Arctic Town of Kiruna Makes Way for an Iron Mine

Reuters reported that a Swedish company will soon demolish and move the historic Arctic town of Kiruna this month to make way for the expansion of Europe’s biggest iron ore mine.

As quoted in the market news,

The northernmost town in Sweden, famed for its ice hotel and a red wooden church that was voted the country’s most beautiful building, is inhibiting the expansion of state-owned LKAB’s mine, once the backbone of Scandinavia’s industrialisation.

Moving the town just three kilometres away at an estimated cost of over $2 billion comes despite an iron ore price that has slumped by around two thirds in the past two years.

Click here for the full Reuters report