S&P Global Commodity
Bluelake Mineral was featured in S&P Global Commodity and in Metals Weekly, highlighting the fully approved zoning plan for the Joma copper and zinc mine. With land-use permits secured, the Joma mine marks a key step in Norway's mineral strategy and Europe's green transition. S&P Global shared the article with all clients, including over 100,000 customers and investors in more than 150 countries. Please find a summary of the article here and a link to the original article.
The below article is a summary of the article published on S&P Global and Metals Weekly on July 7th. The original article was written by Jaqueline Holman, EMEA Metals News Lead at S&P Global and can be accessed by S&P Global clients on the link:
https://plattsconnect.spglobal.com/#platts/insightsArticle?articleID=ffeb50cd-92ee-45fd-9ee4-59de6e98ce79&insightsType=Top%20News
S&P GLOBAL COMMODITY:
BLUELAKE MINERAL HOPES TO RESTART NORWAY’S ONLY COPPER MINE BY 2030
Bluelake Mineral is working toward restarting copper production at the historic Joma copper-zinc mine in Norway by 2030, according to CEO Peter Hjorth in an interview with Platts, part of S&P Global Commodity Insights. If successful, this would mark the first copper mine in Norway in over 25 years, a key step as copper becomes increasingly vital for the global energy transition.
The Joma project is a cross-border initiative involving both Norway and Sweden. Copper will be mined at the brownfield Joma site in Norway and from the Stekenjokk-Levi deposits in Sweden. While mining in Sweden will be seasonal (six months per year in winter) to avoid interference with reindeer herding, all ore will be transported to Norway for year-round processing and waste handling.
Bluelake has already secured a crucial land-use permit from the Norwegian government as of early July. This approval came despite opposition from local reindeer herders, and Hjorth emphasized the company’s commitment to managing that relationship with care.
“We will be extremely careful and try to have a good dialogue with the reindeer herders to try mitigate any interference and negative impact on the reindeer herding,” he said.
Hjorth stressed the strategic importance of the Joma project:
“The big political risk has been eliminated, or at least reduced to a minimum, so we feel comfortable that this is going to be an operating mine in a few years’ time,” he said.
“We think the product is healthy otherwise, and we have good assets that we can build on,” he added.
Next steps include obtaining environmental permits in both Sweden and Norway, which Hjorth believes will not be a major hurdle following the land-use decision. However, the company still needs a mining license in Norway and must secure financing.
According to Hjorth:
“To get all the permits in place, we calculated roughly EUR 10 million, and then to start the mine, it’s going to be at least EUR 100 million on top of that,” adding that financing would likely come through a mix of equity, debt, and offtake agreements.
“There are still financing demands that we need to resolve, but having the permits in place is a good start,” he said.
The Joma project is estimated to have a 20-year mine life, with a throughput of up to 1 million metric tons (mt) per year. Bluelake expects this to result in an annual output of around 10,000 mt of copper concentrate and 20,000 mt of zinc carbonate, although Hjorth noted these figures are preliminary estimates.
A 2021 preliminary economic assessment projected a 17-year mine life with early production sourced from both Joma and Levi South, followed by ramp-up at Stekenjokk and Levi North. The indicated mineral resource at Joma was estimated at 6 million mt with 1% copper and 1.66% zinc, along with an inferred mineral resource of 1.2 million mt at 1.2% copper and 0.7% zinc.
Bluelake Mineral’s effort to revive copper production in Norway is seen as a critical move to support Europe’s decarbonization goals, given copper’s essential role in renewable energy infrastructure, electric vehicles, and transmission systems.