Väsman field
- Obtain the necessary permits for mining operations in the Väsman field
- Sign long-term customer contracts for its entire production volume.
The company’s financial objectives are to achieve sustainable profit after financial expenses at a level that is at least on a par with the average for the industry within two years of the start of production.
Organization
Nordic Iron Ore intends to expand its organization gradually as the need for in-house staff increases and as project development progresses. The company continuously evaluates which parts should be managed in-house and what should be outsourced. In total, the organization is expected to, directly and indirectly, engage approximately 300 people.
See Management och Board Of Directors under Corporate governance
