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Tschudi sees risks from struggling mine project

Kirkeness in northern Norway is one of the Tschudi Group's core areas, but a flailing mine project is causing great losses for the company and risks threatening the group, writes management in its annual report, according to Norwegian daily Dagens Næringsliv.

Photo: Tschudi Shipping Company

The mine 'Sydvaranger Gruve' has become an enormous problem for the Norwegian shipping and logistics group Tschudi. Declining iron ore prices put the company in an alarming situation this past year, a development that has also hit Tschudi Shipping Company, which is connected to the mining company, reports Norwegian business daily Dagens Næringsliv, citing the company's annual report.

"We own Tschudi Bulk Terminal in Kirkenes, where Sydvaranger Gruve is a major customer. If we lose a customer that big, it will cause a significant loss of income," says CEO Jon Edvard Sundnes to the newspaper.

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