Markets and industries
Steel made from iron ore is mainly used for construction, automobile manufacturing and other industrial applications. After primary crushing in the mine, the iron ore is transported by train to the processing plant, situatied in the city of Mo i Rana. Hematite iron ore concentrate is then shipped by sea transport, primarily to European steel mills and to a smaller extent to Chinese steel mills. China is one of the largest drivers of global demand iron ore. The magnetite-based products are shipped in smaller vessels to specialist companies mainly in Europe.
The end markets for hematite are processed steel to primary buildings, infrastructure and automotive industry and key customers are large steel manufactures. Currently, the company delivers its entire annual production of hematite for steel making applications pursuant to the off-take agreement with Cargill.
Chemical-free magnetite iron oxide concentrates are used in a variety of products such as water purification and cosmetics. The end markets for magnetite are the chemical industry yielding premium prices compared to the steel industry.
Colorana® are the company’s own branded specialty products. These are based on two types of magnetite concentrate and are used for both colorants (pigment for building materials and paint products) and highly advanced products such as brake linings, magnetic stripes and chemical processes. Fragmented customer base.