Kaunis Iron shares
Unlisted company
Kaunis Iron is a Swedish mining company that extracts and processes iron ore in northern Sweden. The company was established in 2017 and took over the mining operations in Kaunisvaara, Pajala Municipality, from the bankruptcy estate of Northland Resources. Mining operations resumed in 2018 and are conducted through the subsidiary Kaunis Iron AB under the parent company Kaunis Holding AB, with its head office in Luleå.
From open-pit mine to concentrate
Production takes place in an open-pit mine, where magnetite ore is extracted and processed into iron ore concentrate with an iron content of approximately 68 percent. The processing plant in Kaunisvaara includes a flotation facility that enables the handling of ore with a higher sulphur content.
Logistics to Narvik
The logistics chain runs from the open-pit mine by truck to the transshipment terminal in Pitkäjärvi, and then by train along the Malmbanan railway line to the export port in Narvik.
How the company makes money
Revenue is generated exclusively through the sale of iron ore concentrate, with pricing linked to the Platts 65 iron ore index. All revenue is invoiced in US dollars, while the majority of costs are denominated in Swedish kronor. The company's customers are in the steel industry, with a focus on European steelworks, supplemented by customers in the Middle East and Asia.
Permits and financing
The company's environmental permit covers mining operations at Tapuli as well as the Sahavaara and Palotieva deposits. Since its inception, the business has been financed with equity without external bank financing.
Key features of the business model
Sole product: Fe ~68%
Revenue in USD, costs in SEK
No price hedging
Production and logistics
One production site
Single-channel logistics via Malmbanan
Shipping from Narvik
Permits and financing
Tapuli in operation
Sahavaara and Palotieva included in the permit
Equity, no bank financing
Financial performance
Published 24 September 2026Published figures from the company’s own reports. Amounts in MSEK · change from the previous year
- Cash and bank 2025-12-31
- 463MSEK
- Operating cash flow
- 222MSEK
- Net sales
- 1,770MSEK
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Net sales | 1,770(-2 %) | 1,805(-36.2 %) | 2,831(+4 %) | 2,724(-6.1 %) |
| Revenue growth | -2%(+34.3 pp) | -36.2%(-40.2 pp) | 4%(+10.1 pp) | -6.1% |
| EBITDA | – | -21(-102.3 %) | 914(+0.5 %) | 910(-30.9 %) |
| EBIT | -811 | -181(-123 %) | 784(-4.5 %) | 821(-34 %) |
| Net income | -646 | -127(-119.5 %) | 652(-0.7 %) | 657(-33.1 %) |
| Equity | 1,826(-25.9 %) | 2,465(-14.8 %) | 2,892(+58.3 %) | 1,826(+27.7 %) |
| Cash and bank | 463(+11.8 %) | 414(-72.9 %) | 1,528(+46.9 %) | 1,041(+2.9 %) |
| Operating cash flow | 222 | -228(-122.2 %) | 1,025(+44.6 %) | 709(-36 %) |
Documents and reports
4New share issues
Latest 1An overview of the company’s capital raising.
| Date | Capital raised | Valuation |
|---|---|---|
| SEK 15m | SEK 2bn |
Questions about Kaunis Iron
Is Kaunis Iron publicly listed?
No, Kaunis Iron is a public limited company, but it is not listed on a stock exchange. The company has not completed an IPO, and its shares are therefore not traded on a regulated exchange, but on the private market.
What does Kaunis Iron do?
Kaunis Iron is a Swedish mining company engaged in the extraction and processing of iron ore. The company mines magnetite ore at the Tapuli open-pit mine in Kaunisvaara and produces high-grade iron ore concentrate for customers in the steel industry.
What am I buying when I buy shares in Kaunis Iron?
When you buy shares in Kaunis Iron, you are buying shares in Kaunis Holding AB. Kaunis Holding AB owns 100% of the shares in Kaunis Iron AB and Kaunis Iron Logistik AB.
Can I buy shares in Kaunis Iron via Eqvor?
Yes, it is possible to buy shares in Kaunis Iron through trading in unlisted shares, provided that there are sellers. Via Eqvor, you can place a buy order and be matched with sellers in the unlisted market.
How do I sell shares in Kaunis Iron?
If you own shares in Kaunis Iron, you can place a sell order via Eqvor and be matched with buyers. Once the transaction has been completed, the shares are transferred in accordance with the company’s Euroclear-linked custody structure.
Is Kaunis Iron affiliated with Euroclear?
Yes, Kaunis Holding AB is affiliated with Euroclear. This means that the shares are handled within the Swedish securities system and can be delivered to a custody account with any bank or investment firm once the transaction has been completed.
Can I hold Kaunis Iron shares with Avanza or Nordnet?
Yes, since Kaunis Holding AB is affiliated with Euroclear, the shares can normally be held in a securities account with, for example, Avanza or Nordnet, provided that the bank or online broker supports the custody of unlisted shares.
At what price is Kaunis Iron traded?
Since Kaunis Iron is not listed on a stock exchange, there is no official share price on a regulated marketplace. Instead, the price is determined by supply and demand between buyers and sellers in the private market.
When will Kaunis Iron be listed on the stock exchange?
Kaunis Holding AB has initiated preparations for a potential future stock exchange listing. However, no date has been set for when Kaunis Iron may be listed or whether the company will proceed with an IPO.
What are the risks of investing in Kaunis Iron?
Investing in Kaunis Iron involves risk, just like other investments in unlisted shares. The company’s value may be affected by iron ore prices, exchange rates, transport costs, production volumes, environmental permits, energy costs, and demand from the steel industry. Trading in unlisted shares also generally involves lower liquidity than trading in listed shares.
Where can I find Kaunis Iron’s annual report?
Kaunis Iron’s annual report can be found under Investor Relations and Financial Reports. The company’s annual reports, sustainability reports and other financial reports are available there for download.
Has Kaunis Iron carried out any share issues?
Yes, Kaunis Iron has carried out capital raises and previous new share issues. Kaunis Iron's Capital raised is stated as SEK 976.7 million, indicating how much capital the company has raised through previous financing.
How much capital has Kaunis Iron raised in total?
Kaunis Iron's Capital raised is stated as SEK 976.7 million. An equity raise is a term for raising capital, while terms such as funding round, financing or share issue may also be used.
Has Kaunis Iron reported a profit or a loss?
Kaunis Iron reports a negative result in the latest available information. Under Key figures, EBITDA is stated as TSEK 15,000 and Profit/loss for the year as TSEK -646,000. The company’s earnings trend is also shown in the Profit/loss by year graph.