A new gold mine near a small Swedish village is estimated to contain millions of pounds of the precious metal. The mine was in the works for around a decade before it opened in Fäbodtjärn, near Vindelgransele, in northern Sweden last summer. It marked the European country’s first new raw minerals mine in 10 years and became the 13th one in Sweden, signalling the growth of a growing market for the already-affluent nation.
Alongside its gold deposits, Sweden is also renowned for its copper and iron wealth and is one of the EU’s leading ore and metal-producing states. But a boost to economic prosperity doesn’t always come easily – with the Fäbodtjärn mine having to overcome a series of hurdles before it was able to capitalise on its £75 million (one billion Swedish kronor) hoard.
Sweden’s Nature Conservation Association voiced opposition to the project while it was still in planning stages, suggesting that mining could damage the environment and waterways in the country’s northern regions.
Sustainable mineral production is already a commonly-observed practice, with strict regulations ensuring that developers work with local people and consultants to make their work as eco-friendly as possible. The country’s mining industry created a roadmap towards achieving fossil-free production by 2045 back in 2018 and has courted investment in cutting-edge equipment from global companies.
Perhaps such precedent is why the Fäbodtjärn project ultimately came to fruition, even in the face of some backlash. The practices have evolved over Sweden’s long history of mineral extraction, dating back to the Middle Ages – when the job was primarily done through manual labour, rather than today’s sophisticated machinery and tools.
More gold mining in Sweden could even boost sustainable practices around the world by setting an example for global extraction.
London-based gold dealer Tavex has suggested as much. “Investment opportunities are attractive due to Sweden’s stable regulations and advanced, sustainable technology,” a spokesperson for the dealer wrote in a blog post.
“This supports responsible resource extraction of gold production from the gold deposits,” they added. “The new gold mine in Fäbodtjärn [in particular] marks a significant milestone for Sweden’s mining industry.
“It promises substantial economic benefits in the long term … Success [there] could set a global benchmark for sustainable mining.”
