Kaunisvaara Iron Ore Mine expansions (Pajala)
In 2014, the Kaunisvaara mine operated by Northland Resources was brought to its knees by a devastating crash in ore prices. Mining equipment, including 500-plus motors and around 200 variable-speed drives, was left dormant. With the backing of the community, nearly 80 Swedish entrepreneurs in cooperation with Carnegie Bank, launched Kaunis Iron, the new mining company. The mine achieved full production in the first quarter of 2019, with a targeted output of two million tons annually.