In 2027, we will begin mining copper ore with a copper grade 60% higher than the global average. We are doing this to help reduce Europe’s significant copper deficit – for an electrified, independent, and strong Europe. Copper is one of the most critical metals of our time – and the deficit is growing rapidly. Already today, Europe is dependent on imports from Latin America and Africa, and by 2040 the need for imported copper is expected to almost double.
The demand for copper is driven by the growth of the global middle class and an increasingly electrified world. Copper is used in everything from power grids and vehicles to defence and industry – with few viable alternatives. Forecasts from MineSpans show that the global copper deficit will exceed that of nickel, lithium, and zinc combined, amounting to more than 4.5 million tonnes as early as 2035.
For Europe, this represents a particular challenge. The region is already a net importer of copper, while China and the United States are expected to become the largest importers globally. Geopolitical tensions, export restrictions, and fragmented markets increase the risk of supply disruptions and rising prices.
Viscaria – a European exception
At the same time, the number of new copper projects in Europe remains very low, due to high costs, strict permitting processes, and declining ore grades. Here, Viscaria in Kiruna stands out as a unique exception.
With a confirmed Mineral Resource of 108 million tonnes at a copper grade of 0.9 per cent – among the highest in Europe – and a further 28 million tonnes discovered during the past year, Viscaria is one of the few projects with genuine potential to meet Europe’s growing needs. The project also has all necessary environmental permits in place, and construction is already underway ahead of planned production start in 2027.
By utilising existing infrastructure, an efficient mine design, and proximity to the Iron Ore Line railway, Viscaria also enjoys a competitive cost position compared with other European projects.
A contribution to Europe’s self-sufficiency
Viscaria stands out as one of the most tangible and near-term contributions to Europe’s supply of a critical metal. As the global deficit grows, local projects are essential to reduce dependence on imports and to safeguard the long-term competitiveness of Europe’s industry.
Copper is vital for Europe’s future – and Viscaria is ready to contribute.
Source: MineSpans