Champion Iron completes acquisition of Norway’s Rana Gruber for $300 million

• Champion Iron plans full buyout, delisting from Oslo exchange
• Rana Gruber produces high-purity iron ore, with 2025 output at 1.8 mnt

Mysteel Global: Australian mining company Champion Iron has completed its voluntary cash tender offer to acquire 92.48% of the issued shares of Rana Gruber, a leading Norwegian producer of high-purity iron ore, at a price of NOK 79 ($8.4) per share, according to the Australian miner’s latest announcement released last Friday.

The total purchase price for the transaction was approximately $300 million, excluding related fees and expenses. Following the completion of the deal, Champion Iron plans to compulsorily acquire the remaining shares and delist the company from Euronext Oslo Bors, the announcement added.

Rana Gruber, based in Mo i Rana, Nordland, has produced high-purity iron ore continuously since the 1960’s, with output exceeding 1.8 million tonnes (mnt) in 2025. The company benefits from access to renewable power and proximity to European customers, producing hematite concentrate upgraded to 65% Fe as well as a magnetite specialty product used in the chemical industry, Mysteel Global learns.

The transaction is expected to expand Champion Iron’s high-grade iron ore product portfolio and diversify its sales mix. “The closing of this transaction marks a defining milestone for Champion. Combining our businesses strengthens our leadership as a sustainable supplier of high-purity iron ore produced with a low-carbon footprint,” said Champion’s CEO David Cataford.

Rana Gruber’s proximity to European customers also complemented Bloom Lake’s high-purity products and its Direct Reduction Pellet Feed project, which is currently in the commissioning phase, David added.

Bloom Lake is an open-pit iron ore mining complex owned and operated by Champion Iron in the Labrador Trough region in Quebec, Canada. It consists of two concentrator plants with a combined nameplate capacity of 15 million wet tonnes/year.

Iron ore concentrate from Bloom Lake is shipped by rail to a dedicated port facility in Sept-Iles, Quebec, and from there delivered to customers globally, including in China, Japan, Europe, South Korea, India, and the Middle East, according to Champion Iron.

Note: This article has been written in accordance with a content exchange agreement between Mysteel Global and BigMint.