Mining market in Sweden

Sweden is the leading mining country in the European Union (EU), accounting for around 20% of the total value of EU mine production (excluding coal). Within the EU, Swedish production represents: 

• 93% of iron ore 
• 19% of gold
• 37% of zinc
• 39% of lead
• 11% of copper

Sweden’s geology is exceptionally rich beyond these materials as well. Twenty-six of the 30 minerals on the European Union (EU’)s Critical Raw Materials list are found in Sweden’s bedrock, including:

• copper
• cobalt
• lithium
• graphite
• rare earth elements (REEs)
• niobium
• vanadium
• scandium

This makes Sweden a strategic hub for Europe’s green transition and battery supply chains.

Mining has a long tradition in Sweden, with the first mining company established in 1288. This heritage has created competitive Swedish mining companies, along with a world-class mining cluster of highly specialized firms across a complex value chain.  
 
Mining exploration is dominated by two major mining companies, which together account for 82% of total investment. Almost 91% of exploration is conducted by companies operating mines in Sweden.

Sweden sits on the Fennoscandian Shield, a geological formation similar to Canada’s. This makes Canadian expertise in exploration, mining technology, and sustainable practices highly relevant, especially when combined with Sweden’s advanced infrastructure, innovation ecosystem, and strong sustainability agenda. 

Strong local competition 

• Sweden is home to global mining equipment giants that dominate the market
• Canadian firms must offer unique technologies or cost advantages to compete

Regulatory and certification requirements

• Compliance with EU and Swedish safety, environmental, and technical standards can be complex and costly 
• European conformity (CE) marking and other certifications are mandatory for equipment

Logistics and after-sales service  

• Sweden’s remote mining regions like Norrbotten and Västerbotten require robust service and maintenance networks 
• Canadian firms must plan for local support infrastructure or partner with Swedish service providers

Canada and Sweden are like-minded nations with strong and growing commercial ties. In the fall of 2025, the two countries signed a strategic partnership aimed at increasing collaboration across trade, innovation, and sustainability.

Sweden offers an open, pro-trade environment and serves as a gateway to the Nordic market. It is recognized for being tech-savvy, innovative, and an early adopter of advanced technologies. In 2024, Sweden’s GDP reached CAD 910 billion, making it the 7th largest economy in the EU. Its GDP per capita of approximately around CAD 82,000 was among the highest in Europe. The EU accounts for  around 52% of Sweden’s exports and around 68% of imports. While Sweden is an EU member, it is not part of the Eurozone, and uses its own currency: Swedish Krona, SEK).

Sweden most recently ranked 2nd on Forbes’ list of Best Countries for Business. The country also ranks consistently high on the World Intellectual Property Organization (WIPO)’s Global Innovation Index, and performs well in digitalization, sustainability, and R&D investment rankings.

• Highly developed infrastructure for transport, energy, and information and communications technologies (ICT) 
• Strong clusters in mining, advanced manufacturing, clean tech, and life sciences  
• Transparent regulatory framework and predictable legal environment  
• Skilled workforce with high English proficiency

• Net-zero greenhouse gas emissions by 2045 
• 70% reduction in transport emissions by 2030 
• Fossil-free mining industry by 2040 
• Sector-specific roadmaps for green transition under the government-led initiative, Fossil Free Sweden

Sweden is an attractive market for Canadian companies due to the increasing attention on critical minerals and secure supply chains. Given its physical and economic conditions, the mining market in Sweden is ideal for trade, research and investments.

For more information on mining in the Swedish market, please contact Maria Stenberg (maria.stenberg@international.gc.ca), Trade Commissioner.