During the Demo North Summit, we will hear from Jörgen Olsson, CEO of Viscaria – a company that is not only planning a mine, but delivering one of Europe’s most strategic industrial projects.
Mining company Viscaria has raised SEK 3.7 billion (EUR 340 million) over the past five years to reopen a copper mine in Kiruna. Copper is a critical component in everything from electrification to digital infrastructure – and demand is rising rapidly as the global transition accelerates.
At the same time, copper is becoming increasingly difficult to extract. Ore grades are declining worldwide, driving up both complexity and costs. In this context, Viscaria stands out as a key player, with the potential to account for around 3 percent of Europe’s copper production and contribute to greater self-sufficiency.
“Across the world’s 700 copper mines, ore grades are falling while demand is increasing sharply. This is driving both the need and the price,” says Jörgen Olsson, CEO and principal owner of Viscaria.
Starting a new mine typically takes 10–20 years. Viscaria is doing it in just eight.
“We began in 2020, applied for a permit in 2022, and received approval in April 2025. Even before that, we had invested nearly SEK 2 billion in infrastructure under temporary permits. It’s a risk – but it now means a very short time to market.”
One third of the project has already been completed.
“This spring, we will pour the concrete foundation and begin construction of the processing plant. Mining will start in 2027, production will ramp up in 2028, and we expect to reach full capacity in 2029.”
A total of SEK 3.7 billion has been secured so far, with approximately SEK 5.5 billion still to be raised.
But Viscaria is about more than just its copper mine. A key priority is also investing in the local community.
The company is actively working to create long-term social value in Kiruna – with a focus on local jobs, a stronger tax base, and investments in housing and quality of life. Viscaria demonstrates how industrial development and social responsibility must go hand in hand.
Demo North Summit takes place in Luleå 22-23 September 2026. Read more and register here!
