Iron pellets.
Photo: Carolina Liljenstolpe, SGU.
Reduced Swedish ore production in 2023 due to shaky world economy
Reduced production of ore and thus also reduced turnover for the Swedish mining industry. This was the result for 2023 according to the latest edition of the report Statistics of the Swedish Mining Industry from the Geological Survey of Sweden (SGU). The reason for the reductions was the weakened world economy.
In 2023, the global mining industry faced challenges as the world economy weakened and demand for both iron and base metals was at times low. The Swedish mining industry was no exception.
– The weakening of the world economy and the geopolitical unrest in 2023 presented many challenges for the industry. Despite this, opportunities unfolded in the Swedish mining industry. This can be seen as, for example, increased exploration and more exploration permits, says Carolina Liljenstolpe, economist at the Geological Survey of Sweden (SGU).
The newly published report Statistics of the Swedish Mining Industry 2023 shows, among other things, that ore production in Sweden was 84 million tons last year. This is a decrease of 4 per cent compared to 2022. The total turnover for the Swedish mining industry (metal mines excluding smelters) amounted to SEK 65 billion, which represents a decrease of 6 per cent compared to the previous year.
The report is a statistical compilation of the Swedish mining industry that has been published continuously in various forms since 1833. Since 2022, SGU also publish the report in English to better reach target groups outside Sweden.
– This year, for the first time, we are releasing the translated English version at the same time as the Swedish version. With that, we hope that even more people in the mining and exploration industry will open their eyes to all the valuable statistics we offer, says Carolina Liljenstolpe.
Some figures from Statistics of the Swedish Mining Industry 2023:
- Ore production in Sweden during 2023 was 84 million tons.
- The number of active metal mines in Sweden remained at twelve.
- Reported employment in the mining industry, including subcontractors, was 10,610 people.
- The proportion of women in the mining industry was 26 percent.
- Mining exploration budget worldwide totalled $12.8 billion, down 2 percent compared to 2022.
- Mining exploration budget in Sweden amounted to SEK 1,975 million, which corresponds to an increase of almost 30 percent compared to 2022 if inflation is disregarded. Most of the increase can be attributed to exploration close to existing mines, done with the aim of increasing the life of the mine.
- At the end of the year, there were 750 valid exploration permits, up 17 percent compared to the end of 2022.
- The total number of valid mining concessions at the end of 2023 was 164. Four applications for concession were granted during the year.
- In 2023, there was one designation of national interest was made under Chapter 3, section 7 (ii) of the Environmental Code.
Last reviewed 2024-05-30