Gruvaktiebolaget Viscaria announce that it has executed a mandate letter with respect to a non-binding term sheet with a syndicate of leading global financial institutions, namely Societe Generale and ING (together the mandated lead arrangers or “MLAs”) to arrange a structured project debt financing package of up to approximately SEK 3,900 million (inclusive of a cost overrun facility of approximately SEK 370 million) for the re-opening of the Viscaria Copper & Iron Ore Mine (“Viscaria Project”) in Kiruna.
The execution of the mandate letter is a key milestone in the project financing process for the development of the Viscaria Project and the culmination of a structured and extensive market sounding process, which saw significant interest from a number of financial institutions. Societe Generale and ING were chosen as MLAs due to their market leading expertise in financing mining projects and support for European critical minerals.
“Mandating Societe Generale and ING – two of Europe’s most experienced mining financiers – marks a key milestone in our journey to reopen the Viscaria mine. With a solid technical and financial foundation, an environmental permit in legal force, and a highly capable team, we are well positioned to establish Viscaria as a leading European supplier of responsibly produced copper. We now look forward to working closely with these financial partners, whose experience and capabilities will be instrumental as we enter the due diligence phase and continue working toward finalising the debt financing during the first half of 2026,” said Jörgen Olsson, CEO of Viscaria.
“We are proud to support Viscaria – a sustainable mining project that reflects what the market is actively seeking: with its strong ESG profile, low capital intensity, secured permits, short lead time to operations and strategic location, Viscaria is well positioned to attract international capital. As copper prices rise and global demand accelerates, investor appetite for high-quality, low-carbon copper initiatives such as Viscaria’s continues to grow. We look forward to working with the Viscaria team to successfully close this financing,” said Sean Gorman, Head of Debt Advisory at Hannam & Partners.
As part of the next phase in this financing process, detailed technical, financial, and environmental & social due diligence is underway with the MLAs and their independent advisors. This due diligence will be instrumental in structuring the definitive project funding package, with financial close targeted for Q2 2026.
The completion of the debt financing remains subject to final due diligence, credit approvals, and negotiation and execution of definitive financing agreements and satisfaction of the customary conditions precedent thereunder. Hannam & Partners continues to act as independent project finance advisor and assist with structuring, identifying, and engaging potential financing participants.
