In May 2014, Anglesey announced that it had entered into agreements giving it the right to acquire a controlling interest in the Grängesberg Iron project in central Sweden including a direct 6% interest in Grängesberg Iron AB (GIAB), a private Swedish company which owns the mine; and, an option exercisable until 30th June 2015 to acquire an additional 51% in GIAB. Anglesey also entered into shareholder and co-operation agreements such that during the term of the option Anglesey holds management control and operatorship of GIAB and has appointed three out of five directors to the board of GIAB including the chairman – Anglesey Board representatives are John F Kearney, William Hooley and Danesh Varma.
Following a small investment in late 2019 and other investments since that date the group now holds a direct 20.0% interest in and management rights to, the Grängesberg Iron project in Sweden, together with a right of first refusal to increase its interest to 70.2%.
Until its closure in 1989 due to then prevailing market conditions, the Grängesberg mine (about 200 kilometres north-west of Stockholm) had produced more than 150 million tonnes of iron ore.
In September 2014 the following resource summary was received from RPA
Grängesberg Iron AB – Grängesberg Iron Mine