Mining the future: How Sweden's Epiroc enables the green transition

Long payback periods, complex markets and lingering image challenges make mining a demanding industry. At the same time, it is indispensable to the green transition. From electrification and data centres to resilient power grids, metals and minerals form the foundation of a low-carbon economy. Here’s how Swedish technology—supported by EKN—is helping drive sustainable mining through innovation and long-term financing.

Critical minerals: The backbone of electrification and net zero

Metals and minerals are essential for everything from batteries and renewable energy to digital infrastructure. According to the consultancy firm BCG, around one-fifth of the minerals expected to be needed by 2035 have yet to be discovered.

Swedish suppliers play a central role. Roughly 70 per cent of the world’s underground mining equipment is developed and manufactured by Epiroc and Sandvik, placing Sweden in a unique position to enable a more sustainable global mining industry.

Automation and safety reshape mining’s reputation

Despite technological progress, mining still faces challenges around financing, recruitment, and perception, says Håkan Folin, CFO at Epiroc.

“Attracting skilled employees is probably the single biggest challenge, given that the ongoing transition to automated, digital and electrified mining requires a different set of skills than traditional mines. We deliver high-tech equipment where IT and data analytics are important to make the most of the technology and increase mining efficiency and enable sustainable exploration and extraction.”

Workplace safety is a critical part of improving the industry’s image.
“Our automated, remotely operated machines reduce the need for human operators, which greatly increases workplace safety in mining,” Folin adds.

Safety—together with environmental and sustainability alignment—is essential for attracting investors and lenders to projects where returns may take 15–20 years from discovery. The challenge is compounded by the fact that many new deposits are located in markets with elevated political and commercial risk.

To manage these risks, Epiroc works closely with EKN when delivering equipment to mining projects worldwide. These include, for example, Kamoa‑Kakula in the Democratic Republic of Congo—which is described by its owners as the world’s fastest‑growing, highest‑grade, and lowest‑carbon‑emitting major copper mine—as well as projects with Eurasian Resources Group (ERG) in Kazakhstan and Grupo Minero Dumas in Mexico.

“The cooperation with EKN is very important to us,” says Folin. “We use EKN in high-income, mature markets as well, but the more challenging a market is, the more EKN support matters.”

The long payback times inherent in mining make access to long-term financing particularly important. “There is money out there, but when payback takes 15–20 years, attractive financing with long tenors becomes crucial to making new projects happen,” Folin explains.

An EKN guarantee also strengthens payment discipline. “A guarantee backed by the Swedish government makes the buyer keen to fulfil their obligations to us as a supplier. It really helps finance many of the projects we deliver to. We would not have been willing to assume the risk in some of these projects without a credit guarantee from EKN.”

Without such support, Epiroc would either have to accept a higher credit risk—or risk losing business to competitors.

Nordic mining ecosystems and Europe’s strategic autonomy

The Nordic region hosts a unique mining ecosystem spanning the entire value chain—from exploration and extraction to processing, recycling and technology development. For Epiroc, proximity to customers and partners is a major advantage.

“Close proximity to mining operators is important when developing new technologies that we can field test. Our employees can study equipment performance in real environments, not just labs. It speeds up product development and gives us valuable feedback on what creates real value for customers,” says Folin.

Early customer insights help steer R&D in the right direction. “New product features have to fit the challenges our customers face. First-hand insight lets us tailor development to their specific needs.”

Access to critical raw materials is also increasingly shaped by geopolitics. Reducing Europe’s dependence on imports from distant regions is becoming a strategic priority.

“I’m pleased to see how attitudes toward mining have changed in recent years as more people recognise its importance,” Folin concludes. “The more we can mine at home, the less vulnerable we become to geopolitical tensions—and the more control we have over sustainability.”