Gruvaktiebolaget Viscaria today provides an update on the project financing process for the reopening of the Viscaria mine in Kiruna.
The financing process continues to progress well, with strong support from lenders and Export Credit Agencies (ECAs). Together with lead arrangers ING and Societe Generale, Viscaria is in discussions with four to six European commercial banks expected to join the banking syndicate, alongside the ECAs Euler Hermes and Finnvera.
Following significant progress made by the lenders and their advisors across the technical, ESG, commercial, legal and financial due diligence workstreams, Viscaria expects to complete the debt financing process within 90 days, with credit approval from the lead banks, ING and Societe Generale, anticipated around year-end.
“The project financing process is running in parallel with significant progress at Viscaria. We have inaugurated the Leväjärvi railyard, secured key agreements with Metso, Sandvik and Granitor Systems, continued mine dewatering in line with our environmental conditions, and achieved Strategic Project status under the EU Critical Raw Materials Act. The revised project financing timetable does not affect the overall timeline. We remain well funded, construction is progressing according to plan, and we continue to advance the project according to schedule with first sellable copper in 2028,” said Jörgen Olsson, CEO of Viscaria.
