Extinction Rebellion blocks Nordic Mining as firm seeks rescue plan
Extinction Rebellion activists halted operations at Nordic Mining’s Vevring plant while the company convened an extraordinary shareholders’ meeting to discuss a restructuring aimed at averting bankruptcy.
On Tuesday morning, Extinction Rebellion members chained themselves to a conveyor belt at Nordic Mining’s Vevring facility, disrupting production on the same day the company holds an extraordinary general meeting. Activists are opposing the firm’s plan to discharge millions of tonnes of mining waste into Førdefjorden. Nordic Mining has warned that its current debt level is unsustainable and that it cannot meet short-term obligations, prompting the board to propose a major financial restructuring that would swap much of the debt for equity and extend the rest.
The company is also in talks with creditors, including holders of a sizable bond issue. Earlier technical setbacks have reduced output at Engebø, and repeated protests by Natur og Ungdom have forced temporary shutdowns in October. The firm hopes to raise new equity to improve its cash position, but its stock has dropped markedly on the Oslo Børs. The shareholders’ assembly, scheduled to start at 15:00, will decide whether the restructuring plan proceeds.
Why it matters
The clash pits a financially distressed mining company against climate activists, risking both regional jobs and environmental damage.
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