Swedish miner LKAB has bought a 75pc stake in Bergteamet, a mining equipment and infrastructure company based in Boliden, Sweden.
Björn Koorem, chief executive officer at LKAB, said in a statement on Jun 16 that the acquisition would help LKAB expand its underground mining capabilities and satiate its need for specialized rock contracts. It will also help the company in establishing further market share and resources in the metals and mining segment.
In 2020, Bergteamet reported sales of SEK311mn ($36.1mn) and employed 160 workers. The acquisition remains subject to approval by the Swedish Competition Authority.
During Q1 2021, LKAB reported iron ore production at an annual rate of 7.4mn mt and net sales of $1.4bn. It is also actively involved in the Hybrit initiative, a zero-carbon steelmaking JV based in Sweden.