InfraVia Capital Partners has completed the third investment under its Critical Metals strategy, acquiring a 6.6% stake in Gruvaktiebolaget Viscaria through an investment of approximately SEK 420mn (€39mn). The transaction forms part of a broader SEK 2.4bn capital increase supporting development of the copper project in northern Sweden.
The investment positions InfraVia as the likely second-largest shareholder in Viscaria, which is advancing a restart of a brownfield underground copper mine in Kiruna, Sweden, with first concentrate production targeted for 2028.
Brownfield Copper Restart in the Kiruna Mining District
The Viscaria copper project is located within the Viscaria iron oxide-copper-gold belt and sits in one of Europe’s established mining regions. The mine previously operated during the 1980s and 1990s before closure and is now being redeveloped with existing regional mining infrastructure.
The project is designed to leverage established rail connections, industrial services, and mining workforce capacity in northern Sweden, supporting concentrate transport to European smelters and downstream processing facilities.
Production Profile and Offtake Structure
At full production, Viscaria is expected to generate approximately 120,000 tonnes of copper concentrate per year, containing around 26,000 tonnes of copper.
An offtake framework is already in place through a memorandum of understanding with Aurubis AG, one of Europe’s major copper smelting and processing companies. The agreement is intended to channel future concentrate output into European refining capacity.
Resource Base and Mine Life Outlook
The project is underpinned by an estimated 108 million tonnes of copper-bearing rock, supporting a planned 17-year initial mine life. Viscaria continues exploration activities aimed at extending operational duration beyond the current mine plan.
The restart is based on a previously operating underground mine that is now being redeveloped under modern permitting and technical conditions.
Infrastructure and Low-Carbon Power Access
The Kiruna location provides access to hydropower-based electricity, rail logistics, and established mining infrastructure. The project plans to utilize fossil-free electricity for processing and operations, contributing to a lower-carbon production profile compared with more diesel- or coal-intensive copper operations globally.
Concentrate transport is planned through existing rail systems linking northern Sweden to European port and smelting networks.
Capital Raise and Investor Structure
The transaction is part of a SEK 2.4bn equity raise supporting development and construction activities. InfraVia’s participation of SEK 420mn (€39mn) underpins its 6.6% ownership stake and is expected to position it as a major long-term institutional investor in the project.
The financing is intended to support the transition from construction into production, including plant development, procurement, logistics integration, and future debt financing stages.
The investment represents InfraVia’s third allocation within its Critical Metals strategy, which targets assets linked to electrification, industrial supply security, and energy transition materials. Viscaria is positioned within this framework as a permitted brownfield copper development in a stable European jurisdiction, with access to infrastructure and established downstream industrial relationships.
Strategic Copper Supply in Europe
Copper from Viscaria is expected to support European demand across power grids, renewable energy systems, electric vehicles, battery storage, and digital infrastructure.
The project is being developed within the context of the EU Critical Raw Materials framework, which classifies copper as a strategic material due to its role in electrification and industrial transition systems.
Development Timeline and Execution Phase
Mining operations have commenced and construction activity is underway, with concentrate production targeted for 2028. The project remains in an execution phase requiring continued construction, operational ramp-up, and financing completion. InfraVia’s entry adds institutional backing as Viscaria progresses toward plant completion and commercial production.
