Viscaria
Viscaria is a Swedish copper mining developer publicly listed on Nasdaq Stockholm, reactivating the Viscaria mine in Kiruna to produce 26,000 tonnes of copper concentrate annually for European smelters, with first production targeted for 2028-2029.
- Company typePublic
- Founded2006
- HeadquartersKiruna, Sweden
- Headcount51–100
- GTM typeB2B
- OfferingHardware or Manufacturing
What Viscaria does
Viscaria (legal name Gruvaktiebolaget Viscaria (publ)) is a Swedish copper mining developer headquartered in Kiruna, northern Sweden, publicly listed on Nasdaq Stockholm Main Market under the ticker VISC. The company is reactivating the historic Viscaria copper mine with a planned annual production capacity of 26,000 tonnes of copper concentrate, which would make it Sweden's second-largest copper producer and approximately 3% of EU copper output at steady state. Its core technology stack is conventional open-pit and underground mining feeding a processing plant based on SAG and ball mills (Metso-supplied), supported by a proprietary water treatment plant (WTP1000, inaugurated October 2025) and a geomorphological reclamation methodology, with portable XRF instruments used during exploration and grade control.
The business model is B2B copper concentrate sales directly to European smelters and refiners under multi-year offtake contracts priced off commodity indices with quality adjustments; first revenue is targeted for 2028-2029. A landmark long-term delivery agreement was signed with Aurubis in December 2025, and management references MoU discussions with additional European consumers. Logistical distribution leverages the company's connection to the Malmbanan (Iron Ore Line) railway and a deepened partnership with Narvik Hamn in Norway for export shipping. Viscaria serves a single primary customer segment — major European copper processing companies seeking responsibly produced copper for electrification, renewables, and climate-transition supply chains — with a clear vertical segmentation approach.
Viscaria is pre-revenue with first concentrate still ~2 years away; Q1 2026 reported net sales of SEK 0 million, cash and equivalents of SEK 1,002 million, and equity of SEK 3,067 million. The capital plan combines approximately SEK 1.7 billion raised in a June 2026 directed share issue, a target of approximately SEK 4.8 billion in debt financing to be completed in Q3 2026, and a runway supported by high-quality shareholders including EQT founder Thomas von Koch (largest) and a French state-linked fund (second largest). Estimated steady-state annual EBIT during 2029-2036 is approximately SEK 1.6 billion. The company operates with approximately 50 full-time employees and 30 full-time consultants across offices in Kiruna and Luleå.
Viscaria firmographics
Firmographics- Name
- Viscaria
- Legal name
- Gruvaktiebolaget Viscaria (publ)
- Website
- https://viscaria.com
- Company type
- Public
- Founded year
- 2006
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Viscaria is a Swedish copper mining developer publicly listed on Nasdaq Stockholm, reactivating the Viscaria mine in Kiruna to produce 26,000 tonnes of copper concentrate annually for European smelters, with first production targeted for 2028-2029.
- Ownership category
- akta.pro rank
Viscaria industry classification
Industry- Product category
- Copper Mining
- NAICS
- Copper, Nickel, Lead, and Zinc Mining (212230)
- SIC
- Metal Mining (1000)
- akta.pro primary industry
- Copper Ore Mining (Open-Pit & Underground) (IMAKADAB)
- akta.pro secondary industries
- Copper Concentration (Crushing, Grinding, Flotation) (IMAKADAC), Copper Concentrate Trading & Marketing (IMAKADAI)
Keywords
Where Viscaria is headquartered
LocationHeadquarters
- HQ city
- Kiruna
- HQ country
- Sweden
- HQ region
- Europe
Offices2 records
Markets served
Viscaria business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D
Revenue model
- Copper Concentrate Sales: Once production begins (estimated 2028-2029), Viscaria will generate revenue from selling copper concentrate to European smelters and refiners. Annual production targeted at 26,000 tonnes of copper, making it Sweden's second-largest copper producer.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Multi-year contract | B2B copper concentrate - contract pricing |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels5 records
Viscaria product offering
Product offeringCore offering
Viscaria is reopening the historic Viscaria copper mine in Kiruna, northern Sweden, to produce copper concentrate through open-pit and underground mining operations supported by SAG mill and ball mill processing. The company targets 26,000 tonnes of copper annually at steady state (2029-2036), selling copper concentrate directly to European smelters and refiners under long-term offtake contracts such as the agreement with Aurubis.
Product overview
Viscaria (Gruvaktiebolaget Viscaria) is a Swedish mining company that is scaling up to become a modern, responsible copper producer through the reopening of the Viscaria mine in Kiruna. The core product is copper production from the Viscaria mine (targeting 26,000 tonnes annually), supported by infrastructure including the WTP1000 water treatment plant and Viscaria Village contractor housing. The company also holds exploration assets at Arvidsjaur (Eva, Svartliden, Granliden) and the Tvistbo copper project in Smedjebacken. Production is planned to begin in approximately 2 years with full steady-state operations from 2029-2036.
Differentiator
Problem solved
Functional benefit
Products and services
- Viscaria Copper Mine (Kiruna) The primary copper mining operation in Kiruna, northern Sweden, with estimated annual production of 26,000 tonnes of copper, positioning Viscaria to become Sweden's second-largest copper producer. Open-pit and underground mining with conventional SAG mill and ball mill processing producing copper concentrate for European smelters and refiners.
- WTP1000 Water Treatment Plant Advanced water treatment facility for treating water from mining operations, inaugurated in October 2025, featuring innovative technical solutions for environmental compliance and mine water management.
- Processing Concessions (Arvidsjaur) Processing concessions and exploration permits in Arvidsjaur, Sweden, including the Eva, Svartliden, and Granliden deposits, forming part of Viscaria's exploration portfolio.
- Tvistbo Copper Project Copper project located in Smedjebacken, Sweden, held alongside the Viscaria operation as part of the company's exploration and development portfolio.
Quantifiable outcome
- 26,000 tonnes per year copper production - Sweden's second largest copper producer
- +1 more outcomes
Companies that use Viscaria
Customer profileNamed customers1 record
Segments1 record
Ideal customer profiles2 records
Viscaria technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Viscaria partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered major, core and minor.
- RentamajorEquipment rental agreement for establishment of an on-site machinery and service depot at the Viscaria mine site.
- NordecmajorConstruction agreement for the building that will house the processing plant. Nordec is a steel and construction company.
- Strawberry and MG LinkmajorStrategic collaboration to build and operate Viscaria Village - a contractor housing facility with 132 rooms for 264 workers. Located adjacent to the mine site, scheduled to be ready by summer 2026.
- Narvik HamncoreDeepened cooperation on future copper concentrate shipping through Narvik port in Norway. Strategic logistics partnership for export to European customers.
- MetsocoreLong Lead Item agreement for two mills (SAG mill and ball mill) for the processing plant. Metso is a global leader in mining equipment and mineral processing technology.
- AurubiscoreLandmark long-term copper delivery agreement signed in Berlin in December 2025. Aurubis is a major European copper smelter and refiner. This strategic partnership positions Viscaria as a key copper supplier for Europe's green transition.
- OmexomminorConstruction of new transformer station for 45 MW electrical power supply to support mining operations.
Scale indicators8 records
Recent moves12 records
Expansion highlights6 records
Viscaria competitors and assessment
Company assessmentDirect peers
- Capstone Copper: Americas-focused mid-tier copper producer (Cozamin, Pinto Valley, Mantos Blancos, Santo Domingo) similar in mid-cap scale and copper-concentrate business model. Comparable transition story from developer to multi-asset producer.
- Lundin Mining Corporation: Mid-tier copper-focused base-metals producer (Caserones, Neves-Corvo, Zinkgruvan) with comparable copper concentrate offtake to European smelters. Similar mid-cap copper profile and concentrate-based revenue model makes it a key valuation reference for Viscaria at scale.
- Boliden AB: Major Swedish base-metals miner (copper, zinc, nickel) operating multiple Swedish mines including Aitik, the same northern Swedish mining district context as Viscaria. Closest listed geographic and product-mix comparable and a benchmark for what a fully built Swedish copper-zinc operation looks like at scale.
- KGHM Polska Miedź: Polish state-linked major European copper miner (and silver by-product) producing concentrates and cathodes from Polish and Chilean operations. Comparable as an EU-domiciled, multi-decade copper concentrate operator with significant underground mining exposure like Viscaria.
- Atalaya Mining: European-listed copper producer operating the Riotinto project in Spain with plans to scale to ~200 kt Cu-equivalent. Directly comparable as a European copper developer/producer building concentrate offtake relationships with regional smelters.
- Ero Copper: Mid-tier Brazilian copper producer (Tucumã, MCSA Mining Complex) targeting 60–70 kt Cu. Comparable mid-cap, growth-stage copper miner with a single-country asset base, providing a useful benchmark for the build-out Viscaria is executing.
- Sandfire Resources: Australia-listed copper producer/developer with Spanish operations (Matawinie/Motjane). Similar mid-cap copper-led model with a portfolio that includes European-style offtake relationships, and a comparable transition from single-asset developer to multi-asset producer.
Others
- Aurubis AG: Europe's largest copper smelter and refiner and Viscaria's anchor offtake partner. Not a horizontal competitor but the immediate downstream buyer of Viscaria's concentrate and a key commercial counterparty for the European copper value chain.
Emerging players
- Mandalay Resources: Small-cap gold and copper producer (Costerfield, Björkdal, Youbi). Comparable as a smaller, single-jurisdiction producer with copper by-product exposure that provides a sense of how a sub-scale European copper asset is valued publicly.
Broad incumbents
- First Quantum Minerals: Global mid-/large-cap copper producer (Cobre Panamá, Sentinel, Kansanshi, Cueva Blanca). Larger incumbent in pure copper with the same concentrate-driven economics and analogous project-development execution profile.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Viscaria social profiles
Digital presenceViscaria financial estimates
Financial estimateRevenue estimate
Valuation estimate
Viscaria leadership team
Management profileNumber of profiles
Profiles11 records
Viscaria subsidiaries and ownership
Company hierarchySubsidiaries1 record
Viscaria funding detail
Funding detailFunding overview
Funding rounds4 records
Investors4 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Viscaria M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Viscaria
What does Viscaria do?
Viscaria is reopening the historic Viscaria copper mine in Kiruna, northern Sweden, to produce copper concentrate through open-pit and underground mining operations supported by SAG mill and ball mill processing. The company targets 26,000 tonnes of copper annually at steady state (2029-2036), selling copper concentrate directly to European smelters and refiners under long-term offtake contracts such as the agreement with Aurubis.
Is Viscaria a public or private company?
Viscaria is a public company. It is classified as public and is currently operating.
When was Viscaria founded?
Viscaria was founded in 2006. It employs 51 to 100 people.
Where is Viscaria based?
Viscaria is headquartered in Kiruna, Sweden, in the Europe region.
How does Viscaria make money?
One revenue line is on record: copper Concentrate Sales.
Who are Viscaria's main competitors?
Direct peers on record are Capstone Copper, Lundin Mining Corporation, Boliden AB, KGHM Polska Miedź, Atalaya Mining, Ero Copper and Sandfire Resources. Aurubis AG is listed as an others. Mandalay Resources is listed as an emerging player. First Quantum Minerals is listed as a broad incumbent.
Does Viscaria have an API?
No public API is recorded for Viscaria.
What industry is Viscaria in?
Viscaria's product category is Copper Mining. Its primary akta.pro industry code is IMAKADAB, Copper Ore Mining (Open-Pit & Underground), with a secondary code of IMAKADAC, Copper Concentration (Crushing, Grinding, Flotation). Its NAICS code is 212230 and its SIC code is 1000.