I underwrote a $100M+ copper mine in Sweden.
Closed for 30 years. Now, finally reopening.
26,000 tonnes of copper per year at full production
ING & Société Générale are financing the project
To fund deals like this, I ask 4 questions:
What stage of risk are we in?
Feasibility study completed, $1.4B on balance sheet
$284M invested into the project in 2025 alone
Mining restart targeted 2026, first deliveries 2027
This isn't an exploration project, so the geology is confirmed, and cash flow is coming.
What makes the location work?
Sweden has a very stable mining jurisdiction
Europe needs more domestic copper supply
Will become Sweden's 2nd largest copper mine
How is downside protected?
We can lend against the shares, not the cash flow
Long-term contracts with Aurubis are secured
The mine is independently valued at $4.4B
Can we control the exit?
Listed company means a liquid exit is available later
Cash generation starts within the lending window
Europe hasn't built a copper mine this size in decades. The demand is there, the asset is real, and the deal is straightforward.
My verdict:
Strong fit for private credit (stock-loans)
Strong fit for family offices
If you allocate to real assets, let's connect 👋