Viscaria

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.

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

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

• Copper mining
• Copper concentrate
• Mineral exploration
• Mining operations
• Sustainable mining

Headquarters

HQ city

Kiruna

HQ country

Sweden

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D

Revenue model

1. 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

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core 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

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered major, core and minor.

• RentamajorImplementation/ SI/ Consulting Partner · 16 April 2026Equipment rental agreement for establishment of an on-site machinery and service depot at the Viscaria mine site.
• NordecmajorImplementation/ SI/ Consulting Partner · 9 March 2026Construction agreement for the building that will house the processing plant. Nordec is a steel and construction company.
• Strawberry and MG LinkmajorStrategic or Co-development Partner · 29 January 2026Strategic 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 HamncoreStrategic or Co-development Partner · 26 January 2026Deepened cooperation on future copper concentrate shipping through Narvik port in Norway. Strategic logistics partnership for export to European customers.
• MetsocoreTechnology or Integration · 14 January 2026Long 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.
• AurubiscoreStrategic or Co-development Partner · 19 December 2025Landmark 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.
• OmexomminorImplementation/ SI/ Consulting PartnerConstruction of new transformer station for 45 MW electrical power supply to support mining operations.

Scale indicators8 records

Recent moves12 records

Expansion highlights6 records

Direct 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

• YouTubeyoutube.com/@viscaria
• Facebookfacebook.com/gruvaktiebolagetviscaria
• Xx.com/viscariagroup
• LinkedInlinkedin.com/company/viscaria

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Viscaria