Swedish mining company Viscaria AB said on Thursday its copper project financing is nearing completion, with the company targeting production startup in the second quarter of 2026.
The company confirmed in a presentation slide deck that financing discussions are in the final stages, though no specific terms or lenders were disclosed. Viscaria did not respond to requests for additional details.
The Q2 2026 timeline aligns with the company’s previously stated goal to begin commercial operations at its copper mine in northern Sweden. The project, located near the town of Kiruna, is designed to produce high-grade copper concentrate, targeting an annual output of approximately 30,000 tonnes.
Viscaria has previously indicated the project would require around $400 million in total investment, including infrastructure and processing facilities. The company has secured offtake agreements with European industrial buyers to support long-term sales, though volumes and pricing terms were not specified.
Analysts tracking the project note that copper prices have remained elevated due to supply constraints and strong demand from renewable energy sectors. Benchmark copper prices on the London Metal Exchange have averaged above $9,000 per tonne in 2024, supporting project economics.
Completion of financing would allow Viscaria to finalize construction and commissioning schedules. The company has not provided an updated cost estimate or revised production timeline since its last disclosure in early 2024.
Viscaria’s shares, listed on the Nasdaq Stockholm exchange, were unchanged in early trading on Thursday.
