Grangex, Anglo American Partner to Resume Mining Operations at Norwegian Mine

12:21 AM EST, 12/24/2025 (MT Newswires) -- Mineral development company Grangex (GRANGX.ST) entered into a strategic commercial agreement with Anglo American (AAL.L, AGL.JO) to support the planned operations resumption at the Sydvaranger mine in Northern Norway. Under the agreement, the mining giant will terminate its existing $37 million royalty over the mine at the final investment decision and project financing close, with no repayment or future royalty payments. In exchange, Anglo American will secure 100% of the mine's life-of-mine production of direct reduction, ultra-high-grade magnetite concentrate, according to a Wednesday release. Anglo American will also provide $5 million in non-dilutive bridge financing, to be drawn in two equal tranches, with the first tranche available immediately and the second expected in mid-February 2026. The unsecured facility carries a 10% annual interest rate and matures on Jan. 1, 2029. In addition, Anglo American has been granted an option to participate in the project's debt financing for the restart of operations, through a subscription in Grangex's selected debt instrument.