Production was profitable from the reopening until 1976, but from then the company needed NOK 5 billion in state grants to keep running, before being shut down in 1996.

After returning to operations between 2009 and 2015, it was expected that mining activities would resume in 2022, two years after the company and property were purchased by Tacora resources.

[3] The iron ore at Bjørnevatn was originally discovered by assistant director of the Geological Survey of Norway, Tellef Dahll, in 1868.

With the development of magnetic separation, merchant Christian Anker from Halden started acquiring deeds for the area.

Anker's principal assistant, Engineer Henrik Lund, arrived at Kirkenes in 1903 and started designing the plant.

To ensure all-year access to the port, the company ordered the 250-kilowatt (350 hp) icebreaker SS Sydvaranger, which was delivered in 1907[5] and operated by the subsidiary Dampskib Aktieselskabet Pasvik.

[7] Construction of the railway was given high priority to as early as possible aid in transport of workers to the mining sites.

[8] Construction of a railway electrification system started in 1910;[9] because an overhead wire could interfere with the cranes, third-rail conduction was chosen.

This involved installing a new crusher, ordering two new locomotives and three new steam shovels and an expansion of the briquette and separation plant.

In July 1914 the company started securing sufficient spare parts and increasing its purchases of coal and food.

[12] In addition the company built up a surplus of ore.[13] Henrik Lund took a study trip to the United States in 1916, where he visited more than twenty cities and brought a series of innovations with him back.

This was based on moving the flow of Kobbholmvassdraget and Karpelven to Tårnelven to power a common station, but this proved impossible to accomplish.

Instead the lakes of Viksjøen, Djupvann and Storvand were regulated and a common power station built at sea level.

[8] As part of Operation Nordlicht in October 1944, Kirkenes was scorched, causing extensive damage to the mining company's infrastructure.

[16] Sydvaranger's board initially recommended that the company be liquidated, but reversed their opinion after discovering that the war insurance would only be paid if the facilities were reconstructed.

Sydvaranger considered changing its mining methods, but new technology resulted in the company continuing with open-pit excavation.

[18] Their calculations showed an annual deficit of NOK 3.6 million,[19] but the committee regarded it of vital importance for the local community that production be taken up.

[20] The mining company held an option to purchase a majority stake in Malmfrakt, which they executed to increase their ownership to 96 percent.

[21] Malmfrakt signed a cooperation with Fearnley og Eger's Befragtningsforretning regarding a joint venture, named IS Varangskip.

[23] To access new areas of the mine, a 2,685 meters (8,809 ft) tunnel was built from the deepest point of Bjørnevatnet, allowing it to be drained.

By 1960 Sydvaranger was the sole owner of Malmfart and issued new share capital of NOK 4.75 million to purchase a new, 7,200-tonne ship, co-owned with Fearnley og Eger's.

Eight new 65-tonne ore trucks from Haulpack were delivered in April 1965, along with two dragline excavators and five bores, costing a total of NOK 38 million.

There were many years of little precipitation in the Lake Inari area, causing reduced power production in the Pasvik River.

The company therefore decided to reopen the thermal power plant and start importing electricity from the Soviet Union.

Korf Stahl took contact with Sydvaranger and proposed a joint venture to establish a facility in Emden, Germany.

[33] The head office was moved from Oslo to Kirkenes in 1982[33] and Ottar Brekke was hired as managing director from 18 February.

State Secretary Kjell Hansen was opposed to the proposal and on 30 April 1985 Parliament cut the subsidies, hindering additional gangue breaking.

Construction of a ferrite plant started in 1991, but was delayed several times, including changing the technology and replacing the new oven which cracked.

[38] Between 1976 and 1996, the Government of Norway subsidized Sydvaranger with about NOK 5 billion, and owned 88 percent of the company at the time of the mines shutting down.

In 2019, the final mining permit was obtained from the Norwegian government, allowing for a planned restart of full-scale operations in 2020.