Grängesberg Exploration Holding AB (publ), listed on the NGM, is the owner of Dannemora Iron AB the holder of a mining concession for the Dannemora iron ore mine. The Company is planning to re-start the mining operations in the Dannemora mine with the ambition for it to be one of the world’s first “green” iron ore mines. Production is anticipated to begin during 2025 and the capital expenditures for the Project is estimated to approximately SEK 1,9 billion.
The Company sent out an RFI (Request For Interest) to potential financiers and so called off-takers to explore the interest of buying the entire planned ~1.0Mt/year production of low carbon ultra-high-grade magnetite concentrate at the Dannemora mine for the entire Life of Mine, estimated to be 11 years, having an indicative total revenue value of approx. SEK 15 billion, based on today’s price level, as well as participate in the funding of the Project. Given the strong interest, the Company has run a competitive bid process whereby the Company eventually choose AngloAmerican, being one of the largest mining companies in the world, whereby USD 10 million funding was received through a Royalty Agreement for the planned production as well as a binding term sheet for an off-take agreement for the full production.
Synch assisted the Company through out the planning and execution of the bid process and completion of the contracts.
Synch’s team was led by Jim Runsten and consisted also of Andreas Börjesson, Amila Briga, Louise Berlin, Olof Hultén and Stefan Rakovic
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