The Norwegian stock market began the week with a slight upward trend on Tuesday, as the main index rose by 0.3 percent shortly after trading opened. Among the most actively traded stocks, Equinor saw a minor decline of 0.1 percent, while Kongsberg Gruppen experienced a rise of 0.7 percent. Norsk Hydro climbed by 1.1 percent, DNB increased by 0.1 percent, and Mowi faced a drop of 1.4 percent. Crude oil prices remained nearly unchanged since the Oslo Stock Exchange closed last Thursday afternoon, hovering around $73.5 per barrel before the opening bell this week. Following a challenging week the previous week, this week started positively, with the main index ending up 0.31 percent on Monday.
Despite the legal challenges surrounding its operations, Nordic Mining has been granted permission to continue depositing mining waste into Førdefjorden while a new application is being processed. The Climate and Environment Department announced on Monday that the company can continue its activities in the fjord during this interim period. This decision comes after the Supreme Court ruled on June 17 that the permits for the controversial Engebø project in Sunnfjord were invalid because the justification provided in 2016 did not meet the requirements set by the European Union's Water Framework Directive. The company behind the sea dump, Engebø Rutile and Garnet, which is owned by Nordic Mining, will now proceed with its operations until the new application is reviewed.
In addition to the developments involving Nordic Mining, Mowi, one of the world’s largest aquaculture companies, has entered into an agreement to sell its eastern Canadian operations to Cooke Inc. The sale is expected to enhance Mowi’s portfolio and allow the company to focus more on its core areas. The transaction is valued at 225 million Canadian dollars on a debt-free basis. As a result, Mowi’s projected slaughter volume in 2026 will decrease slightly from 605,000 tons to 600,000 tons. In connection with the transaction, Mowi plans to record a charge of approximately 140 million Canadian dollars. The company's shares fell by 1.4 percent following the announcement.
Meanwhile, Mikael Skov, CEO of Hafnia, has announced his resignation from the position effective September 1, 2026. He has led the shipping company since its establishment in 2010. Søren Steenberg Jensen, who currently serves on Hafnia’s board, will take over as chief executive officer. Skov will transition into the board of directors as planned. His departure marks a significant change in leadership for the company.
The controversy surrounding the Engebø project dates back to 2015 when Engebø Rutile and Garnet received approval under Norway’s pollution control law to operate a mine with a sea dump in Naustdal, Sunnfjord. The site contains one of the world's largest known deposits of rutile, a titanium raw material. According to the government, only Norway and Ukraine have such significant resources in Europe. In 2022, environmental organizations including the Nature Conservation Association and Youth for Nature filed lawsuits against the state regarding the granting of the permit. The case was appealed all the way to the Supreme Court, where the environmental groups succeeded in their appeal.
On June 21, the company submitted an application for a temporary permit under the Pollution Control Act. The department estimates that the application will be finalized after the summer. Minister Bjelland Eriksen stated that it would not be reasonable to require the company to halt the dumping process during the brief period while the application is being considered. He emphasized that stopping the operation could create uncertainty for jobs, weaken access to a critical raw material, and that the department likely would grant a temporary permit. The Supreme Court has not yet taken a stance on whether sea dumps are generally illegal or whether they could receive new permits with alternative justifications today.
According to the department's preliminary assessment, a temporary permit is unlikely to conflict with the Water Framework Directive. However, the application must still go through public consultation. The government maintains that the Engebø project is important both for Norway and Europe, highlighting the significant shortage of titanium raw materials in the EU and its reliance on imports. The department aims to make a new evaluation as quickly as possible in light of the Supreme Court ruling.
5 reports
AftenpostenIndependent🔒LeftyesterdayThe Norwegian newspaper Aftenposten reports on a controversy involving the ruling party, SV, criticizing the government for allowing Nordic Mining to continue dumping mine waste into Førdefjorden despite a Supreme Court ruling against the practice. SV representative Lars Haltbrekken accuses the government of ignoring the court decision and plans to escalate the issue to the Storting’s control committee. The government defends its decision, arguing that an immediate halt would have severe consequences for the company and employees. The case relates to the Engebø project, which was previously granted permits under environmental laws but was later ruled invalid due to non-compliance with EU water directives. Haltbrekken argues that the government’s actions undermine public trust in the legal system and democratic institutions. Meanwhile, representatives from other parties, including the center-right FrP, express skepticism about the relevance of the issue to the control committee.
Bias read (Left): The article frames the issue as a violation of judicial rulings and a threat to democratic norms, aligning with left-wing concerns over environmental protection and legal accountability. While the government is portrayed as acting in economic interests, the emphasis on undermining public trust and '
VG – Verdens GangIndependentCenter3 days agoThe Norwegian stock market experienced a slight rise early in the week, with several major stocks showing gains. Nordic Mining's shares increased by more than 8% after the Climate and Environment Department announced that the company would temporarily be allowed to continue depositing mining waste into Førdefjord while a new application is processed. This decision comes despite a previous ruling by the Supreme Court in June that invalidated permits for the controversial Engebø project in Sunnfjord due to non-compliance with EU water directives. Meanwhile, Mowi, a large aquaculture company, agreed to sell part of its operations in eastern Canada to Cooke Inc., which will reduce its expected slaughter volume in 2026. The company’s shares fell 1.4%. Additionally, Mikael Skov, CEO of Hafnia, announced he will step down in September 2026, with Søren Steenberg Jensen set to take over.
Bias read (Center): The article provides factual updates on economic developments, including stock market performance, corporate decisions, and regulatory actions. It reports on both environmental concerns related to mining waste and corporate restructuring without overtly favoring any political stance. The tone is non
NRK NyheterState / PublicCenter4 days agoThe article reports on a legal decision regarding the removal of mining waste from Førdefjorden. The Supreme Court ruled that the permit for the controversial project was invalid. However, Climate and Environment Minister Bjelland Eriksen has allowed the company to continue removing mining waste while a new application is being processed. This environmental dispute has been ongoing for a long time in Norway. E24 first reported on the development.
Bias read (Center): The article presents the legal ruling and the minister's decision without overtly favoring either side. It provides factual information about the court's decision and the minister's response, but does not emphasize any particular ideological stance. The framing remains balanced between the legal and
NRK NyheterState / PublicCenter4 days ago Nordic Mining to continue to empty mine waste in FørdefjordenThe Norwegian Supreme Court ruled on June 17 that the permit for the controversial mining project in Førdefjord was invalid. Despite this decision, Climate and Environment Minister Bjelland Eriksen allowed the company Nordic Mining to continue removing mine waste from the fjord while a new application is being processed.
Bias read (Center): The article presents the court ruling and the minister's response factually, without apparent bias toward either the court's decision or the government's action. It does not use emotionally charged language or selectively present information to favor one side over the other.
VG – Verdens GangIndependentCenter4 days ago May continue to dump mining waste in FørdefjordenThe Norwegian government has allowed the mining company Nordic Mining to continue depositing mine waste into Førdefjord while a new application for permits is being processed. This decision comes despite a ruling by the Supreme Court in June 2023 that invalidated the existing permits for the controversial Engebø project due to non-compliance with the EU Water Framework Directive. The project involves extracting rutile, a rare titanium ore, from Engebø Mountain in Sunnfjord, which holds one of the largest known deposits of this resource in Europe. Environmental organizations had challenged the permits, and the Supreme Court ruled in their favor. However, the Ministry of Climate and Environment argues that halting operations during the permit review would negatively impact jobs, critical raw material supply, and environmental conditions in the fjord. A temporary permit is expected to be granted after summer, though the Supreme Court has not yet ruled on whether sea dumping is inherently illegal or could be permitted under different grounds.
Bias read (Center): The article presents both the government's justification for allowing continued operations and the legal challenge from the Supreme Court. It includes quotes from the environment minister and mentions the environmental groups' successful appeal, providing balanced perspectives without overtly favori
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