Swedish state-owned mining company LKAB has announced a major new discovery: approximately 7 billion tons of commercially viable iron ore in northern Sweden. The find could dramatically extend mining operations and strengthen Europe's raw material supply.
The discovery, reported on May 12, 2026, was made near existing mines in Kiruna and Malmberget. LKAB CEO Jan Moström said the find could extend mining for decades and enhance Europe's independence in raw materials. The announcement comes as global demand for iron ore remains strong and supply chain security concerns grow.
LKAB, formally known as Luossavaara-Kiirunavaara AB, is owned by the Swedish state. The new iron ore reserves significantly boost Sweden's mineral reserves and the global supply of iron ore, a key ingredient in steel production. The Swedish term 'järnmalm' (iron ore) saw a sharp spike in search interest after the news broke.
The company's press release highlights both the economic and strategic importance of the discovery. While no specific quotes were released, the statement underscores the potential for long-term mining activity and improved raw material security. The find positions LKAB to play a role in meeting future demand for iron ore, particularly from European markets.