Anglo-Norwegian mining company Norge Mining has announced its acquisition of Skaland Graphite AS, Europe’s largest producer of natural graphite, from Mineral Commodities Ltd., an Australian mining firm. The deal positions Norge Mining to bolster European supply chains for battery-grade graphite, a critical material for energy storage and electric vehicle production.
The Skaland mine, located on Senja Island in northern Norway, is the world’s highest-grade flake graphite mine and the fourth-largest graphite producer outside China. Producing approximately 10,500 tonnes of graphite annually, the mine boasts an updated JORC-compliant resource estimate of 1.84 million tonnes at 23.6% total graphitic carbon (TGC).
Norge Mining plans to expand Skaland’s operations to target battery-grade graphite production, alongside its ongoing supply to industrial customers. This strategy aligns with the company’s broader ambitions to produce other battery materials, including phosphate, from its Eigersund Project in southwest Norway.
Graphite demand is projected to surge as the global market is expected to grow from $24 billion in 2022 to $38 billion by 2028. The EU’s reclassification of graphite as a strategic raw material in 2023, combined with new export controls on graphite by China—currently the source of 97% of global graphite anode production—has heightened the urgency for a secure European supply chain.
The acquisition of Skaland will be completed on a cash and debt-free basis, with the transaction expected to close in Q1 2025, pending regulatory approval. Norge Mining CEO John Vergopoulos emphasized the importance of this acquisition, stating: “The need for a secure European supply chain has never been greater.”
