Nussir ASA

What Nussir ASA does

Nussir ASA is a Norwegian public limited company developing the country's largest copper deposit, located in Repparfjord, Kvalsund, Finnmark, in the municipality of Hammerfest. The project entails underground mining via tunnels reaching approximately two kilometers into the mountain on a 0.2 km² reclaimed industrial site (originally used for copper extraction in 1972–1978), coupled with on-site ore processing and a controlled sea-disposal tailings system at 90 meters depth in Repparfjord — a method the Norwegian Environment Agency has assessed as the most environmentally gentle option for the project. Annual production is planned at approximately 20,000 tonnes of copper (representing roughly 50% of Norway's copper consumption), with silver and gold recovered as by-products, over a feasibility-study-projected 13-year mine life; the company targets 100% electric operations.

Nussir is wholly owned by Blue Moon Metals, a Canadian-based international mining company that listed on Nasdaq New York in January 2026 and develops four polymetallic projects across Norway and the United States. Construction began in June 2025: LNS is the mining contractor (over 1,000 meters of tunnel advance by January 2026), MOMEK Group is the EPC contractor for the processing plant, and a US$140 million project finance package (Oaktree and Hartree bridge loan plus a Blue Moon bought-deal) backs the build. Nussir has received all required Norwegian permits (including an environmental permit for sea disposal) and has been designated an EU Strategic Project under the 2024 Critical Raw Materials Act. Feasibility economics: post-tax NPV $235–559 million and IRR 19–31.2%.

The business model is a direct B2B commodity sale: extracted copper (and silver/gold by-products) are sold to enterprise buyers in the clean energy, renewable energy, electronics, and manufacturing sectors on negotiated contracts, with pricing tied to global copper markets. There are no retail channels. Production is targeted for Q3 2027 (Blue Moon Metals guidance) with full operations by 2028; the mine is not yet generating revenue.

Name

Nussir ASA

Legal name

Nussir ASA

Website

https://nussir.no

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Short description

Nussir ASA is a Norwegian mining company developing an underground copper mine in Repparfjord, Kvalsund, with planned annual output of approximately 20,000 tonnes of copper — roughly 50% of Norway's consumption — plus silver and gold by-products. It is owned by Blue Moon Metals.

Ownership category

akta.pro rank

Product category

Copper Mining

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230), Gold Ore and Silver Ore Mining (21222), Other Metal Ore Mining (212290)

SIC

Metal Mining (1000), Miscellaneous Metal Ores (1090), Gold And Silver Ores (1040)

akta.pro primary industry

Copper Concentration (Crushing, Grinding, Flotation) (IMAKADAC)

akta.pro secondary industries

Copper By-Products Recovery (Molybdenum, Gold/Silver, Sulfuric Acid) (IMAKADAH), Copper Tailings, Waste & Water Management (IMAKADAL)

Keywords

• Copper mining
• Critical raw materials
• Underground mining operations
• Mineral extraction services
• Copper concentrate production

Headquarters

HQ city

Hammerfest

HQ country

Norway

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Others

Revenue model

1. Copper Production and Sales: Nussir extracts and processes copper ore from its underground mine in Kvalsund, Finnmark. The processed copper is sold to buyers in the energy, manufacturing, and electronics sectors. Annual production is planned at approximately 20,000 tonnes of copper, representing approximately 50% of Norway's copper consumption. The mine also extracts silver and gold as by-products.
2. By-product Sales (Silver and Gold): In addition to copper, the mine extracts silver and gold from the ore masses, which are sold as by-products generating additional revenue streams.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Nussir ASA extracts and processes copper ore from its underground mine in Repparfjord, Kvalsund, Finnmark, with planned annual production of approximately 20,000 tonnes of copper, representing roughly 50% of Norway's copper consumption. Silver and gold are recovered as by-products from the ore. The company manages tailings through a controlled sea disposal system at 90 meters depth in Repparfjord and operates an on-site processing plant built under an EPC contract awarded to MOMEK Group.

Product overview

Nussir ASA operates Norway's largest copper deposit as an underground mining project in Kvalsund, Finnmark. The company extracts copper ore through tunnel excavation, processes it at an on-site processing plant (built via MOMEK EPC contract), and manages tailings through a controlled sea disposal system. By-products include silver and gold. The project employs exploration services for ongoing resource assessment, targeting approximately 20,000 tonnes of copper production annually, with ambitions to employ 250 people. The mine is owned by Blue Moon Metals, a Canadian mining company developing critical mineral projects.

Differentiator

Problem solved

Functional benefit

Products and services

• Nussir Copper Mine Project Underground copper mining operation in Repparfjord, Kvalsund, producing approximately 20,000 tonnes of copper annually. The mine uses tunnel excavation reaching approximately 2 km into the mountain and processes ore at an on-site processing plant. Sold to enterprise buyers in clean energy, renewable energy, electronics, and manufacturing sectors.
• By-product Metals (Silver and Gold)

Quantifiable outcome

• 20,000 tonnes copper produced annually, representing approximately 50% of Norway's copper consumption
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Three partnerships are on record, tiered core and minor.

• MOMEK GroupcoreImplementation/ SI/ Consulting Partner · 1 January 2025MOMEK Group, a Norwegian industrial group headquartered in Mo i Rana, was awarded the EPC (Engineering, Procurement, Construction) contract by Blue Moon Metals for the delivery of the processing plant at Nussir. The contract covers engineering, fabrication, and installation of the process plant, including building works, mechanical installations, and industrial piping. At peak, the work will engage over 100 people, continuing through end of 2027.
• LNS (Leonhard Nilsen og Sønner)coreImplementation/ SI/ Consulting Partner · 1 January 2025LNS is the mining contractor for Nussir, responsible for tunnel construction and underground infrastructure development. Work began in June 2025 with LNS producing hundreds of meters of tunnel at a high pace. By January 2026, LNS had tunneled 1,000 meters into the mountain. LNS plays a key role in phase 1 and phase 2 of the mine development.
• StatnettminorStrategic or Co-development Partner · 1 January 2025Nussir collaborated with Statnett to take over the transformer station in Nordreisa for reuse. This is a central component for future operations that reduces project risk and uncertainty related to progress.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Glencore: Glencore is a global diversified miner and commodity trader with significant copper mining operations (Antapaccay, Las Bambas, Mount Isa). Comparable to Nussir on copper concentrate trading and marketing, though Glencore operates at vastly larger scale and across multiple commodities.
• Anglo American: Anglo American is a diversified global miner with major copper exposure (Los Bronces, Collahuasi, Quellaveco). Comparable to Nussir on copper concentrate production and copper-as-energy-transition thesis, though operating as a broadly diversified incumbent.
• Freeport-McMoRan: Freeport-McMoRan is one of the world's largest copper producers, operating Grasberg (Indonesia), Morenci, and Cerro Verde (Peru). Comparable as a major copper concentrate producer with gold/silver by-product exposure, though at far larger scale and with different jurisdictional risk.
• Aurubis: Aurubis is Europe's largest copper smelter and refiner, headquartered in Hamburg. Comparable to Nussir as a key node in the European copper value chain and a likely downstream offtake partner, though Aurubis operates in smelting/refining rather than primary mining.
• KGHM Polska Miedź: KGHM is one of Europe's largest copper and silver producers, operating mines and smelters in Poland. Comparable to Nussir on integrated copper/silver production and EU-listed mid-tier miner profile, with a much larger and more diversified asset base.

Direct peers

• Capstone Copper: Capstone Copper is a pure-play copper producer with operating mines in the Americas (Pinto Valley, Mantos Blancos, Mantoverde, Santo Domingo). Closest direct comparable to Nussir as a focused copper developer/producer, with similar reliance on copper concentrate sales and comparable project-development lifecycle.
• Atalaya Mining: Atalaya Mining is a European copper producer operating the Riotinto project in Spain and developing Proyecto Touro. Directly comparable to Nussir as a mid-cap European-focused copper miner with similar permitting, ESG, and EU supply-chain positioning.
• Lundin Mining: Lundin Mining is a diversified base-metals miner with major copper assets (Caserones, Candelaria) and operations in Chile, Brazil, Portugal, and the DRC. Comparable to Nussir in copper concentrate production, by-product credits, and project-development pipeline.
• First Quantum Minerals: First Quantum is a major copper miner with operations in Zambia (Kansanshi, Sentinel), Panama (Cobre Panamá), Spain, and Turkey. Closely comparable on copper concentrate production model, large-scale open-pit and underground operations, and exposure to copper price cycles.

Regional players

• Boliden: Boliden is a Swedish miner and smelter producing copper, zinc, lead, and precious metals from Nordic and European operations (Aitik, Kevitsa, Garpenberg, Tara). Closest regional comparable on Nordic mining expertise, EU regulatory environment, and copper/zinc/precious-metal by-product economics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

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 Nussir ASA