A New Life for an Old Copper Deposit in the Norwegian Arctic
Source: iStock.com/AND555
ACG Metals is paying just over 2 billion kroner for the mine currently under development in Kvalsund.
This was announced on Tuesday in a press release from the seller, the Canadian company Blue Moon Metals.
“For us, this is a big, joyful day, because we have now brought in another highly competent player as an owner—one that will handle the operational side of things moving forward,” Øystein Rushfeldt, CEO of Nussir ASA, told NRK.
The Nussir mine is currently under development, with operations scheduled to begin next year. The deal also includes Nye Sulitjelma Gruver (NSG), which plans to resume mining operations in Sulitjelma. In June of last year, they received permission from the Norwegian Environment Agency to explore the copper deposit.
Looking Forward to the Start-Up
ACG Metals is listed on the London Stock Exchange and is headquartered in the British Virgin Islands. Mike Pompeo, former US Secretary of State and CIA Director, serves on the board, iFinnmark reports.
“We look forward to taking the Nussir mine into its next phase: production,” says ACG CEO Artem Volynets in a press release.
A feasibility study conducted this spring indicates that the copper deposit in the Nussir mountain is among the largest in Europe. There are also significant deposits of gold and silver.
The study estimates that the mine could be in full operation from 2027 to 2040.
Environmental organizations have been highly critical of the mining development, citing concerns for both the natural environment and the local community. Plans to deposit mine tailings in Repparfjorden have been a particular source of concern.
Mine in Turkey
ACG already operates a copper mine in Turkey. Nussir CEO Øystein Rushfeldt believes this expertise is a major advantage.
He does not foresee any major changes for the local community in Kvalsund in the immediate aftermath of the acquisition.
“In Kvalsund, for the most part, things will remain as they are today,” he says.
However, he does not rule out the possibility that, in time, there may be opportunities for staff exchanges between Kvalsund and Turkey.
Source: NRK