Grangex AB entered into an exclusivity agreement to acquire Sydvaranger Mining AS from OMF Fund II (H) LP a fund managed by Orion Mine Finance for $33 million.

Grangex AB (NGM:GRANGX) entered into an exclusivity agreement to acquire Sydvaranger Mining AS from OMF Fund II (H) LP a fund managed by Orion Mine Finance for $33 million on June 29, 2023. Grangex will be supported in its due diligence of Sydvaranger. Upon the completion of the acquisition, Grangex will work with its strategic partners Anglo American and the Tschudi Group and the Sydvaranger team to analyze the best technical approach for the re-start of mining operations with a name plate production of approx.

4 MT per year of high-grade pellet concentrate, ideally, a fossil free DRI quality. The acquisition, if completed, will complement Grangex’s Dannemora ultra high-grade iron ore project in the Östhammar municipality in Sweden, and will position Grangex as one of the leading developers of high-grade, low carbon pellet feed production in Scandinavia, making Grangex a key supplier to green steel producers. The deal is anticipated to close in H2 2023.

Clarksons Securities acts as financial advisor for Orion in the transaction.