Viscaria’s operations are primarily focused on the extraction of copper, through the reopening of the Viscaria mine in Kiruna. The mine is a rich deposit, expected to become one of the largest copper producers in Europe when the mining operations commence. Viscaria’s portfolio of assets also includes minerals such as zinc, gold, silver, and cobalt.
The price of copper has quintupled since Viscaria was last in operation
Viscaria and the copper market
With its anticipated annual production of 30,000 tons, Viscaria becomes Sweden’s second-largest copper producer and assumes a significant role in the European market. Currently, Europe imports more than half of its copper.
Sweden produces 0.1 million tons of copper per year, which accounts for 0.52 percent of the world’s total copper production. Aitik is the largest copper-producing mine with 90,000 tons of copper per year. At full capacity, the Viscaria Mine will be Sweden’s second-largest copper-producing mine, able to meet four percent of Europe’s copper needs. Supplying the European market also helps reduce long-distance copper transportation.
From a global perspective, copper demand is expected to increase by 45-55 percent by 2032. At the same time, more people are expected to demand locally and responsibly produced copper as new sectors in society are electrified. Companies in the industry are currently investing heavily in battery production and fossil-free produced metals, increasing the demand for copper and benefiting Viscaria’s role in the market.