Iron ore developer Northland Resources said its Kaunisvaara project within Sweden’s Arctic Circle has potential production upside above its 5 million mt/year planned output while a smaller nearby project in Finland at Hannukainen may yield additional high ferrous content raw material.
Northland is working on a definitive feasibility study for the Hannukainen iron ore, copper and gold project, which is expected to be finished by the end of this year. Initial indications point to a project with 2-3 million mt/year of even higher-grade magnetite iron ore than the 69%-Fe content product identified for Kaunisvaara, Hans Nilsson, the company’s vice president of marketing, said in an interview in London on Tuesday.
At Kaunisvaara, the processing plant due to come on stream from the end of 2012 will allow for production starting early 2013. The annual capacity of the plant is 12 million mt of dry iron ore and 5 million mt of iron ore concentrate identified in its feasibility study.