The Viscaria project, situated within the Viscaria iron oxide-copper-gold (IOCG) belt, is a fully permitted brownfield underground copper mine currently in construction in Kiruna, in northern Sweden. Owned by Gruvaktiebolaget Viscaria, a company listed on Nasdaq Stockholm Main Market, the project benefits from a well-established industrial ecosystem, direct access to rail for export, readily available hydro-electric power and existing underground infrastructure.

At full production, Viscaria is expected to produce around 120,000 tonnes of copper concentrate per year, corresponding to approximately 26,000 tonnes of contained copper per year, which will be exported to copper smelters in Europe. A memorandum of understanding for copper concentrate offtake has been signed with Aurubis AG, one of Europe’s leading copper smelters. Mining operations have started and concentrate production is expected to begin by 2028.

Latest exploration results continue to demonstrate the significant growth potential at Viscaria, with the potential for mine life extension beyond its initial 17-year Life of Mine, reinforcing its long-term strategic value.

Viscaria will use fossil-free electricity from hydropower for its processing plant and for the transport of its concentrate production by rail to the ports, ranking among the copper mines with the lowest CO2 footprint globally.

InfraVia is investing approximately SEK 420m (EUR 39m) for a 6.6% stake in the company as part of a SEK 2.4bn capital increase and will therefore become the second-largest shareholder of the company. The transaction will support the development of Viscaria into one of Europe’s fastest-growing copper mines, helping address the continent’s structural copper supply deficit.

The investment reflects InfraVia’s strong conviction in copper as a critical enabler of the energy and digital transition and is aligned with the importance of developing reliable European sources of supply for materials that are essential to industrial competitiveness and sovereignty.

From renewable energy, power grids, and battery storage to electric mobility and digital infrastructure, copper sits at the heart of electrification, with demand expected to rise structurally as these systems scale. In this context, securing long-term access to copper is a strategic issue for Europe: it supports decarbonisation ambitions, strengthens industrial resilience and helps reduce dependency on external value chains for a metal that is increasingly central to economic security and strategic autonomy.

“We are delighted to become a strategic shareholder of Viscaria and to support the next stage of development of this high-quality copper project. Combining strong asset fundamentals with an experienced team and a favourable industrial environment, Viscaria offers compelling operational and strategic potential. Copper is a critical material for the energy transition, and investing in reliable, long-term sources of supply is fully aligned with the strategy of our Critical Metals fund.“says Vincent Levita, CEO and Founder of InfraVia Capital Partners.

“We are pleased to welcome InfraVia as a long-term strategic partner. Their strong conviction in copper as a critical material for the energy transition, combined with their deep mining expertise and experience in developing real assets, makes them an excellent fit for Viscaria as we advance towards production. Having followed and evaluated our project closely over the past three years, InfraVia brings a strong understanding of its quality and potential. This investment significantly strengthens our ability to execute on the project and accelerates our path to becoming a key European supplier of responsibly produced copper,” says Jörgen Olsson, CEO of Viscaria.

This marks the third investment of InfraVia’s Critical Metals strategy, which was designed to capture the significant investment opportunity created by the growing importance of critical metals for European sovereignty and the energy transition.

“Viscaria combines several attributes that are particularly compelling for our long-term investment strategy: a robust copper project with strong underlying economics led by a highly experienced team in a stable European jurisdiction. At a time when Europe is seeking to secure access to the materials underpinning electrification and industrial competitiveness, we believe projects such as Viscaria have a strategic role to play in building more resilient and sustainable supply chains.“ says Thomas Lagrée, Partner, InfraVia Critical Metals.