The Norwegian mining subsidiary of Australia’s Northern Iron Ltd will file for bankruptcy by the end of the day, Northern Iron told a new conference on Wednesday.
Sydvaranger Gruve AS, which according to its website had 400 employees, was no longer able to continue operations, and no buyer had been found, it said.
The mine started production of iron ore concentrate in 2009 following the re-opening of an old mine.
The owner, Northern Iron, on Nov. 12 requested a trading halt for its shares pending the outcome of talks with banks over the Sydvaranger mine.