Iron ore deposits worth 12 billion EUR

Geologists believe the iron ore deposits outside Kirkenes, Finnmark County, can be worth as much as 12.2 billion EUR. The Geological Survey of Norway plans to survey all mineral deposits in Northern Norway.

The geologists believe the ground in Northern Norway can hide vast resources. The Norwegian Government is positive towards increased exploration.

- The level of geophysical prospecting in Norway is very low compared to our neighboring countries Sweden and Finland, says Karsten Sandvik in Northern Research Institute, according to newspaper Finnmarken. Sweden and Finland have spent ten times as much as Norway on mineral exploration in course of the last ten years, he says.

The iron ore deposits outside Kirkenes are exploited by the Sydvaranger Mine Company.